IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE    2^nd DAY OF JULY 2022

Present: -    Smt.S.Sandhya   Rani. Bsc, LLB ,Member

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

    CC.No.379/2020

John Davidson Johnson,

Puthen veedu,

Karuvelil P.O.,

Ezhukone 691505.                                            :           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. Y.Mathew Panicker,

                Former Branch Manager of Popular Dealers 

                 Kundara, Residing at Maliyekkal Mathew Bhavan,

                   Punnamukku, Perumpuzha P.O., 691504.

3. T.Mathunni Panicker,

           Branch Manager,

                Popular Dealers,

               Kundara residing at Plavila Thekkathil

               Raju Nivas, Ambipoika 691501.

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 opposite party is a registered company under the Indian Companies Act 2013.  The 2^nd opposite party is the former Manager of the 1^st opposite party company where the branch office is functioning at Kundara.  The 3^rd opposite party is the present manager of Kundara branch office.  The complainant was attracted by the advertisement made by the 1^st opposite party in the new paper dailies and other dailies and other Medias and also believed the words of 2^nd and 3^rd opposite parties the complainant had deposited Rs.7,00,000/- on 16.08.2017 before the 2^nd opposite party  as fixed deposit for a period of 72 months @ 16.67% of interest.  Thereafter the 1^st and 2^nd opposite parties executed and issued a fixed deposit receipt No.0115802 with A/c No.1029991701336 dated 09.06.2017 for an amount of Rs.7,00,000/- in the name of the complainant.  In the said FD receipt opposite parties agreed to pay interest @ 16.67% per annum allowing the complainant to withdraw the accrued interest along with the FD amount at the time of maturity date shown in the FD receipt.  The complainant had exigency for finance so he approached the opposite parties 2^nd and 3^rd to release the amount owing to him on 10.07.2020.  Thereafter on calculation and consultation with the 1^st opposite party they agreed to pay Rs.9,25,000/- as full and final settlement of the amount covered by the fixed receipt.  It is also agreed that the amount due to the complainant is to be paid on or before 30.07.2020.  But thereafter the opposite parties failed to pay the said agreed amount to the complainant.  In spite of repeated requests demands made by the complainant to pay arrears of interest and return the principal FD amount, there is contractual violation, deficiency in service and also unfair trade practice on the part of the opposite parties.  The opposite parties miserably failed to return back the amount with interest covered by the said FD now it is seen that the opposite parties had closed their offices and absconded.  Hence the complaint.

          Notice issued from the Forum/Commission was served to the opposite parties.  The opposite parties were called absent and hence set exparte.  The complainant and his wife jointly executed a power of attorney in favour of his father-in-law Mr.M.K.Alexander to represent and contest the complaint before District Consumer Disputes Redressal Commission  and other courts.  The power of attorney holder of the complainant filed proof affidavit by reiterating the averments in the complaint and got marked Ext.A1 to A3 documents.  Heard counsel for the complainant and perused the records.  Ext.A1 is the photocopy of the power of attorney dated 15.06.2022 executed in favour of Sri.M.K.Alexander.  Ext.A2 is the photocopy of the advertisement published by the opposite party.  Ext.A3 is the original Fixed deposit receipt No.0115802 with A/c no.1029991701336 dated 09.06.2017 for an amount of Rs.7,00,000/- for a period of 72 months the due date is 09.06.2023 at an interest of 16.67%. 

          The unchallenged averments in the affidavit coupled with A3 document would establish that complainant had deposited Rs.7,00,000/- on 16.08.2017 and the 1^st and 2^nd opposite parties had issued original FD receipt on 09.06.2017. It is clear from Ext.A3 document that the opposite parties have promised to pay 16.67% interest per annum and return the FD receipt received at the time of maturity.   It is very pertinent to note that the complainant had 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.   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.  It is evident from the available records there is deficiency in service contractual violation and unfair trade practice on the part of the opposite parties.    In the circumstances complainant is entitled to get an order directing the opposite parties

to pay Rs.7,00,000/- deposited along with interest shown in the Ext.A2 receipt from 09.06.2017 and date of receipt of the order and thereafter interest @ 12% per annum till the date of order and to get a reasonable compensation of Rs.25,000/- and cost of Rs.10,000/- from the opposite parties 1 to 3 jointly and severally and from their assets.

          In the result complaint stands allowed in the following terms.

          Opposite parties 1 to 3 are directed to return the amount covered by Ext.A3 fixed deposit receipt for Rs.7,00,000/- to the complainant along with interest @12% per annum from 09.06.2017 and pay compensation of Rs.25,000/- along costs of Rs.10,000/- for the proceedings in the respective date of deposit/investment within 45 days from the date of receipt of a copy of this order failing which  the complainant is at liberty to recover the amount covered by

Ext.A3 FD receipt along with interest @ 12% per annum from the date of order till realization from the opposite parties No.1 to 3 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                    2^nd  day of  July 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            : The photocopy of the power of attorney dated 15.06.2022 executed

    in favour of  Sri.M.K.Alexander. 

Ext.A2             : The photocopy of the advertisement published by the opposite party. 

Ext.A3            : The original Fixed deposit receipt No.0115802 with A/c no.1029991701336

                         dated 09.06.2017

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil