BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, MYSORE-570023

CONSUMER COMPLAINT NO.282-2013

DATED ON THIS THE 11^th March 2016

      Present:  1) Sri. H.M.Shivakumara Swamy

B.A., LLB., - PRESIDENT   

    2) Smt. M.V.Bharathi                    

                                   B.Sc., LLB., -  MEMBER

                     3) Sri. Devakumar.M.C.                  

                                                          B.E., LLB.,    - MEMBER

Sri Devakumar.M.C.

Member

1.     The complainant filed the complaint under section 12 of the C.P.Act, 1986, against the opposite parties seeking a direction to refund the fixed deposit amount of `4,90,000/- along with 12% interest per annuam, on all the F.D.R’s, from the date of investment to till the date of realization and to pay compensation and costs etc.,
2.     The complainant deposited a total sum of `4,90,000/- with opposite party No.1 partnership firm.  The ops agreed to repay the F.D. amount along with 12% interest p.a., on its maturity.  The opposite party No.2 issued the F.D.R’s.  But, the opposite parties have not paid any interest in spite of repeated demands.  Thereby, the opposite parties have failed to provide proper service to its customers as agreed, which amounts to deficiency in service on the part of opposite parties.  Hence, the complaint against opposite parties, seeking reliefs.
3.     The opposite party No.3 filed his version and admitted that the formation of a registered financial firm on partnership basis and submits he is not the managing partner, only opposite party No.2 is the managing partner and managing all the affairs of the firm.  As such, contended that he is not liable and responsible to pay the compensation as sought by the complainant.  As such, prays for dismissal of the complaint against him.
4.     The opposite party Nos.4 to 7 and 9 and 11 also filed their common version.  They submits that, the opposite Nos.2 and 3 have acted beyond the scope of the partnership and without their consent.  The opposite party Nos.2 and 3 have lend the money without any security as such, they are liable and responsible for payment of compensation to the complainant. As such, prays for dismissal of the complaint against them.
5.     To prove the facts, the complainant filed his affidavit and relied on several documents.  The opposite party No.3 filed his affidavit.  The opposite party No.4 filed his affidavit as well as on behalf of opposite party Nos.5 to 7 and 9, 11 and 12.  The complainant filed his written arguments and heard the oral arguments.  On perusing the material on record, matter posted for orders.  
6.     The points arose for our consideration are:-

1. Whether the complainant entitled for the reliefs sought for?
2.  What order?

7.    Our findings on the aforesaid points are as follows:

Point No.1 :- Partly in the affirmative.

Point No.2 :- As per final order for the following

:: R E A S O N S ::

8.    Point No.1:- The complainant relied upon the several documents in support of his case. The F.D.R’s issued by opposite party firm has been placed on record.  The F.D.R’s confirms that the complainant had deposited amount with opposite party firm on various dates and on maturity, few of the F.D.R’s have been renewed by the opposite party.  Further, the F.D.R’s got matured subsequently.  As such, the opposite party firm is liable to honour the F.D.R’s and to pay the accrued interest till date to the complainant.  In spite of issue of the notice, demanding to pay the F.D.R amount with accrued interest has not been complied nor replied.  This clearly shows the deficiency on the part of opposite parties.  Therefore, the complainant entitled for the F.D.R amount along with agreed interest at the rate of 12% p.a. from the date of its deposit till the realization of the same.  Further, the complainant is entitled for compensation for the mental agony, hardship and inconvenience caused by opposite parties.  Accordingly, the point No.1 is answered partly in the affirmative.
9.    Point No.2:- In view of the above observations and findings recorded on point No.1, we proceed to pass the following

:: O R D E R ::

1. The complaint is allowed in part.
2. The opposite parties are jointly and severally directed to pay the total F.D. amount of `4,90,000/- to the complainant, along with interest at the rate of 12% p.a. from their respective date of deposits, till the date of payment.
3. The opposite parties are jointly and severally directed to pay `5,000/- towards compensation for the mental agony, hardship caused and `2,000/- towards deficiency in service and `1,000/- towards costs of the proceedings, to the complainant, within 60 days of this order.
4. In case of default to comply this order, the opposite parties shall undergo imprisonment and also liable for fine under section 27 of the C.P.Act, 1986.
5. Give the copies of this order to the parties, as per Rules.

(Dictated to the Stenographer transcribed, typed by her, transcript corrected by us and then pronounced in open court on this the 11^th March 2016)

                          (H.M.SHIVAKUMARA SWAMY) 

                                      PRESIDENT     

(M.V.BHARATHI)                           (DEVAKUMAR.M.C.)

      MEMBER                                         MEMBER