IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE   25^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.252/2020

Thomas Mathew,

S/o T.Mathai

Mulamoottil Andrews Villa,

Mukkoodu P.O.,

Mulavana, Kundara, Kollam 691 503.                 :           Complainant

(By Adv. Saju George&

Adv.S.Riyas)

V/s

1. Mary Rani Popular Nidhi Ltd.,

              Door No.XIII/526, Popular Tower Annexe,

        Vakayar P.O. , Pathanamthitta 689 698

        Rep.by its Managing Director Mrs.Rinu

       Mariam Thomas                                                      : Opposite Parties

2. Mrs.Rinu Mariam Thomas, 

             Managing Director, Mary Rani Popular Nidhi Ltd.

           Door No.XIII/526, Popular Tower Annexe,

       Vakayar P.O. , Pathanamthitta 689 698

3. Mrs.Prabha Thomas, Director,

        Mary Rani Popular Nidhi Ltd.,

            Door No.XIII/526, Popular Tower Annexe,

        Vakayar P.O. , Pathanamthitta 689 698

4. Midhun M., Manager,

                Mary Rani Popular Nidhi Ltd.,

               Popular Traders, Kurian Swarga Auditorium,

               Perumpuzha P.O., Kollam.

5.           K.G.Alexander Panicker,

       Kunnuviola Veedu, Kakkolill, Kundara P.O.,

      Kollam.

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 complainant is a gulf returned senior citizen now residing in his house at Mukkodu, Mulavana.  The 1^st opposite party is a registered company having its office at Pathanamthitta.  The 2^nd and 3^rd opposite parties are the Managing director and Director respectively of the 1^st opposite party company and 4^th opposite party is its branch manager of the 1^st opposite party during the period 2018-2019 and the 5^th opposite party is the manager of 1^st opposite party at Perumpuzha branch during the period from 2015-2017.

            During the year 2015 the 5^th opposite party has approached the complainant and informed that the 1^st opposite party company is a highly reputed financial institution having several years experience in financing by receiving deposits from the public and the deposit amount would fetch an interest at the rate of 14% per annum and the depositors can withdraw their deposit amount along with the agreed interest either on its maturity or on demand.  By believing the words of opposite parties, the complainant has deposited an amount of Rs.15,00,000/- with 1^st opposite party’s branch at Perumpuzha on 24.04.2015 for a period of two years and during the year 2017 the same amount was renewed for a further period of two years and again it was renewed on 25.04.2019 for a further period of 3 years vide fixed receipt No.1020771900006.  While so the complainant came to know that the opposite parties have committed gross financial irregularities in respect of the deposits made by the depositors including the complainant.  Therefore on 27.08.2020 he has approached the 1^st opposite party and demanded interest for the fixed deposit amount made by him but the opposite parties have failed to give the same.

            Thereafter it was realized that the opposite parties were absconded by closing all their branches after misappropriating the amounts of the depositors including the complainant.  Thereafter the complainant has preferred a complaint against the opposite parties before Kundara police station.  According to the complainant all the opposite parties are legally bound to repay the deposit amount along with agreed interest either on its maturity or on demand.  The above mentioned illegal withholding of deposit money caused much mental agony apart from financial loss to the complainant.  Hence all the opposite parties jointly and severally and vicariously liable to compensate the complainant for the loss, hardship and financial stringency caused to him.  According to the complainant the above act is a clear case of deficiency in service and unfair trade practice.  Therefore the complainant is entitled to get the deposit amount Rs.15,00,000/- along with interest @ 12% per annum from 25.04.2019 along with Rs.3,00,000/-as compensation for the mental agony, financial loss and hardship and costs Rs.10,000/-.  Hence the complaint.

Though notice issued from this commission was received by opposite parties 1 to 5,  they have not appeared hence they were set exparte. 

The Complainant filed chief affidavit and got marked two documents as Ext.P1 and P2.  Heard the counsel for the complainant.  Ext.P1 is the original Fixed Deposit receipt and Ext.P2 is the copy of complaint filed by the complainant before SHO, Kundara Police Station.   The unchallenged averments in the affidavit coupled with Exts.P1 document would establish prima facie that the complainant has deposited Rs.15,00,000/- with the opposite parties and the agreed interest was 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 rate of interest on the fixed deposit amount since its date of deposit.   The materials available on record would indicate that though the complainant had approached the opposite parties for getting  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 with intend to defeat the depositors.  By refraining from discharging their contractual obligations the opposite parties have committed deficiency in service and unfair trade practice and the same has caused much mental agony apart from financial loss to the complainant.

On evaluating the entire materials available on record we are of the view that there exists deficiency in service and unfair trade practice on the part of opposite parties 1 to 5 as they have failed to repay the fixed deposit amount of Rs.15,00,000/- along with the agreed interest @ 12% per annum since 25.04.2019.  In the circumstances the complainant is entitled to get the deposit amount with agreed interest along with reasonable compensation and costs from opposite parties 1 to 5.

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

1. The opposite parties 1 to 5 are directed to pay Rs.15,00,000/- to the complainant along with agreed interest @ 12 % per annum from 25.04.2019 till the date of order and thereafter interest @  9% per annum till realization.
2. The opposite parties 1 to 5 are directed to pay Rs.10,000/- to the complainant towards the compensation for mental agony, financial loss and hardship sustained by him.
3. The opposite parties 1 to 5 are directed to pay Rs.5,000/- as costs of the proceedings.

4. The opposite parties 1 to 5 are directed to comply with 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 9% per annum except for costs from opposite parties 1 to 5 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 25^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.P1             : The original Fixed Deposit receipt

Ext.P2             :Copy of complaint filed by the complainant before SHO,

                        Kundara Police Station.

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil