IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE 30^th DAY OF NOVEMBER 2022

Present: -         Sri. E.M.Muhammed Ibrahim, B.A, LLM. President

            Smt.S.Sandhya   Rani. Bsc, LLB ,Member

           Sri.Stanly Harold, B.A.LLB, Member

                               CC.No.356/2020

Anni Thomas,

W/o Thomas Mathew

Mulamoottil Andrews Villa,

Mukkoodu P.O., Mulavana,

Kollam 691 503                                                                       :           Complainant

(By Adv.Riyas& Saju George)

V/s

1. Popular Dealers

              Popular Towers, Vakayar P.O.,

             Pathanamthitta

           rep.by its Managing partner

       Mr. Thomas Daniel 689698

2. Mr.Thomas Daniel @ Roy Daniel,

            Managing Partner, Popular Dealers,

           Popular Towers, Vakayar P.O.,

           Pathanamthitta 689698

:                                                                                                  :        Opposite Parties

3. T.Mathunni Panicker,

          Kaleelil Plavila Raju Bhavan,

         Ambipoika, Kundara P.O., Kollam 691501

4. Y.Mathew Panicker,

                Manager, Popular Dealers,

              Kundara Pallimukku Branch,

              Kundara, Kollam, Residing at Mathew Bhavan,

              Punnamukku, Perumpuzha P.O., Kollam691504.

ORDER

Sri.Stanly Harold, B.A.LLB, Member

          This is a case based on a complaint filed U/s 35 of the Consumer Protection Act 2019.

The averments in the complaint in short are as follows:-

          The complainant is a housewife and the 1^st opposite party is a partnership firm having its registered office at Vakayar, Pathanamthitta and having various branches  in Kerala.  The 2^nd opposite party is the Managing Partner and the 3^rd opposite party is the present manager and 4^th opposite party is former manager of the Popular Dealers.  The 4^th opposite party has approached the complainant and requested her to make deposits in the branch of 1^st opposite party Kundara, Pallimukku and introduced the firm is having high reputation and goodwill more than 40 years and assured the complainant that amount deposited in the 1^st opposite party bank is secured and deposited amount would fetch a profit share/interest @ 12% per annum.  The 4^th opposite party also assured  that the complainant can withdraw the agreed profit share/interest either on its maturity or on demand.  The 4^th opposite party also assured and terms the complainant that the 1^st  opposite party is ready and willing to return the deposit amount as and when demanded by the complainant.  The complainant who is a housewife believing the colourful words as bonafied and the advertisement through the visual media as bonafide true and genuine had deposited an amount of Rs.20,00,000/-  before the 1^st opposite party branch at Kundara, Pallimukku in the year 2017 and the same was renewed periodically by the opposite parties.  The profit share interest for the aforesaid sum was credited monthly in the account of the complainant at her SB account in Federal Bank, Kundara, Pallimukku and amount was lastly renewed  on 29.02.2020 for a period of 12 months.  The said amount was agreed to be repaid @ interest 12% per annum.  As per vide receipt No.0162056(A/c No.1029991906899) dated 29.02.2020 w.e.f. 21.01.2020.  The complainant had not giving interest by the opposite parties for the last so many months the request of the returning the maturity interest is not met by them.  On enquiry the complainant has reliably understood that the banking system of the opposite parties firm stands out wheeled due to mismanagement of the partners and gross financial irregularities in respect of deposits made by the complainant and other depositors.

          Complainant on 28.08.2020 visited the branch of opposite parties demanding the returning of deposit amount with agreed share and profit share/interest.  Thereupon it was revealed that the branch office of the 1^st opposite party was closed and the 3^rd opposite party had found absconded.  On enquiry the complainant got information that the opposite parties has misappropriated the deposits of complainant and other depositors deposits thereafter absconded by closing all the offices.  As per the terms of the deposit the opposite parties are bound to pay agreed rate of interest 12% per annum for Rs.20,00,000/- without fail.  Immediately after this the complainant had lodged a complaint before SHO, Kundara Police Station in respect of the above matter and police has started investigation.   The receipt herein produced is duly issued by the opposite parties 2 to 4 on the behalf of the 1^st opposite party hence the all the opposite parties are jointly, severally liable to compensate and indemnify the complainant for the deposit amount with stipulated profit share/interest.  The complainant is entitled to get the deposit amount of Rs.20,00,000/- with agreed profit share/interest @ 12% per annum from May 2020 till the date of realization.

         The opposite parties are liable to repay the said amount to the complainant.  The act of the opposite parties amounts deficiency in service and unfair trade practice which the complainant sustained financial loss mental agony and hardship which cannot equated in terms of money.  Hence the complaint.

        Though notice was served to the opposite parties from CDRC, Kollam had returned unserved.  So paper publication was effected.  The opposite parties failed to enter appearance and accordingly they were set exparte.  The complainant filed chief affidavit in lieu of chief examination by reiterating the averments in the complaint and got marked Exts.A1 and A2 documents.  Ext.A1 is the original fixed deposit receipt No.0162056 dated 29.02.2020.  Ext.A2 is the copy of the complaint lodged to the SHO, Kundara alleging same grievances in the complaint.  Heard the learned counsel for the complainant.  Perused the records.

      On the basis of uncontroverted testimony of the complainant along with Ext.A1 and A2 documents it can be safely concluded that the complainant has established her case warranting the relief sought for. The materials available on record would indicate that the complainant had approached the opposite parties repeatedly demanded for the withdrawal of her deposit.  But the opposite parties were not ready to return the principal amount.  It is crystal clear that the opposite parties are illegally withholding the money of the complainant for illegal enrichment and thereby refrained from their contractual obligations which clearly proves the deficiency in service and unfair trade practice.  In the result we are of the view the complaint is only to be allowed and the complainant is entitled to realize Rs.20,00,000/- together with interest there at 12% per annum and compensation of 2,00,000/- and Rs.5,000/- as the costs of the proceedings from the date of the complainant till realization.

  In the result complaint stands allowed in the following terms:-

1. The opposite parties 1 to 4 are directed to pay Rs.20,00,000/- as per Ext.A1 fixed deposit receipt with interest @ 12% per annum from 01.06.2020  till realization.
2. The opposite parties 1 to 4 are further directed to pay the compensation Rs.20,000/- and costs of Rs.5,000/- to the complainant.
3. The opposite parties 1 to 4 are directed to comply with the above directions within 45 days from today failing which the complainant is entitled  to recover the same from the opposite parties No.1 to 4 jointly and severally and also from their assets both movable and immovable.

Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 30^th day of  November 2022. 

                                 STANLY HAROLD:Sd/-

            E.M .MUHAMMED IBRAHIM:Sd/-

     S.SANDHYA RANI:Sd/-

Forwarded/by Order

                                             Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.A1             : The original fixed deposit receipt No.0162056 dated 29.02.2020

Ext.A2             : The copy of the complaint lodged to the SHO, Kundara

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil