IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE   12^th DAY OF AUGUST 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.341/2020

Lalamma Luckose

Punnavila New Bhavan

Hospital Junction,

Kundara, Kollam 691501.                                           :           Complainant

(By Adv. P.Sajeev Babu)

V/s

1. Popular Traders

Regd.Office Popular Tower,

Vakayar P.O., Konni

Pathanamthitta 689 698

Rep.by its Managing Partner,

Thomas Daniel.

2. Y.Mathew Panicker,

Former Branch Manager ,                                                :      Opposite Parties

Popular Traders

Kundara, Residing at Maliyekkal Mathew Bhavan,

Punnamukku, Perumpuzha P.O.

3. T.Mathunni Panicker,

Branch Manager,

Popular Traders,

Kundara residing at Plavila Thekkathil

Raju Nivas, Ambipioka. 

ORDER

Smt.Sandhya Rani, B.Sc, 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 the Managing Partner of the company Popular Traders, Registered under the Indian Companies Act 2013.  The 2^nd and 3^rd opposite parties are the former and present Managers respectively of the  Kundara branch of 1^st opposite party.  As attracted by the advertisements made by the 1^st opposite party in the newspaper dailies and other publications and also by believing the words of opposite parties 2^nd and 3^rd , that they are reliable and trustworthy private financiers and they would give interest @ 12% per annum to those who have made deposits with 1^st opposite party for any particular period with the liberty to withdraw the  accrued interest in each and every month etc, the complainant has made 5 deposits before 2^nd opposite party and the opposite parties have issued receipts in favour of the complainant  by Popular Traders. Details of those deposits are shown below. 

            But on 20.08.2020 the complainant came to know that the opposite parties are not returning the fixed deposit amount and also not paying regular monthly interest to the subscribers promptly as done in the previous years.  Thereafter the complainant has approached the opposite parties 1 to 3 to release the amount due to her along with interest prior to the maturity dates shown in the fixed deposit certificates and they have agreed to return the amount along with agreed interest to the complainant on 10.09.2020.  But the opposite parties were not turned up.  Thereafter the complainant could realized that the opposite parties have closed their offices.  According to the complainant she has availed the service of the opposite parties for consideration but the opposite parties have failed to provide their service to the complainant as they have agreed at the time of depositing the amount.  That the opposite parties are illegally withholding the money of the complainant for their illegal enrichment which caused much mental agony and lot of inconveniences to the complainant.  The above act of the opposite parties amounts to deficiency in service and unfair trade practice.  Hence the complainant has to get back the fixed deposit amount Rs.1,84,200 along with agreed rate of interest from 15.07.2016 till the date of payment as well as compensation for mental agony and costs of the proceedings.  Hence the complaint.

Though notice issued from CDRC, Kollam was received by opposite parties 1 to 3 have not appeared before the commission hence opposite parties 1 to 3 set exparte.  Complainant filed chief affidavit by reiterating the averments in the complaint and got marked Ext.A1 and A2 series documents .  Heard the counsel for the complainant.

 Ext.A1 advertisement notice issued by San Popular Finance and Ext.A2 series are original F.D receipts 5 in numbers.  Out of which Ext.A2(a) is Receipt No.0442124 dated 23.02.2016  issued by Popular Traders in favour of Lalamma Luckose would indicates that on 23.02.2016  the complainant has deposited a sum of Rs.25,000/- with the opposite parties.  Ext.A2 (b) receipt No.0442473 dated 15.07.2016 issued by Popular Traders in favour of Lalamma Luckose would indicates that on 15.07.2016  the complainant has deposited  Rs.28,000/- with the opposite parties.  Ext.A2 (c) receipt No.0573000 dated 12.10.2019 issued by Popular Traders in favour of Lalamma Luckose would indicates that on 12.10.2019 the complainant has deposited Rs.64,960/- with opposite parties.  Ext.A2 (d) receipt No.0573001 dated 12.10.2019 issued by Popular Traders in favour of Lalamma Luckose would indicates that on 12.10.2019 the complainant has deposited Rs.39,760/- with opposite parties.  Ext.A2(e) receipt No.0575981 dated 03.01.2020 issued by Popular Traders in favour of Lalamma Luckose would indicates that on 03.01.2020 the complainant has deposited Rs.26,500/- with opposite parties.

The unchallenged averments in the affidavit coupled with Exts.A1 and A2 series documents would establish prima facie that the complainant has made 5 deposited with opposite parties and the agreed share of profit is 12% per annum.

The complainant has stated in the complaint and sworn in the chief affidavit that the opposite parties have not paid the agreed interest on the fixed deposit. The materials available on record would indicate that though the complainant had approached the opposite parties several times to get back the fixed deposit amount along with arrears of interest the opposite parties have failed to pay the same and subsequently the complainant could realize that the opposite parties have closed their offices .  Hence it is clear that the opposite parties are illegally withholding the money of the complainant for their illegal enrichment and thereby refraining from discharging their contractual obligations which amounts to deficiency in service and unfair trade practice.  The above acts of the opposite parties caused much mental agony apart from financial loss to the complainant.

In view of the above materials on record it is evident that there exists deficiency in service and unfair trade practice on the part of opposite parties as they have failed to repay the amount involved in 5 fixed deposits along with  agreed share of profit/interest from the date of deposit.  In the circumstances we are of the view that the complainant is entitled to get back the amount deposited as per Ext.A2 series 5  F.D receipts with agreed rate of  profit/interest from the respective date of deposit and to get a reasonable compensation of Rs.10,000/- and costs Rs.5,000/- from opposite parties 1 to 3 jointly and severally and from their assets.

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

1. The opposite parties 1 to 3 are directed to pay the amount covered by Ext.A2 series 5 F.D. receipts along with agreed share of profit @ 12 % per annum from the respective date of deposit till the date of order and thereafter interest at the rate of 9% per annum till realization.
2. The opposite parties 1 to 3 are directed to pay Rs.10,000/- to the complainant towards compensation for mental agony, discomfort and inconveniences caused to the complainant.
3. The opposite parties 1 to 3 are directed to pay Rs.5,000/- to the complainant towards the costs of the proceedings.
4. Opposite parties 1 to 3 are directed to comply the above directions within 45 days from today failing which the complainant is at liberty to recover the amount covered by relief No.(a) to (c) with interest at the rate of 12% per annum except for costs from opposite parties 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   12^th  day of  August 2022. 

S.SANDHYA RANI:Sd/-

  E.M .MUHAMMED IBRAHIM:Sd/-

STANLY HAROLD:Sd/-

Forwarded/by Order

                        Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.A1            : Advertisement notice issued by San Popular Finance

Ext.A2 series

Ext.A2(a)        : Receipt No.0442124 dated 23.02.2016  issued by Popular Traders

Ext.A2(b)        : Receipt No.0442473 dated 15.07.2016 issued by Popular Traders

Ext.A2(c)        : Receipt No.0573000 dated 12.10.2019 issued by Popular Traders

Ext.A2(d)        : Receipt No.0573001 dated 12.10.2019 issued by Popular Traders

Ext.A2(e)        : Receipt No.0575981 dated 03.01.2020 issued by Popular Traders

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil