IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE   31^st  DAY OF OCTOBER 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.251/2021

Binson K.Babu,

Thejus Bhavan,Alummood P.O.,

Naduvilakkara Kollam. 691577                                    :               Complainant

 (By Adv. P.Sajeev Babu)

V/s

1.  Popular Dealers,

              Regd.Office Popular Towers,

        Vakayar , Pathanamthitta

        ( Incorporated under the Companies Act 2013),

         Rep.by its Managing Partner,: Opposite Parties

          Thomas Daniel.

2.  S.Peter,

              Branch Manager of Popular Dealers,

        Kannanalloor,

             Residing at Shalom, Eravipuram P.O.,

        Kollam 691011.

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 are as follows:-

                The 1^st opposite party is a registered company and 2^nd opposite party is the Manager of the 1^st opposite party Kannanalloor branch.   The 1^st opposite party advertised in the newspaper dailies and other publications that they are offering interest @ 12% per annum to those who have made deposit in the 1^st opposite party as FD for any particular period with the liberty to withdraw the accrued interest in each and every month by the depositors.  The 2^nd opposite party also personally approached the complainant and made to believe the complainant that if the complainant deposit a sum of money as fixed deposit in the opposite party company as Fixed deposit for a particular period the company would pay interest @ 12 % per annum with the liberty to withdraw the accrued interest each and every month by the complainant.  As attracted by the advertisement made by the 1^st opposite party in the newspaper dailies and other publications and also believed the words of 2^nd opposite party, on 09.01.2020 the complainant deposited Rs.8,00,000/- before the 2^nd opposite party as FD for a period of 12 months @ 12% interest and in turn the opposite parties signed and issued FD Receipt No.0160599 with A/c No.1029991905950 .  Again on 16.03.2020 the complainant deposited Rs.6,50,000/- before the 2^nd opposite party as FD for a period of 12 months @ 12% interest and in turn the opposite parties signed and issued a FD Receipt No.0162719 and with A/c No.1029991907105.  Even though the opposite party agreed to pay monthly interest on each and every month for the  fixed deposit amount @ 12% per annum to the complainant they violated the terms and conditions agreed by them at the time of receiving the fixed deposits.  But thereafter the opposite parties  failed to pay the monthly interest to the complainant right from the deposit date, thereupon the complainant made several demands to the opposite parties to pay arrears of the interest along with the fixed deposit amount, since there is contractual violation.  Now it is seen that the opposite parties had closed their offices.  This is a case in which the complainant availed the service of the opposite parties for consideration but the opposite parties wilfully, illegally and arbitrarily failed to provide the service to the complainant as they agreed.  The opposite parties agreed and guaranteed the prompt payment of interest of the FD amount in each and every month and also agreed to repay the FD amount on maturity or as and when the complainant makes the demand.  But the opposite parties failed in their service as they had guaranteed, so the above said act and conduct of the opposite parties are a clear case of deficiency in service towards the complainant and also a clear case of contractual violation and also unfair trade practice and the opposite parties are illegally withholding the money of the complainant for their illegal enrichment and in the circumstances the complainant is constrained to file this complaint. Hence the complaint.

                Notice issued from the Forum/Commission served and opposite parties are called absent and hence they were set exparte.  The complainant filed proof affidavit by reiterating the averments in the complaint and got marked Ext.A1 to A4 documents. 

Heard counsel for the complainant and perused the records.  Ext.A1 is the photocopy of the power of attorney to context the case.  Ext.A2 is the advertisement notice.  Ext.A3 is the original FD receipt dated 09.01.2020 for an amount of Rs.8,00,000/-  with A/c No.1029991905950.  Ext.A4 is the original FD receipt dated 16.03.2020 for an amount of Rs.6,50,000/- with A/c No.1029991907105.

                The unchallenged averments in the affidavit coupled with Ext.A3  and A4 documents would establish prima facie the complainant had altogether deposited Rs.14,50,000/- in his name  on 09.01.2020 and 16.03.2020 respectively.  However the 2^nd opposite party branch of the 1^st opposite party remained closed during Covid 19 Pandemic lock down period.  Though the lock down was lifted they imposed restrictions for the functioning of the branches and those who want to withdraw their deposits were not paid immediately and started deferring payments on lame excuses.  The complainant had approached the 2^nd opposite party branch office concerned to get back the amount due but not paid.  Later the complainant realized that the financial institutions conducted by the opposite parties are being closed and customers started lodging complaint before the police and hence the opposite parties absconded with an intention to flee away to foreign countries to evade from their liabilities.  The above conduct on the part of opposite parties 1 and 2 would amount to deficiency in service and unfair trade practice on their part.  In the circumstances the complainant is entitled to get back the complaint as well as in the Rs.14,50,000/- deposited as per Ext.A3 and A4 fixed deposit receipts and also  entitled to get promised rate of 12% interest for each investment from the date of respective investment.  The complainant is entitled to get reasonable compensation for the mental agony sustained to him due to the deficiency in services and unfair trade practice committed by the opposite parties.

                In the result complaint stands allowed in the following terms.

1. Opposite parties 1 and 2 are directed to pay principal amount covered by the Ext.A3 and A4 fixed deposit receipt with share of profit/ interest  @ 12% per annum  from the respective date of deposit till realization to the complainant.
2. Opposite parties 1 and 2 are also directed to pay compensation of Rs.10,000/- and costs Rs.5,000/- to the complainant.
3. Opposite parties 1 and 2 are directed to comply with the above directions within  45 days from today failing which the complainant is at liberty to recover the same from the opposite parties  1 and 2 jointly and severally and from their assets.

    Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the     31^st day of  October 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 photocopy of the power of attorney

Ext.A2                   : Advertisement notice

Ext.A3                   : The original FD receipt dated 09.01.2020 for an amount of Rs.8,00,000/- with A/c No.1029991905950

Ext.A4                   : The original FD receipt dated 16.03.2020 for an amount of Rs.6,50,000/- with

        A/c No.1029991907105.

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil