Intro
The vehicle must be handed over to the complainant within 45 days of the order. Failure to do so will result in a fine of Rs. 2,000 per day from the date of delivery until the vehicle is handed over, the order states.
CH NEWS
SHIVAMOGGA
The District Consumer Disputes Redressal Commission has issued a verdict against TVS Credit Services, which had seized and sold a vehicle without any prior notice. It has also ordered the complainant to return the vehicle and pay a compensation of Rs. 1.10 lakh.
S Shahbaz, a resident of Tunganagar, had taken a loan of Rs 15,10,147 to buy an Eicher Pro 30009 goods vehicle for his livelihood. The EMI was fixed at Rs. 44,361 per month, and he had paid 5 installments and had 4 instalments outstanding.
On December 31, 20, when the vehicle was going to Hassan for work, TVS Credit Company had seized the vehicle without giving any prior information or letter of understanding. Later, on February 2, 2025, it issued a notice stating that the vehicle was sold through auction without following the RBI guidelines and directed the complainant to pay the outstanding difference amount of Rs 4,84,204.
Shahbaz had approached the District Consumer Commission to question this. The Commission, which conducted the inquiry, concluded that the financial institution’s actions amounted to poor service and unfair business practices, considering the violation of RBI guidelines and the High Court’s rulings.
The Eicher vehicle should be handed over to the complainant within 45 days of the order. In case of failure, a fine of Rs 2,000 per day from the date of handing over the vehicle has been stated in the order.
BOX
A total of Rs 1,00,000 including Rs 1,00,000 for mental torture and Rs 10,000 as litigation costs should be paid within 45 days. In case of default, interest of 10 percent per annum should be paid, the bench comprising District Consumer Disputes Redressal Commission Chairman T Shivanna and members BD Yogananda has ordered.
