BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, VELLORE DISTRICT AT VELLORE. PRESENT: THIRU. A. SAMPATH, B.A., B.L., PRESIDENT TMT. G. MALARVIZHI, B.E. MEMBER – I THIRU. K. DH.AYALAMURTHI,B.SC. MEMBER – II CC. 11 / 2004 TUESDAY THE 23RD DAY OF NOVEMBER 2010 A. Ramesh, S/o. K. Anandapadmanabhan, No.6, L.I.C. Colony, Ist Street, Sainathapuram, Vellore 632 001. … Complainant. -Vs – The General Manager, The Vellore Town Co-operative Bank, No.12, Filter Bed Road, Vellore 632 001. … Opposite party. . . . . . This petition coming on for final hearing before us on 16.11.2010, in the presence of Thiru. K. Anandhapadmanaban & A. Ramesh, Advocates for the complainant and Thiru. A.B. Gangadharan, Advocate for the opposite party and having stood over for consideration till this day, the Forum made the following: O R D E R Pronounced by Thiru. A. Sampath, President of the District Consumer Disputes Redressal Forum, Vellore District. 1. The brief facts of the case of the complainant is as follows: The complainant was having certain fixed deposits with the opposite party and the details of the same are as under : S.No. | Date of deposit | Amount of deposit | Date of maturity | Interest offered | Maturity amount | 1 | 8.7.1997 | 20,000 | 8.8.1998 | 14% | 23,214 | 2 | 31.7.1999 | 10,000 | 31.7.2000 | 12% | 11,255 | 3 | 14.8.1999 | 5,000 | 14.8.2000 | 12% | 5,625 | 4 | 20.8.1999 | 5,000 | 20.8.2000 | 11% | 5,573 | 5 | 3.9.1999 | 5,000 | 3.9.2000 | 11% | 5,573 | 6 | 18.9.1999 | 5,000 | 18.9.2000 | 11% | 5,573 | 7 | 22.9.1999 | 5,000 | 22.9.2000 | 11% | 5,5,73 | 8 | 1.10.1999 | 5,000 | 1.10.2000 | 11% | 5,573 | 9 | 9.10.1999 | 5,000 | 9.10.2000 | 11% | 5,5,73 | 10 | 30.11.1999 | 5,000 | 30.11.2000 | 11% | 5,573 | 11 | 7.12.1999 | 10,000 | 7.12.2000 | 11% | 11,146 | 12 | 25.8.2000 | 20,000 | 25.8.2001 | 10% | 22,076 | | | | | TOTAL | 1,12,330 |
The deposit receipts have not mentioned the date within which the deposits have to be renewed after maturity. The envelope containing the plastic covers of the deposit receipts was mixed up with his clients’ documents and in the absence of any intimation from the opposite party he was under the bonafide impression that the deposits have not yet been matured. Further one another deposit made by him an 23.7.98 for Rs.10,000/- got matured only on 23.4.03. As per the guide lines issued by the Reserve Bank of India, the opposite party should have intimated the complainant regarding the date of maturity of the deposit in advance containing interalia the rates of interest available for various periods of renewals and the manner in which the deposit has to be renewed or encashed. By failing to perform this essential duty of giving advance intimation, the opposite party, by its deficiency in service had caused financial loss, mental agony and distress to the complainant. Immediately on tracing the deposit certificates, he informed by his letter dt. 3.5.02 to the opposite party requesting for the renewal of the deposits from the date of their maturity, with the rates of interest prevailing on those dates, as the deposits were continued to remain as such with the opposite party. The complainant also addressed a letter on 6.5.02 to the Reserve Bank of India, Chennai seeking clarifications regarding the renewal of matured deposits with the opposite party. The Reserve Bank of India, Chennai by its letter dt. 14.5.02 advised the complainant to approach the opposite party, who has been instructed by it to render assistance in the matter. The opposite party, by is letter dt. 22.5.02 has agreed to renew the deposits, by offering simple interest, from the date of maturity to the date of renewal, depending upon the further period upto which the deposits were sought to be renewed. The opposite party was not only silent about its non-intimation in advance of the maturity of the deposits but also did not spell out the contents of the guidance given by the Reserve Bank of India, Chennai. Left with no other alternative, the complainant offered to renew the deposits for a further period of 2 years from 14.6.02 to 14.6.04. Simple interest at 9.5% was offered from the date of maturity to 14.6.02 and the same was worked out at Rs.21,115/-. The same was added to the maturity amount of Rs.1,12,330/-. The aggregate sum of Rs.1,33,445/- (1,12,330+ 21,115) was kept in three deposits of Rs.45,000/-, Rs.45,000/- and Rs.43,445/-. 2. The opposite party realizing the obligations has sent advance intimation with regard to another deposit which got matured in April, 2003. The letter sent by the opposite party is filed herewith and the same may be read as part hereof. The absence of any such intimation earlier, would reveal the callous way by which the opposite party had functioned. The opposite party had continued to use the deposit amounts after their maturity to its own advantage and did not bother to take any steps to return the amount to the complainant. By its implied conduct, the deposits were unilaterally renewed by it and the opposite party is bound to pay the interest prevailing on those dates to the complainant. The opposite party has relied on the procedure followed by the Vellore District Central Co-op Bank Ltd in renewing the over due deposits. Though the circular is not binding on the opposite party, as it is not under it control, it also clearly states that advance intimation to the depositors is mandatory. The opposite party has conveniently ignored such portions of the circular which are unfavourable to it. More over the said circular has not also stated that only simple interest has to be offered while renewing the over due deposits. Due to the deficiency of service of the opposite party, he has undergone mental torture, agony and distress and is liable to be compensated by the opposite party apart from paying the interest legally due to him. Therefore the opposite party is to be directed to pay the complainant, the interest due to him, had the deposits been renewed on their dates of maturity upto 14.6.02, the date on which they were actually renewed, and to work out the cumulative interest accrued upto 14.6.02 on the matured deposits and deduct there from the interest of Rs.21,115/- already offered by the opposite party, keep the balance amount as a separate deposit and pay interest thereon from 14.6.02 at the rates of interest prevailing on that date and to pay a compensation of Rs.10,000/- towards mental torture, agony and distress suffered by the complainant and to pay a sum of Rs.5000/- towards the costs of the complaint. 3. The averments in the counter filed by the opposite party is as follows: The opposite party does not admit any of the allegations contained in the complaint save those that are specifically admitted herein and puts the complainant to strict proof of rest of them all. It is true that the complainant had fixed deposits are 12 in number and the total value of all the deposits comes to Rs.1,00,000/-. The first deposit was made on 8.7.97 and the maturity date is 8.8.1998 with 14% interest cumulative. The deposits 2 to 11 are in the year 1999 from July to December and the interest rate arise from 11% to 12 % cumulative. The 12th deposit was on 25.8.2000 for Rs.20,000/- with interest at 10% cumulative. The complainant deposit holder is give a fixed deposit receipts which contain all the particulates viz., date of deposit, amount deposited, rate of interest and date of maturity. It is a printed form about 7” x 5” in size. In the deposit receipt it is clearly mentioned that interest will cease at the expiration of the period of deposits. It is not correct to state that the deposit receipts should have mentioned the date within which the deposits have to be renewed after maturity. There is no compulsion that he should renew the deposits. It is left to the choice of the depositor either to renew the deposit or to receive the money due. The envelop containing plastic covers of the deposit receipts was mixed up with other documents and so the complainant was not able to note the date of maturity is not at all true. The plastic covers is 10” x 8” in size with distinct colours. There is absolutely no possibility of these covers being mixed up with the so called other documents of the complainant. The fixed deposit receipts are valuable documents and one will keep them safely and will be keen to note the date of maturity to take the money. Further it will be seen that the 1st deposit was on 8.7.97 and it matures on 8.8.98. Then on 31.7.99 he puts another deposit like that till the year 2000 on various dates. He must have known the date of maturity. He could have renewed it if he wanted on 31.7.99 when he went to the bank. But he did not do so. The bank should send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the fixed deposit receipts themselves and it is also stated under note “ Interest will cease at the expiration of the above period when this receipt must be sent in for payment of renewal endorsed by the depositor and have appropriate revenue stamp affixed. 4. The complainant is an advocate. His father is an advocate auditor and the other deposits concerned in 4 other C.D.O.Ps. filed along with this complaint are the sons. All are well educated., practicing lawyer, income tax auditor and Government servants. Now the complainant knows these fully well. In order to claim interest at the same rate at which he deposited the money even after lapse of 4 years he was keeping quiet and he wants to take the plea that he has not been intimated. Therefore coming to know that his attempt and motive have become fruitless he has decided to renew the deposits on 14.6.02 for a further period of 2 years and interest was at the rate of 9.8% but not cumulative deposits. So simple interest was offered and the complainant had accepted and renewed the deposits at the interest rate which was due to him legally which was about Rs.21,115/-. In respect of 10 deposits he has converted them into 3 each for Rs.45,000/- and Rs.43,445/-. Now having done this on 14.6.02 it is not open to him to go back and claim the balance of interest or ask for re-opening the matter and calculate and give him some more money at the original rate of interest ignoring the note made at the bottom of the fixed deposit receipt that payment of interest will cease on the date of maturity of the deposit. Therefore he is estopped in law to claim like that. So there is a bar of estoppels. Therefore there is no question of deficiency in service on the part of the opposite party which had caused any mental agony, torture or distress. It is true in the year 2003 the bank followed the advice given by the Reserve Bank of India and sent the intimation. The complainant cannot take advantage of this intimation and state that the previous non-intimating of the maturity dates of deposits is callous on the part of the bank since it is not the duty of the bank as per the bank law to compulsory intimate the date of maturity of the deposits and failure to do the duty amounting to deficiency of service on the part of the bank. There are no merits or bonafides in the complaint as it is incompetent and so it is liable to be dismissed in limine. 5. Now the points for consideration are: (a) Whether there is any deficiency in service, on the part of the opposite party? (b) Whether the complainant is entitled to the reliefs asked for?. 6. Ex.A1 to Ex.A20 were marked on the side of the complainant and Ex.B1 to Ex.B14 were marked on the side of the opposite party. Proof affidavit of the complainant and Proof affidavit of the opposite party have been filed. No oral evidence let in by either side. 7. POINT NO. (a): It is admitted facts of the parties that the complainant was having following fixed deposits with the opposite party’s bank: the 1st reinvestment deposit Ex.A1 was made on 8.7.97 for the period of 13 months and the maturity date was on 8.8.98, the 2nd reinvestment deposit Ex.A2 was made on 31.7.99 for the period of 12 months and the maturity date was on 31.7.00, the 3rd reinvestment deposit Ex.A3 was made on 14.8.99 for the period of 12 months and the maturity date was on 14.8.00, the 4th t reinvestment deposit Ex.A4 was made on 20.8.99 for the period of 12 months and the maturity date was on 20.8.00, the 5th reinvestment deposit Ex.A5 was made on 3.9.99 for the period of 12 months and the maturity date was on 3.9.00, the 6th reinvestment deposit Ex.A6 was made on 18.9.99 for the period of 13 months and the maturity date was on 18.9.00, the 7th reinvestment deposit Ex.A7 was made on 22.9.99 for the period of 12 months and the maturity date was on 22.9.00, the 8th reinvestment deposit Ex.A8 was made on 1.10.99 for the period of 12 months and the maturity date was on 1.10.00, the 9th reinvestment deposit Ex.A9 was made on 9.10.99 for the period of 12 months and the maturity date was on 9.10.00, the 10th reinvestment deposit Ex.A10 was made on 30.11.99 for the period of 12 months and the maturity date was on 30.11.00, the 11th reinvestment deposit Ex.A11 was made on 7.12.99 for the period of 12 months and the maturity date was on 7.12.00 and the 12th t reinvestment deposit Ex.A12 was made on 25.8.00 for the period of 12 months and the maturity date was on 25.8.01. 8. The complainant contended that it is the duty of the opposite party’s bank to inform inadvance about the maturity of the above deposits and in the absence of any intimation from the opposite party’s bank, the complainant was under a bonafide impression that the deposits have not been matured. The above said twelve reinvestment deposits continued to remain as such with the opposite party and have not lost its identity and the opposite party had agreed to renew the said deposits by offering a simple interest of 9.5% p.a. from the date of maturity to the date of renewal, if the said nine deposits were renewed for a further period of two years. The opposite party due to utilize the said deposit amounts even after the dates of their maturity to its own benefit and did not care to take any action either to renew or refund the amount due to the complainant’s S.B. account. The absence of any prior intimation with necessary details before the maturity of the said deposits and also the failure to intimate any alleged change of policy in renewing the said deposits will clearly prove the negligence, the deficiency of the service on the part of the opposite party. 9. The opposite party contended that the opposite party’s bank send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the said twelve deposit receipts Ex.A1 to Ex.A12. It is also stated in the said deposit receipts under note that “interest will cease at the expiration of the above period when the receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed. The complainant could have renewed the said twelve deposits if he wanted on maturity date mentioned in the reinvestment deposit receipts Ex.A1 to Ex.A12 but he did not do so. It is further contended that the complainant is an Advocate, his father is an advocate auditor and the other deposits concerned in 4 other Ops filed along with this complaint are his family members. All are well educated, practicing lawyer, income tax auditor and Government servants. In order to claim interest at the same rate at which he deposited the money even after lapse of four years he has keeping quiet and he wants to take the plea that he has not been intimated and therefore he can claim interest at the original rate. The opposite party’s banks have done everything as per rules and instructions received from the Reserve Bank of India from time to time. Therefore there was no deficiency of service on the part of the opposite party’s bank in any way whatsoever to cause mental agony torture and distress to the complainant. 10. From the perusal of 1st re-investment deposit receipt Ex.A1 & Ex.B3 dt 8.7.97, it is mentioned that received from (A. Ramesh) the complainant Rs.20,000/- only as a reinvestment deposit repayable 13 months after date, the 2nd re-investment deposit receipt Ex.A2 & Ex.B4 dt. 31.7.99 it is mentioned that received from (A. Ramesh) the complainant Rs.10000/- as a reinvestment deposit repayable 12 months after date, the 3rd re-investment deposit receipt Ex.A3 & Ex.B6, dt. 14.8.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 4th re-investment deposit receipt Ex.A4 & Ex.B5, dt.20.8.99 it is mentioned that received from (A.Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 5th re-investment deposit receipt Ex.A5 & Ex.B7, dt.3.9.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 6th re-investment deposit receipt Ex.A6 & Ex.B8, dt.1.10.98 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 7th re-investment deposit receipt Ex.A7 & Ex.B9, dt. 22.9.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 8th re-investment deposit receipt Ex.A8 & Ex.B10, dt. 1.10.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 9th re-investment deposit receipt Ex.A9 & Ex.B12, dt.9.10.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 10th re-investment deposit receipt Ex.A10 & Ex.B11, dt.30.11.99 it is mentioned that received from (A. Ramesh) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 11th re-investment deposit receipt Ex.A11 & Ex.B14, dt.7.12.99 it is mentioned that received from (A. Ramesh) the complainant Rs.10000/- only as a reinvestment deposit repayable 12 months after date, and the 12th re-investment deposit receipt Ex.A12 & Ex.B13, dt.25.8.00 it is mentioned that received from (A. Ramesh) the complainant Rs.20000/- only as a reinvestment deposit repayable 12 months after date. From further perusal of reinvestment deposit receipts Ex.A1 to Ex.A12 it is seen that the opposite party’s bank stated in the said receipts under note that “ interest will cease at the expiration of the period mentioned in the said receipts. The 1st reinvestment deposit a sum of Rs.20,000- was made on 8.7.97 and the maturity date was on 8.8.98, the 2nd reinvestment deposit a sum of Rs.10000/- was made on 31.7.99 and the maturity date was on 31.7.00, the 3rd reinvestment deposit a sum of Rs.5000/- was made on 14.8.99 and the maturity date was on 14.8.00, the 4th reinvestment deposit a sum of Rs.5000/- was made on 20.8.99 and the maturity date was on 20.8.00, the 5th reinvestment deposit a sum of Rs.5000/- was made on 3.9.99 and the maturity date was on 3.9.00, the 6th reinvestment deposit a sum of Rs.5000/- was made on 18.9.99 and the maturity date was on 18.9.00, the 7th reinvestment deposit a sum of Rs.5000/- was made on 22.9.99 and the maturity date was on 22.9.00, the 8th reinvestment deposit a sum of Rs.5000/- was made on 1.10.99 and the maturity date was on 1.10.00, the 9th reinvestment deposit a sum of Rs.5000/- was made on 9.10.99 and the maturity date was on 9.10.00, the 10th reinvestment deposit a sum of Rs.5000/- was made on 30.11.99 and the maturity date was on 30.11.00, the 11th reinvestment deposit a sum of Rs.10000/- was made on 7.12.99 and the maturity date was on 7.12..00, and the 12th reinvestment deposit a sum of Rs.20000/- was made on 25.8.00 and the maturity date was on 25.8.0. The complainant could have renewed the said deposits if he wanted after maturity dates i.e. on 1.8.00, 15.8.00, 21.8.00, 4.9.00, 19.9.00, 23.9.00, 2.10.00, 10.10.00, 1.12.00, 8.12.00 and the 26.8.01 respectively, but he did not do so. 11. The contention of the complainant that the envelop containing the plastic covers of the deposit receipts was missed up with his clients documents and as soon as the deposit certificates were traced out, he informed to the opposite party through a letter Ex.A13, dt. 3.5.02 requesting for the renewal of the deposits and the interest for non renewal period. According to the opposite party, the bank send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the re-investments deposit receipts and it is also mentioned in the said receipts under note that interest will cease at the expiration of the period mentioned in the receipts. 12. The complainant has not denied the contention of the opposite party that the complainant is an Advocate, his father is an advocate auditor and the other deposits concerned in four other Ops filed along with this complaint are all his family members. All are well educated, practicing lawyer, income tax auditor and Government servants. Therefore, the contention of the complainant that the envelop containing the plastic cover of the reinvestment receipts Ex.A1 to Ex.A12 was mixed up with his clients documents is not acceptable. It is admitted facts of the parties that the date of maturity is mentioned on the top in the reinvestment deposits receipts Ex.A1 to Ex.A12 and it is also stated in the said receipts under note that interest will cease at the expiration of the period mentioned in the receipts. But the complainant did not renew the deposits after the maturity date. There is no specific rule or direction by the Reserve Bank of India about the intimation to the complainant regarding inform inadvace about maturity date. Therefore the contention of the complainant that it is the duty of the opposite party to inform inadvance about the maturity of the deposit and failing to inform the maturity date is deficiency in service on the part of the opposite partly is not acceptable. 13. Hence, taking all the above facts into consideration from the contention in the complaint and the counter, as well as proof affidavit of both the parties, and from the documents Ex.A1 to A20 and Ex.B1 to Ex.B14, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein. Hence we answer this point (a) as against the complainants herein. 14. POINT NO : (b) In view of our findings on point (a), since, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein. We have also come to the conclusion that the complainant is not at all entitled to any relief asked for by him, in this complaint. Hence we answer this point (b) also as against the complainant herein. 15. In the result this complaint is dismissed. No costs. Dictated to the Steno-typist and transcribed by her, corrected and pronounced by the President, in Open Forum, this the 23rd day of November 2010. MEMBER-I MEMBER-II PRESIDENT. List of Documents: Complainant’s Exhibits: Ex.A1 - 8.7.97 - X-copy of the reinvestment deposit receipt. Ex.A2 – 31.7.99 - X-copy of the reinvestment Deposit receipt. Ex.A3- 14.8.99 - X-copy of the reinvestment Deposit receipt. Ex.A4- 20.8.99 - X-copy of the reinvestment Deposit receipt. Ex.A5- 3.9.99 - X-copy of the reinvestment Deposit receipt. Ex.A6- 18.9.99 - X-copy of the reinvestment Deposit Receipt. Ex.A7- 22.9.99 - X-copy of the reinvestment Deposit Receipt. Ex.A8- 1.10.99 - X-copy of the reinvestment Deposit Receipt. Ex.A9- 9.10.99 - X-copy of the Deposit Receipt. Ex.A10-30.11.99 - X-copy of the Deposit Receipt. Ex.A11-7.12.99 - X-copy of the Deposit Receipt. Ex.A12- 25.8.00 - X-copy of the Deposit Receipt. Ex.A13-3.5.02 - X-copy of the letter addressed to the opp party. Ex.A14- 14.5.02 - Letter from the Reserve Bank of India, Chennai to the complainant. Ex.A15- 22.5.02 - Reply letter received from the opp party. Ex.A16- 14.6.02 - X-copy of the deposit receipt . Ex.A17- 14.6.02 - X-copy of the deposit receipt. Ex.A18- 14.6.02 - X-copy of the Deposit receipt. Ex.A19- 17.4.03 - Letter of intimation by the opp party. Ex.A20- 12.7.01 - X-copy of the Circular. Opposite party’s Exhibits: Ex.B1- 14.6.02 - Adjustment Slip. Ex.B2- 14.6.02 - Adjustment Slip. Ex.B3- 8.8.97 - Re-investment Deposit Receipt. Ex.B4- 31.7.99 - Re-investment Deposit Receipt. Ex.B5- 20.8.99 - Re-investment Deposit Receipt. Ex.B6- 14.8.99 - Re-investment Deposit Receipt. Ex.B7- 3.9.99 - Re-investment Deposit Receipt. Ex.B8- 18.9.99 - Re-investment Deposit Receipt. Ex.B9- 22.9.99 - Re-investment Deposit Receipt. Ex.B10-1.10.99 - Re-investment Deposit Receipt. Ex.B11- 30.11.99 - Re-investment Deposit Receipt. Ex.B12- 9.10.99 - Re-investment Deposit Receipt. Ex.B13- 25.8.00 - Re-investment Deposit Receipt. Ex.B14- 7.12.99 - Re-investment Deposit Receipt. MEMBER-I MEMBER-II PRESIDENT.
| | [ Hon'ble Tmt G.Malarvizhi, B.E] MEMBER[ Hon'ble Thiru A.Sampath, B.A., B.L] PRESIDENT[ Hon'ble Tr K.Dhayalamurthy, Bsc] MEMBER | |
