Date of filing: 08.12.2021

                                                               Date of Disposal:12.12.2022

 BEFORE THE III ADDITIONAL BANGALORE URBAN

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION,

                               BENGALURU – 560 027.

DATED THIS THE 12^th DAY OF DECEMBER, 2022

CONSUMER COMPLAINT NO.460/20121

PRESENT:

SRI.RAJU K.S,

SMT.REKHA SAYANNAVAR,:MEMBER

Aged about 72 years ……COMPLAINANT-1

Aged about 69 years,……COMPLAINANT-2

Both are residing at

No.27, 6^th Cross, 10^th Main,

100 feet Ring Road,

Behind Co-operative Training Institute,

Gururaja Layout,

BSK 3^rd Stage,

Bengaluru-560 085.

K.N.Venkatanarayana

and K.V.Krishna Prasad,

President and Operator and Director

M/s Vasist Investment and

Sri.Vasista Credit Souharda Sahakari Limited,

No.1, 1^st Floor, Adithya Printers Building,

Sri.Ramanjaneya Road,

Hanumantha Nagara,

Bangalore-560 019.……        OPPOSITE PARTY

//JUDGEMENT//

BY SRI.SHIVARAMA K, PRESIDENT

The complainants in person have filed this complaint under Section-35 of Consumer Protection Act, 2019 seeking for a direction to the opposite party to pay the fixed deposit amount with interest to the extent of Rs.36,00,000/-.

2. In spite of notice been served on opposite party, the opposite party remained absent.

3. It is the case of the complainants that the 1^st complainant had deposited in the form of fixed deposits amount of Rs.30,00,000/- and cumulative deposit of Rs.2,00,000/- with opposite party society in the year 2015, 2018 and 2019 and the fixed deposit amount of Rs.20,00,000/-got matured on 01.04.2021 and he had submitted the original with the opposite party and cumulative deposit of Rs.2,00,000/- and another Rs.10,00,000/- fixed deposit was made in the year 2016 and 2019.  The opposite party had failed to reimburse the maturity amount with interest.  Hence, the complaint came to be filed.

4. To prove the case, the complainant (PW1) has filed affidavit in the form of his evidence in chief and got marked EX.P1 to P5 documents.

5. Heard the arguments.

  6. The points that would arise for consideration are as under:

 i) Whether the complainants prove the deficiency of service on the part of the opposite party ?

    ii) Whether the complainants are entitled for the 

         compensation as sought ?

     iii) What order ?

7.   Our findings on the aforesaid points are as follows:

Point No.1 :  In affirmative

Point No.2 :  Party in affirmative

Point No.3 :  As per the final order for the following;

REASONS

8.POINT NO.1:- The complainant No.1(PW1) has reiterated the fact stated in the complaint, in the affidavit filed in the form of his evidence in chief.  In support of the oral and documentary evidence, the complainant has produced EX.P1 letter dt.15.04.2021 addressed to the opposite party stating that two of his FD No.8985 dt.01.01.2015 and No.8986 dt.01.01.2015  for Rs.10,00,000/- each have got matured on 01.04.2021.  Hence, it is sought to reimburse the matured FD with interest and had enclosed the original FD receipts along with letter.  Further, the complainant has produced EX.P2 xerox copy of FD receipts, the FD receipt No.8985, dt.01.01.2015 for a sum of Rs.10,00,000/- date of maturity was on 01.01.2018. FD receipt No.8986, dt.01.01.2015 for a sum of Rs.10,00,000/- date of maturity was on 01.01.2018. FD receipt No.9602, dt.02.04.2016 for a sum of Rs.1,00,000/- date of maturity was on 02.04.2019. FD receipt No.9606, dt.06.04.2016 for a sum of Rs.1,00,000/- date of maturity was on 06.04.2016.  EX.P3 is the cumulative deposit in No.28333 dt.19.10.2019 maturity date was on 19.10.2022 for a sum of Rs.1,00,000/-, cumulative deposit No.27034 dt.06.12.2018 and the maturity date was 06.12.2021 for a sum of Rs.1,00,000/-.  EX.P4 is the FD receipt No.10668, dt.03.01.2019 for a sum of Rs.8,00,000/- date of maturity was on 03.01.2022.  Further, the complainant had produced notarized copy of the pass book vide EX.P5.

9. The opposite party did not challenge the above said oral and documentary evidence.  Even though the complainant had submitted letter vide Ex.P1 seeking to repay the FD maturity amount, the opposite party did not repay.  Further, according to PW1, he is an age old person and as the covid pandemic has also affected their meagre earning through music teaching and the opposite party has completely failed to reimburse their matured amount with interest.  The opposite party did not challenge the evidence of complainant by giving rebuttal evidence or by filing version.  Accordingly, we answer this point in affirmative.

10.POINT No.2:- The complainant claimed a sum of Rs.36,00,000/-.  According to the complainant, he is entitled for the interest stated in the FD receipts. Further, in the cumulative deposit also the rate of interest is mentioned as 10.5% p.a. and in the FD the rate of interest is mentioned as 12% p.a.   Hence, we feel the complainant is entitled for the said interest.  The total of the sum comes to Rs.36,00,000/-.  We feel the complainant is entitled for the said amount.  Since the opposite party did not refund the FD amount with interest, we feel the complainant is entitled for interest at the rate of 9% p.a. from the date of order till realization.  Further, the complainant is entitled for a sum of Rs.5,000/- towards mental agony and a sum of Rs.5,000/- towards litigation cost.  Accordingly, we answer this point partly in affirmative.

11.POINT NO.3:- In view of the discussion made above, we proceed to pass the following;

The complaint is allowed in part.

The opposite party is directed to repay FD with interest, the total comes to Rs.36,00,000/-.  Further, the complainant is entitled for interest at the rate of 9% p.a. from the date of maturity of the FD till realization. 

Further the opposite party is directed to pay a sum of Rs.5,000/- towards mental agony and a sum of Rs.5,000/- towards litigation cost.  

The opposite party shall comply the order within 30 days. In case, the opposite party fails to comply the order within the said period, the above said amount of Rs.10,000/- carries interest at the rate of 9% p.a. from the date of order till realization.

Supply free copy of this order to both the parties and return extra copies of the pleading and evidence to the parties.

Applications pending, if any, stand disposed of in terms of the aforesaid judgment.

  (Dictated to the Stenographer, typed by her, the transcript corrected, revised and then pronounced in the open Commission on 12^th day of December, 2022)                                            

• REKHA SAYANNAVAR)    (RAJU K.S)         (SHIVARAMA K)    
•  
•  

Witness examined for the complainants side:

Sri.K.V.Sathyanarayana, the complainant has filed his affidavit.

Documents marked for the complainant side:

1. Notarized copy of the letter dt.15.04.2021 sent by complainant to opposite party.
2. Notarized copy of the deposit receipts (4).
3. Notarized copy of the cumulative deposit receipts (2).
4. Notarized copy of the deposit receipt dt.03.01.2019.
5. Notarized copy of the pass book.

Witness examined for the opposite party side: 

Documents marked for the Opposite Party side:

• REKHA SAYANNAVAR)    (RAJU K.S)         (SHIVARAMA. K)    
•