CC Filed on 25.02.2011
Disposed on 21.06.2011
BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.
Dated: 21st day of June 2011
PRESENT:
Sri. G.V.HEGDE, President.
Sri. T.NAGARAJA, Member.
Smt. K.G.SHANTALA, Member.
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Consumer Complaint No. 45/2011
Between:
Sri. P. Kannan, S/o. Parasuraman, No. 1250, CornationTown, Robertsonpet, K.G.F – 563 122. (By Advocate Sri. M. Williams) V/S 1. BEML Employees Credit Co-operative Society (Regd.), Estd. ARK/B/Reg/3187/ dt. 1976-77, Maharaja Road, Robertsonpet, Kolar Gold Fields – 563 122. Kolar District. Represented by its Secretary. 2. BEML Employees Credit Co-operative Society (Regd.), Estd. ARK/B/Reg/3187/ dt. 1976-77, Maharaja Road, Robertsonpet, Kolar Gold Fields – 563 122. Kolar District. Represented by its President. | ….Complainant ….Opposite Parties |
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ORDERS
This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay the deposit amounts with interest at 21% p.a. and to pay compensation of Rs.1,00,000/- for mental agony and costs, etc.,
2. The material facts of complainant’s case may be stated as follows:
That the complainant deposited the amounts as detailed below with OP-Society for certain period and that the deposits should have been repaid with interest after maturity period and that the OP-Society failed to repay the said deposits with interest. The details of deposits are as follows:
Sl. No. | Date of deposit | Date of Maturity | Deposit Amount | Rate of interest |
01 | 16.12.2000 | 15.12.2001 | 25,000 | 12% |
02 | 02.07.2005 | 01.07.2007 | 75,000 | 10% |
03 | 11.06.2007 | 11.06.2009 | 25,000 | 10.25% |
04 | 02.07.2005 | 01.07.2007 | 1,00,000 | 10% |
05 | 12.05.2007 | 11.05.2009 | 50,000 | 10.25% |
Total | 2,75,000 | |
It is alleged that the OP-Society has failed to repay the deposit amounts and the interest inspite of repeated demands. In the affidavit filed by complainant he stated that the interest is due only from January 2011, but not for the earlier period. Therefore the present complaint is filed.
3. The OP-Society did not dispute the receipt of deposits alleged in the complaint. It also stated that interest was paid up to December 2010 and the subsequent interest is due. It contended that for the reasons stated in the version the OP-Society is facing acute financial difficulty and inspite of its best efforts all the deposit holders could not be repaid the deposits and the interest and that it is making its best effort to pay back the deposits as early as possible. Therefore the OP-Society prayed for dismissal of the complaint.
4. The complainant filed affidavit. OP has not led any evidence. We heard the parties. After considering the records and the submissions of parties we pass the following order.
5. In similar other cases the OP-Society is directed to pay subsequent interest at the rate of 7% p.a. on consideration of the facts and circumstances of the case. We think the same rate of future interest may be awarded in the present case also. It is admitted that for the agreed period of deposits the interest was paid at the agreed rate and even subsequently the interest was paid almost at the same rate and recently the OP-Society is paying the interest at reduced rate due to financial difficulty. Therefore we think the award of interest at 7% p.a. for the present is just and reasonable. Hence we pass the following:
O R D E R
The complaint is allowed with cost of Rs.1,000/-. The OPs shall pay Rs.2,75,000/- (rupees two lakh seventy-five thousand only) to complainant with interest at the rate of 7% p.a. on the said amount from 01.01.2011 till the date of payment, within 4 weeks from the date of this order.
Dictated to the Stenographer, corrected and pronounced in open Forum this the 21st day of June 2011.
MEMBER MEMBER PRESIDENT
