GM ,North Malabar District Co Op supply marketting Branch Manager,North Malabar District Co Op supply marketting
...........Respondent(s)
BEFORE:
1. K GHEEVARGHESE 2. SAJI MATHEW
Complainant(s)/Appellant(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
ORDER
Smt.Saji Mathew, Member: The gist of the complaint is as follows. The complaints have in their individual names deposited the following amounts with opposite party No.2 under the Fixed Deposited Scheme. The details of the deposit are as here under. (Contd......2) -2- Fixed deposit due in the name of P.D.Vijayendran Deposit No. Deposit date Due date Deposit amount Rate of interest 5613 15-02-2000 16-11-2002 13,869.52 16% 5562 10-08-1999 26-09-2001 12,310.05 15% 5651 17-05-2001 09-12-2002 11,392.00 12% 5612 15-02-2000 01-12-2002 10,000.00 16% 5596 11-02-2000 04-08-2002 8,603.00 16% 5597 11-02-2000 21-11-2002 10,000.00 16% 5599 11-02-2000 01-12-2002 6,000.00 16% 5598 11-02-2000 01-12-2002 6,647.95 16% 5601 11-02-2000 31-10-2002 5,239.10 16% 5600 11-02-2000 17-10-2002 5,892.64 15% 5566 10-08-1999 25-07-2002 5,000.00 15% 94,954.06 Fixed deposit due in the name of P.Vijayalakshmi Deposit No. Deposit date Due date Deposit amount Rate of interest 5605 11-02-2000 01-11-2002 9,000.00 16% 5604 11-02-2000 01-11-2002 10,000.05 16% 5611 15-02-2000 27-12-2002 7,672 .50 12% 26,672.50 Fixed deposit due, in the name of P.V.Pavankumar Deposit No. Deposit date Due date Deposit amount Rate of interest 5665 20-12-2001 20-01-2004 25,000.00 12% 5609 15-02-2000 01-11-2002 8,500.00 16 % 5559 10-08-1999 14-05-2002 3,471.25 15% 5542 23-06-1999 05-07-2002 11,570.00 15% 5564 10-08-1999 26-07-2002 5,250.00 15% 5563 10-08-1999 07-04-2002 3,000.00 15% 56,791.25 (Contd.......3) -3- Fixed deposit due in the name of P.V.Padmapriya Deposit No. Deposit date Due date Deposit amount Rate of interest 5541 23-06-1999 23-07-2002 5,000.00 15% 5608 15-02-2000 12-11-2002 9,765.00 16 % 5668 28-01-2002 28-02-2004 2,500.00 15% 5561 10-08-1999 14-06-2002 4,628.35 15% 5610 15-02-2000 01-11-2002 8,500.00 16% 5538 10-08-1999 10-09-2002 16,300.00 15% 69,193.35 Fixed deposit due in the name of P.V.Pallavi Deposit No. Deposit date Due date Deposit amount Rate of interest 5677 15-02-2002 15-03-2004 25,000.00 12% 5560 10-08-1999 14-06-2002 3,471.25 15% 28,471.25 Fixed deposit due in the name of P.D.Padmakumar Deposit No. Deposit date Due date Deposit amount Rate of Interest 5564 10-08-99 26-06-99 5,250.00 15% Thus the total amount of Rs.2,81,332.41/- is due to complainants from the opposite parties as the principal amount. The amount of Rs.37,392/- is due as interest on the fixed deposits as on the maturity date. An additional amount of Rs.1,11,605/- being the interest due after the date of maturity till the date of petition calculated on the above mentioned rates is also payable to the complainants by the opposite party. Thus the total amount of Rs.4,30,329.41/- is due to the complainants from the opposite party. Complainant No.2 is the wife of P.D.Vijayendran who is shown as the complainant No.1, and the complainant numbers (Contd......4) -4- 3 to 5shown above are the children of complainant No.1 and 2, the complainant No.6 is brother of complainant No.1 all belonging to the same family. On maturity of the above said deposit, to the utter surprise and shock of the complainant, the maturity value of the above fixed deposits have not been repaid to the complainants even after the repeated demands and presentation of the fixed deposited receipts for repayment of proceeds and interest. This amounts to deficiency in service on the part of the opposite parties. The complainants had to suffer severe mental pain and agony, inconvenience and loss on account of deficiency of service of the opposite parties. Even the marriage of complainant No.4 had to suffer because the fixed deposited amount was not repaid. The complainants estimate the sum of Rs.50,000/- as compensation for the loss and damages and mental agony caused to them by the opposite parties even though no sum however high can compensate mental agony, disturbance and blow suffered by the family of the complainants. Thus the complainant submits that a total sum of Rs.4,80,329.41 is to be ordered to be paid to the complainant by the opposite parties. A calculation statement also is filed by the complainants accordingly. Ext.A1 series, Ext.A2 series and Ext.A3 are marked on the part of the complainant. Ext.A1 series, 28 in number are the receipts of Fixed Deposits. Ext.A2 series are the lawyer notice sent by the complainants and the acknowledgment. And Ext.A3 is the reply to the lawyer notice by the opposite party. The opposite party No.1 made no appearance before the Forum. The opposite party No.2 appeared and filed version. Both opposite parties were set exparte. In the version filed by the opposite parties, it is stated that the complaint is not maintainable, because the opposite party is a Co-operative society registered under Co-operative Societies Act. It is stated that this Forum has no Jurisdiction to entertain the complaint. Bar of limitation in filing (Contd......5) -5- the complaint also is raised by the opposite party in respect of deposits in the name of 3 complainants. The opposite party state that the complainants are not entitled to get any interest due after the date of maturity till the date of petition, the rate of which was calculated at the time of opening the Fixed deposits. It is not true and correct to state that the interest after the date of maturity till date of petition was agreed by the opposite party . The opposite party has no right to decide upon interest rate of the fixed deposits. The board of the society is the authority to fix the same. The Board has been already dissolved. The 2nd opposite party states that the complainants have never approached the opposite parties with regard to the fixed deposits either for presentation or renewal. So the opposite party stated that there is no deficiency in service on the part of the opposite parties and the complainant is to be dismissed. The issues to be decided are as follows. 1. Whether any deficiency in service on the part of the opposite parties. 2. Whether the complainant is entitled to any compensation. On perusal of the documents filed by the complainants, it is clear that an amount of Rs. 2,81,332.41 is due to the complainants as principal amount from the opposite parties . Interest rates are shown on the receipts of fixed deposit and there is no reason to deny the amount of Rs.37,392/- claimed as interest on principal amount on maturity by the opposite parties. So there is clear deficiency in service on the part of the opposite parties. It is only just that interest is to be paid till date of petition as claimed by the complainant. This amount to Rs.1,11,605./- (Contd....6) -6- Hence the opposite parties are ordered to pay a total amount of 4,30,329.41 (Rupees four lack thirty thousand three hundred twenty nine and forty one paise only) plus Rs.10,000/- (Rupees ten thousand only) as cost and compensation to the complaints within 30 days of this order of this forum .The complainants are entitled to execute the order as per law. Pronounced in the open forum on this 10 th day of October 2007. PRESIDENT: Sd/- MEMBER: Sd/- /True copy/ PRESIDENT, CDRF WAYANAD. APPENDIX Witnesses for Complainant Nil. Witnesses for opposite parties Nil. Exhibits for complainant A1series (28 in Nos.) Receipt of fixed deposit A2 series (5 sheets) Reply Lawyer Notice and the Acknowledgment A3 (2 sheets) Reply Lawyer Notice Dt.22.02.2005. Exhibits for opposite parties: Nil.
