KERALA STATE CONSUMER DISPUTES REDRESSAL COMMISSIONVAZHUTHACAUD, THIRUVANANTHAPURAMAPPEAL NO.211/2007JUDGMENT DATED: 06.02.2010 PRESENT:- JUSTICE SHRI.K.R.UDAYABHANU : PRESIDENTSHRI.M.K.ABDULLA SONA : MEMBER 1. The Integrated Finance Co.Ltd., Registered Office, “Vairams”, 112, Thayagaraya Road, T.Nagar, : APPELLANTS Chennai – 690 017. 2. Integrated Finaice Co.Ltd., Opp.Ammachiveedu, Temple, Kollam Collectorate, Kollam. (By Adv.Sri.George T. Thechettu) Vs Geevarghese Paniker, Thekke Attathu Sujo Bhavan : RESPONDENT Punnamukku, Kundara Kollam. (By Adv.Sri.G.K.Nampoothiri) JUDGMENT JUSTICE SHRI.K.R.UDAYABHANU : PRESIDENT The appellants are the opposite parties in C.C.No.261/06 in the file of CDRF, Kollam. The appellants are under orders to pay to the complainant a sum of Rs.3,13,370/- towards the return of F.Ds and Rs.1,22,000/- towards the value of bonds to the complainant with interest 9% per annum from the date of complaint and also to pay Rs.10,000/- towards costs. The case of the complainant is that he attracted by the advertisement of the opposite party/Finance Company deposited amounts in fixed deposits ie, F.D.No. Date of Deposit Maturity date Amount Total amount 178653 06.11.2001 06.11.2005 Rs.40,000/- Rs.64,080/- 178664 04.12.2001 04.12.2005 Rs.30,000/- Rs.48,060/- 178665 04.12.2001 04.12.2005 Rs.30,000/- Rs.48,060/- 178745 14.09.2002 14.09.2007 Rs.35,000/- Rs.63,070/- 178712 14.05.2002 14.05.2007 Rs.50,000/- Rs.90,100/- The amount of the above deposits on maturity to be paid is Rs.3,13,370/-. He also deposited amounts in redeemable bonds in the company as noted below. Total bonds Certificate No. Date of allotment Date of redemption 32 02793 02.02.2001 01.02.2006 30 02794 02.02.2001 01.02.2006 30 02905 02.02.2001 01.02.2006 30 01908 02.02.2001 01.02.2006 The total value of the 122 bonds at the rate of Rs.1,000/- liable to be returned on the date of redemption ie,01.02.2006 is Rs.1,22,000/-. Despite repeated demands the amounts were not paid. He has sought for the return the above amounts ie Rs.4,35,370/- with interest and cost. The opposite party filed version admitting the deposits and purchase of bonds. It is contended that unable to return the amount when all of the depositors applied for withdrawal at the same time they have filed an application before the Hon’ble High Court of Madras for approval of its scheme under Sec.319 of the Companies Act and that the same is pending. Hence it is contended that the complaint is liable to be dismissed. The evidence adduced consisted of the testimony of PW1 the complainant and DW1 the Power of Attorney holder of the opposite party and Exts.P1 to P10 and D1 to D3. The complainant has produced the copies of the FD receipts and redeemable bonds vide Exts.P1 to P9. The opposite party have produced the orders passed the Madras High Court in Company petition No.654 of 2005 . It was admitted that the Division Bench of the High Court of Madras has dismissed the application for the sanction of the scheme. The counsel for the appellant has contended that the matter is pending before the Supreme Court and that it will be taken up soon. However, the appellant has not produced any order of the Supreme Court staying operation of proceedings initiated at the instance of the depositors and bond holders. In the circumstances and in view of the fact that the receipt of deposits and issuance of bonds stands admitted we find that the appellants are liable to pay the amounts. Hence the order of the Forum directing to pay the amounts with interest at 9% per annum from the date of file of the complainant is only to be upheld. All the same, amount of costs ordered ie, Rs.10,000/- is reduced to Rs.5,000/-. With the above modification the order of the Forum is confirmed. The appellants are directed to pay the amounts to the complainant within 4 months failing which the complaint would be entitled for interest at 12% per annum from today. In the result, the appeal is allowed in part as above. JUSTICEK.R.UDAYABHANU : PRESIDENT M.K.ABDULLA SONA : MEMBER Kb. | 
