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.265/2020

Mariyamma Alexander,

Nisanth,

Marthadapuram

Mulavana, Kollam 691503.

(By Adv.P.Sajeev Babu)                                              :         Complainant

V/s                                                                                

1. Popular Dealers,

          Regd.Office

           Popular Towers, Vakayar ,

           Pathanamthitta

(        (Incorporated under the Companies Act 2013)

           Rep.by its Managing Partner

           Thomas Daniel                                                            :             Opposite parties

2.      Y.Mathew Panicker

              Former Branch Manager of Popular Dealers,

              Kundara

              Residing at Maliyekkal Mathew Bhavan,

              Punnamukku

            Perumpuzha P.O.

3.      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 former Manager of the 1^st opposite party Kundara Branch and 3^rd opposite party is the present 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 being as fixed deposit for a particular period 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.2,00,000/- on 13.06.2017 before the 2^nd opposite party as fixed deposit for a period of 72 months and in turn the 1^st and 2^nd opposite parties signed and issued a fixed deposit receipt No.0117384(A/c No.1029991701731) dated 13.06.2017 and amount of Rs.2,00,000/- in the name of the complainant, again on 17.02.2018 the complainant deposited Rs.2,00,000/-before the 2^nd opposite party as fixed deposit for a period of 72 months and in turn the 1^st and 2^nd opposite parties signed and issued a fixed deposit receipt No.0129865(A/c NO.029991708798) dated 17.02.2018 for an amount Rs.2,00,000/- in the name of the complainant.  In the said fixed deposit receipts the 1^st and 2^nd 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  deposits before the opposite parties became the consumer of the opposite parties.

          As per the terms and conditions agreed by the opposite parties at the time of receiving the fixed deposit the complainant approached the opposite parties on 10.08.2020 for the release of the fixed deposit along with interest from the date of deposit.  Thereupon the complainant made several demands to the opposite parties to pay the principal fixed deposit amount along with interest from the date of deposit 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 parties 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 series original Fixed Deposit Receipts of Rs. 4,00,000/- in the name of Mariyamma Alexander dated 13.06.2017 and 17.02.2018 for a period of 72 months and the profit share is 16.67%.

The unchallenged averments in the complaint coupled with Ext.A1 and A2 series would establish prima facie that the complainant Smt.Mariyamma Alexander had deposited Rs.4,00,000/- on 13.06.2017 and 17.02.2018 in her name.  It is clear from Ext.A2 series document that the opposite parties have promised 16.67% 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.4,00,000/- deposited along with offered share of profit shown in Ext.A2 series receipts from the date of receipt of the amount till the date of order and thereafter interest @ 9% p.a.till the date of payment along with compensation Rs.10,000/- and costs of Rs.5,000/-. 

          In the result complaint stands allowed in the following terms.

Opposite parties 1 to 3 are directed to return the amount covered by Exts.A2 series receipts to the complainant along with profit/interest 9 % 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 series F.D receipts along with 9% profit/interest till the date of order and thereafter interest @ 9 % per annum till realization from the opposite parties No.1 to 3 jointly and severally and from their assets.

The complainant is also allowed to recover Rs.10,000/- as compensation and costs of the proceedings from opposite parties 1 to 3 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.A2series   : Original Fixed Deposit Receipts of Rs. 4,00,000/- in the name of

                         Mariyamma Alexander dated 13.06.2017 and 17.02.2018

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil