IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE     26^th  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.278/2020

1.    Abey K.Mathew

                Kottakkakathu Abey Villa,

                Mulavana, Kollam 691503.                                  :               Complainants

             (By Adv. P.Sajeev Babu)

2.    Ciba Saramammen,

                     Kottakkakathu Abey Villa,

                   Mulavana, Kollam 691503.

         (By Adv. P.Sajeev Babu)

V/s

1. Popular Traders

              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.

3. T.Mathunni Panicker,

         Branch Manager, Popular Dealers,

             Kundara residing at Plavila Thekkathil

             Raju Nivas, Ambipoika

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 by complaint No.1&2 jointly.

                The averments in the complaint in short are as follows:-

The 1^st opposite party is a 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 the 1^st opposite party. The 2^nd complainant is the wife of the 1^st complainant. Attracted by the colourful advertisements in both print and visual media that the 1^st opposite party is offering interest @ 12% per annum for the  fixed deposit with them and by believing the representation of other opposite parties the complainants jointly deposited Rs.2,80,000/- on 02.08.2019 before the 2^nd opposite party as fixed deposit for a period of 12 months and in turn the 1^st and 2^nd opposite parties jointly signed and issued a fixed deposit receipt No.0568145 and with A/c No.1020381900248.  Again on 04.01.2020 the 1^st complainant deposited Rs.4,00,000/- before the 3^rd opposite party as fixed deposit for a period of 12 months and in turn the 1^st and 3^rd opposite parties jointly signed and issued fixed deposit receipt No.0575988 and with A/c No.1020381900665.  Again the 1^st complainant deposited Rs.3,25,000/- before the 3^rd opposite party and the 1^st and 3^rd opposite parties jointly signed and issued a fixed deposit receipt bearing No.0582956 for a period of 12 months with A/c No.1020382000082.  Again on 26.05.2020 the 1^st complainant deposited Rs.3,50,000/- before the 3^rd opposite party as fixed deposit for a period of 12 months and in turn the 1^st and 3^rd opposite parties jointly signed and issued a fixed deposit receipt .  The opposite parties agreed to pay interest @ 12% per annum allowing the complainants to withdraw the accrued interest in each and every month or annually and also agreed to repay the fixed deposit amount on the maturity dates shown in each and every fixed deposit receipt.  As the complainants had made fixed deposits before the opposite parties the complainants became the consumers of the opposite parties.  The opposite parties paid interest upto March 2020 thereafter, the complainant made

request on several times for arrears of interest and for return of the amount deposited but the opposite parties  failed to do so and now their offices are closed. There is contractual violation on the part of opposite parties which amounts to deficiency in service and unfair trade practice.  The opposite parties are illegally withholding the money of the complainants for their illegal enrichment.  Due to the above act of the opposite parties the complainants suffered much mental agony, discomfort and inconvenience apart from financial loss.  The opposite parties are liable to compensate the complainants.  Hence the complaint.

Though notice was served to the opposite parties No.1 to 3 they remained absent.  Hence they were set exparte.  The 1^st complainant filed proof affidavit for himself and on behalf of the 2^nd complainant by reiterating the averments in the complaint and got marked Exts.A1 to A5 documents.  Ext.A1 is a photocopy of the advertisement notice.  Ext.A2  is the original fixed deposit receipt for Rs.2,80,000/- dated 02.08.2019.  Ext.A3 is the original fixed deposit receipt dated 04.01.2020 for an amount of Rs.4,00,000/-.  Ext.A4 is the original fixed deposit receipt dated 26.05.2020 for an amount of Rs.3,25,000/-.  Ext.A5 is the original fixed deposit receipt dated 26.05.2020 for an amount of Rs.3,50,000/-.     

The unchallenged averments in the complaint coupled with Ext.A2 to A5 documents would establish prima facie that the complainants No.1 & 2 had deposited Rs.13,55,000/- with the opposite parties registered company. The complainants specifically pleaded that since March 2020 they are not paid the assured interest on the fixed deposit.  The deposited amounts were also not returned by the opposite parties.  By receiving fixed deposits after advertising in the newspaper, the opposite parties have failed to provide the offered service to the complainants.  Opposite parties assurance of service is made in writing in the Ext.A2 to A5 fixed deposit receipts.  It is pertinent to note that the failure to pay the assured interest and failure to repay the deposited amount on maturity is nothing but deficiency in service and unfair trade practice.  The averments in the complaint that they had suffered very much mental agony and inconvenience apart from financial loss is believable. The opposite parties are illegally withholding the money of the complainants for their illegal enrichment. 

In view of the materials available on record we are of the view that there is deficiency in service and unfair trade practice on the part of the opposite parties as they have failed to repay the amount of Rs.13,55,000/- covered by Ext.A2 to A5  fixed deposit receipts.  It is clear from the unchallenged averments in the affidavit that the opposite party have to paid monthly interest only up to July 2020 and thereafter they have not paid any interest nor even returned the amount covered by fixed deposit receipts inspite of specific and repeated demand.  Hence there is deficiency in service and unfair trade practice on the part of opposite parties 1 to 3.  In the circumstances the complainants No.1 & 2 are entitled to get back the amount covered by the Ext.A2 to A5 fixed deposit receipts along with agreed share of profit/interest @ 12% and reasonable compensation and costs from the opposite parties 1 to 3 are  jointly and severally.

                In the result complaint stands allowed in the following terms.

1. Opposite parties 1 to 3 are directed to pay the principal amount covered by Ext.A2 to A5 fixed deposit receipts with agreed share of profit/ interest @12% per annum from August 2020 onwards till realization to the complainant No.1 & 2.
2. Opposite parties are also directed to pay compensation of Rs.25,000/- and costs Rs.5,000/- to complainant 1 and 2.
3. Opposite parties are directed to comply with above directions within 45 days from today failing which the complainants are at liberty to recover

amount covered under relief No.1 & 2 from the opposite parties No.1 to 3 jointly and severally and also 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     26^th 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                   : Photocopy of the advertisement notice. 

Ext.A2                   : Original fixed deposit receipt for Rs.2,80,000/- dated 02.08.2019.

Ext.A3                   : The original fixed deposit receipt dated 04.01.2020 for an amount of  Rs.4,00,000/-

Ext.A4                   : The original fixed deposit receipt dated 26.05.2020 for an amount of Rs.3,25,000/-.

Ext.A5                   : The original fixed deposit receipt dated 26.05.2020 for an amount of  Rs.3,50,000/-. 

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil