By Smt. Padmini Sudheesh, President<br /> <br /> Petitioner was a subscriber of Kuri No.28 in the respondent firm and he had 4 Kuries as per statement Nos.109,110,111 and 112 and one Kuri as per statement No.42. The respondents assured that if the amounts are deposited after auctioning these Kuries, they will provide 12% interest per annum and out of the interest the Kuri instalment can be remitted also. On the basis of this promise, the petitioner had auctioned the Kuries and deposited the money as per receipts and there is a total deposit of Rs.1,80,000/-. The F.D. Receipts are with the petitioner. But by a letter dated 22/2/05 the 3rd respondent informed that from 1/3/05 onwards the interest rate will be reduced to 10%. They have no right to reduce the interest. Hence this complaint<br /> <br /> The Counter is as follows:<br /> 2. There was no such assurance from the respondents that if the amounts are deposited after auctioning the Kuries they will provide interest at the rate of 12% per annum. The interest itself is not sufficient to remit the Kuri amount. From 2005 May onwards the petitioner failed to remit the Kuri amount. At the time of deposit the Bank rate of interest was high but it was reduced later, so the interest is reduced. As per the Kuri agreement the respondents have right to adjust the sufficient amount from the deposited sum. They have done it also. There is no Rs.1,80,000/- as F.D. The balance statement is shown in the counter. There is default in Kuri Nos. 28 and 26. Hence dismiss the complaint.<br /> <br /> 3. The points for consideration are :<br /> 1)Whether the petitioner is entitled to get back the F.D. amount of Rs.1,80,000/- and interest at the rate of 12% as prayed ?<br /> 2) Whether he is entitled for the compensation sought ?<br /> 3) Reliefs and costs?<br /> <br /> 4. The evidence consists of Exhibits P1 series to P4 and Exhibits R1 to R4. No other evidence.<br /> <br /> 5.Point No.1 The 1st point to be considered is whether the petitioner is entitled for the F.D. amount of Rs.1,80,000/-. Ext. P1 series are the F.D. receipts by which the petitioner has deposited a sum of Rs.1,80,000/- in the respondent firm. According to the petitioner that amount is not received back from the respondent firm. It is true that this amount is due. But as per the Kuri agreement the respondent firm has authority to adjust the sufficient amount from the deposited sum towards the Kuries. There were defaults from the petitioner and the respondent firm adjusted some amounts from the F.D. towards the Kuri. The petitioner also admitted that interest will not be sufficient to pay off the Kuri amount. A detailed statement is also shown in the counter. Petitioner not yet disputed this statement. Ext. R4 is the copy of ledger showing the accounts of Kuri security deposit. The genuineness of this document is also not disputed by the complainant. So he is admitting the amount adjusted towards the Kuries. Hence he is entitled for the balance amount shown in Ext. R4.<br /> <br /> 6. According to the petitioner the respondent firm has no right to reduce the interest rate to 10%. In the F.D. receipts the promised interest rate is 12%. Hence he is entitled to that rate. Ext. P2 is the letter by which the respondent firm informed the petitioner that they reduced the interest rate to 10% from 1/3/05 onwards. They have no right to do so. So the petitioner is entitled for the interest at the rate of 12%.<br /> <br /> 7.Point No.2 The sum deposited as F.D. is not the money taken from the petitioner’s pocket. The source of money is the firm itself. The petitioner’s grievance is only to the point of reduction of interest. There were defaults in the payment of Kuries. He is not concerned about it. So in these circumstance of the case, he is not entitled for the compensation. <br /> <br /> 8. In the result the petition is partly allowed and the respondents are directed to return the balance amounts shown in Ext.R4(Copy of Kuri security ledger) with interest at the rate of 12% from the date of petition and 6% interest from today till realization. Further directed to pay cost of Rs.1,000/- (Rupees One thousand only). Comply this order within two months.<br /> <br /> Dictated to the Confdl. Asst., transcribed by her, corrected by me and pronounced in the open forum this the 30th day of June 2008.<br /> <br />