By Sri. M.S. Sasidharan, Member. The complaint is filed to get back the amount deposited in the respondent firm with interest as agreed to. The case is as follows: The complainant has deposited Rs.75,000/- in the respondent firm for 5 years on 17.10.2001. It was agreed to give 14% interest and 10% incentive interest for the deposit. But in the deposit receipt No.1264 the respondents recorded only 14% interest. The incentive interest at the rate of 10% was orally agreed to by the respondents. On the basis of this Rs.4500/- was given on every three months. The complainant received Rs.22,500/- as interest upto 17.1.2003. The complainant has not received any interest after 17.1.2003. On 1.11.2002 the complainant received a notice from the respondents stating that the rate of interest was limited to 14% only. When the deposit got matured on 17.10.2006 the complainant requested the deposited amount with interest. But it was not given. So a lawyer notice was issued on 16.11.2006. A reply was given but there was no remedy. Hence the complaint is filed. 2. The counter filed is as follows: The respondents received Rs.75,000/- as deposit and the interest rate fixed was 14% till maturity period. So the interest for total 5 years will be Rs.52,500/-. The respondents paid Rs.23,521/- towards interest upto 17.4.2003. So the actual amount due comes only Rs.75,000/- the deposited amount and Rs.28,979/- as balance interest. The “ (in Malayalam words) ” is unknown to the respondents and there is no such interest in the respondent’s firm. So the rate of interest fixed was only 14% and it is recorded in the deposit receipt. There is no deficiency in service committed by the respondents. Hence dismiss the complaint. 3. The points for consideration are: (1) Is the complainant entitled to get the amount claimed? (2) Is there any deficiency in service committed bythe respondents? (3) Other reliefs and costs. 4. The evidence consists of Exts. P1 to P5 on the part of complainant. No evidence has been adduced by the respondents. 5. Points: The complainant’s case is that he had deposited Rs.75,000/- for 5 years on 17.10.2001 in the respondent’s firm. It was agreed to give 14% interest and 10% interest as incentive ( in Malayalam words ). But only 14% interest was recorded in the Ext. P1 receipt. Accordingly the respondents gave Rs.4500/- as interest on every three months upto 17.1.2003. The complainant received Rs.22,500/- as interest. Thereafter no interest was given. The deposit got matured on 17.10.2006. However the deposit amount and interest has not been refunded. 6. The version is that the respondents agreed to give 14% interest for the deposit and it was recorded in the Ext. P1 receipt. No assurance was given to pay 10% as incentive ( in malayalam words ). There is no such practice prevalent in the respondent firm. The respondents paid Rs.23,521/- as interest upto 17.4.2003 and the amount due comes to Rs.28,979/- as balance interest and the deposited amount. 7. Heard the counsel on both sides. The dispute is with regard to the rate of interest alleged to be agreed by the respondents. The complainant has stated that the respondents orally agreed to give him 10% interest as ‘ in Malayalam words .’ But when he received the Ext. P1 receipt it was not written. The respondents paid him Rs.4500/- as interest on every three months up to 17.1.2003 and it comes to 24%. The respondents have denied the aspect of incentive interest. They have stated that there is no practice of giving incentive interest. The complainant has not produced any evidence to prove that the interest he has received comes to the rate of 24%. The interest recorded in Ext. P1 receipt is only 14%. In the absence of any other evidence regarding the rate of interest the complainant is entitled to get only 14% interest which is shown in the Ext. P1 receipt. 8. There is a dispute regarding the amount received by the complainant as interest. The deposit got matured on 17.10.2006 and it was not refunded in spite of repeated requests. Hence the respondents are liable to pay 14% interest as agreed to till the realization of entire amount. 8. In the result, the complaint is allowed and the respondents are directed to return the Ext. P1 amount with interest at the rate of 14% per annum from 17.7.2003 and 9% from today till realization with costs Rs.500/- (Rupees five hundred only) to the complainant within two months from the date of receipt of copy of this order. Dictated to the Confidential Assistant, transcribed by her, corrected by me and pronounced in the open Forum, this the 25th day of March 2010.
| | HONORABLE Rajani P.S., Member | HONORABLE Padmini Sudheesh, PRESIDENT | HONORABLE Sasidharan M.S, Member | | 
