IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE     18^th DAY OF JUNE 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.264/2020

Geevarghese Panicker C.,

Kuzhiyil Bhavan,

Thirppalazhikom P.O.,

Kundara, Kollam

(By Adv.P.Sajeev Babu)                                              :         Complainant

V/s                                                                                

1. Popular Traders,

              Popular Towers, Vakayar ,

              Pathanamthitta

(             (Incorporated under the Companies Act 2013)

             Rep.by its Managing Partner

             Thomas Daniel                                                        :    Opposite parties

2.      T.Mathunni Panicker,

                    Branch Manager,

                    Popular Dealers, Kundara residing at     

                   Plavila Thekkathil

                    Raju Nivas Ambipioka

   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 1^st complainant is a teacher and now she is permanently residing in the address shown above.

          The 1^st opposite party is a registered company registered under the Indian Companies Act 2013.  The 2^nd opposite party is the  Manager of Kundara Branch of the 1^st opposite party.  The 1^st opposite party advertised in the newspaper

dailies and other publications that the 1^st opposite party is offering interest @ 12% per annum to those who have made deposit in the 1^st opposite party as fixed deposit for a 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 believe the complainant that if the complainant deposit a sum of money as fixed deposit in the 1^st 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 in 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, the complainant deposited Rs.1,00,000/- on 20.06.2020 before the 2^nd opposite party as fixed deposit for a period of 12 months and in turn the 1^st opposite party issued a fixed deposit receipt No.0590388(A/c No.1020382000164) dated 20.06.2020 an amount of Rs.1,00,000/- in the name of the complainant the complainant.  In the said fixed deposit receipt the opposite parties agreed to pay interest @ 12% per annum allowing the complainant to withdraw the accrued interest in each and every month and also agreed to repay the fixed deposit amount on the maturity dates shown in each and every fixed deposit receipts.  As the complainant made the fixed deposits before the opposite parties.

          As per the terms and conditions agreed by the opposite parties at the time of receiving the fixed deposit the opposite parties failed to pay the monthly interest to the complainant from July onwards.  Thereupon the complainant made several demands to the opposite parties to pay the arrears of interest and also to return the principal fixed deposit amount since there is contractual violation, deficiency in service and also unfair trade practice on the part of the opposite parties.  But the opposite parties failed to do so and now it is seen that the opposite parties closed their offices.   This is a case in which the complainant availed the service of the opposite parties for consideration but the opposite party willfully, illegally and arbitrarily failed to provide the service to the complainant as they agreed.  So the above said act of the opposite parties amount to deficiency in service towards the complainant and also a clear case of contractual violation along with unfair trade practice.  The opposite parties have no right to withholding the money of the complainant is an unfair trade practice for illegal enrichment.  In the circumstances the complainant is constrained to file this complaint for getting the reliefs prayed for hereunder for mental agony, discomfort and lot of inconveniences.  Hence the complaint.

Notice issued from the Forum/Commission to the opposite parties were called absent and hence were exparte. 

The complainant filed proof affidavit by reiterating the averments in the complaint and got marked Exts.A1 and A2 documents.  Heard the counsel for the complainant and perused the records.  Ext.A1 is advertisement by the Popular Finance, Pallimukku, Kundara.  Ext.A2 original Fixed Deposit Receipt of           Rs. 1,00,000/- in the name of Geevarghese Panicker C. dated 20.06.2020 for a period of 12 months and the profit share is 12%.

The unchallenged averments in the complaint coupled with Ext.A1 and A2 documents would establish prima facie that the complainant Sri.Geevarghese Panicker C. had deposited Rs.1,00,000/- on 20.06.2020 in his name.  It is clear from Ext.A2 document that the opposite parties have promised 12% share of profit.

The unchallenged averments in the affidavit would indicate that the opposite parties have misappropriated the entire amount deposited by the customer including the complainant and thereafter closed the branch office and absconded without repaying the amount deposited or its share of profit to the depositors.  Hence there is deficiency in service and unfair trade practice on the part of the opposite parties.

In the circumstances the complainant is entitled to get an order directing the opposite parties to pay Rs.1,00,000/- deposited along with offered share of profit shown in Ext.A2 receipt from the date of receipt of the amount till the date of order and thereafter interest @ 12% p.a.till the date of payment along with compensation Rs.10,000/- and cost of Rs.5,000/-.

          In the result complaint stands allowed in the following terms.

Opposite parties 1 & 2 are directed to return the amount covered by Exts.A2  receipt to the complainant along with agreed share of profit/interest from the respective date of deposits/investment within 45 days from today failing which the complainant is at liberty to recover the amount covered by Ext.A2 F.D receipt along with agreed share profit/interest till the date of order and thereafter interest @ 9 % per annum till realization from the opposite parties No.1 and 2 are jointly and severally and from their assets.

The complainant is also allowed to recover Rs.10,000/- as compensation and cost Rs.5,000/- of the proceedings from opposite parties 1 & 2 jointly and severally.

Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 18^th   day of  June 2022.        

STANLY HAROLD:Sd/-

S.SANDHYA RANI:Sd/-

Forwarded/by Order

                                                                                       Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.A1                        : Advertisement by the Popular Finance, Pallimukku, Kundara

Ext.A2                        : Original FD receipt for Rs.1,00,000/- dated20.06.2020

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil