DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD

Dated this the 9^th day of June, 2023

Present : Sri.Vinay Menon V., President

             : Smt.Vidya A., Member                

             : Sri.Krishnankutty N.K., Member           Date of filing: 22/02/2023                             

     CC/56/2023

Rajagopalan Kanhiramagattil

Sauparnika, Sahyadri Colony

Chandranagar Post

Palakkad – 678 007                                                         -    Complainant

(By Adv. M.C.Gokuldas)

V/s

1. Future Enterprises Ltd.

   City Gold Mall, 3^rd Floor

    Near Shyamal Cross Road

    132, Feet Ring Road

    Satellite Ahamedabad

    Gujarat – 380 015

2. The Managing Director

    Future Enterprises Ltd.

Knowledge House, Shyam Nagar

Off Jogeswari Vikhroli Link Road

Jogeshwari (Est) Mumbai

   Maharashtra – 400 060                                                  -    Opposite parties

   (Both opposite parties Ex-parte)

O R D E R 

By Sri.Krishnankutty.N.K., Member

1.  Pleadings of the complainant in brief.        

      The complainant deposited on 22/11/2019 Rs. 1,00,000/- as fixed deposit with the opposite parties for a period of 3 years with interest payable @ 10.25% per annum.  The due date for payment of the maturity value of Rs.1,35,476/- was 22/11/2022.  When the fixed deposit receipt was sent to the opposite party for redemption by registered post, the same was returned with endorsement “Left”.  Subsequently the complainant sent a registered letter to the opposite party on 02/01/2023, but no action was taken by the opposite party.  Aggrieved by this he approached this Commission seeking orders to get the maturity amount of Rs. 1,35,476/- released with 18% interest from 22/11/2022 along with a compensation of Rs. 50,000/- and cost of Rs. 25,000/-

 2.  The notice issued to 2^nd opposite party was served, but the notice to 1^st opposite party was returned with endorsement “Left”.  Since the notice is received by 2^nd opposite party, constructive notice is presumed against 1^st opposite party.  Since they did not enter appearance, both the opposite parties were set ex-parte.                                           

3.   The complainant filed proof affidavit and marked Ext. A1 to A3 as evidence.  Ext. A1 is the fixed deposit receipt issued by the 1^st opposite party.  Ext. A2 is the postal cover addressed to 1^st opposite party returned with endorsement “Left”, along with the acknowledgment card.  Ext. A3 is the registered letter sent by the complainant to the 2^nd opposite party along with the postal receipt and acknowledgement card.  

4.   From the proof affidavit and the documents adduced as evidence, it is clear that the opposite party failed to redeem the fixed deposit along with interest on the due date as promised, inspite of the repeated correspondence made by the complainant.  Non redemption of the maturity proceeds of the fixed deposit on the due date is a definite case of deficiency in service and unfair trade practice on the part of the opposite parties.            

5.   Therefore the complaint is allowed ordering the following reliefs

1. The opposite party company is directed to repay the maturity proceeds of the fixed deposit amounts to Rs. 1,35,476/- along with further interest @ 12% per annum from 22/11/2022 till the date of payment.
2. The opposite party is also directed to pay Rs. 15,000/- as compensation and
3. Rs. 10,000/- as cost.

The opposite party shall comply with the directions in this order within 45 days of receipt of this order, failing which opposite party shall pay to the complainant Rs. 250/- per month or part thereof until the date of payment in full and final settlement of this order.

      Pronounced in open court on this the 9^th day of June, 2023.

Sd/-

                                                                                      Vinay Menon V

                                          President

                                                                                    Sd/-

     Vidya.A

                   Member   

                                                                                      Sd/-

                                                                         Krishnankutty N.K.

                                                                                 Member

APPENDIX

Exhibits marked on the side of the complainant:

Ext. A1: Fixed deposit receipt issued by the 1^st opposite party.

Ext. A2: Postal cover addressed to 1^st opposite party returned undelivered.

Ext. A3: Registered letter sent by the complainant to the 2^nd opposite party.

Exhibits marked from the side of the opposite party: Nil

Witness examined from the side of the complainant: Nil

Witness examined from the side of the opposite party: Nil

Court Witness: Nil

Cost:  Rs. 10,000/-

NB: Parties are directed to take back all extra set of documents submitted in the proceedings in accordance with Regulation 20(5) of the Consumer Protection (Consumer Commission Procedure) Regulations, 2020 failing which they will be weeded out.                           

Forwarded/By Order,