The brief averments contained in the complaint filed by the complainants are as follows:
01. The fact of the complaint is that, the complainant No.1 is the husband of the complainant No.2 and the complainants 3 & 4 are the son and daughter of the complainant No.1 & 2. The complainants are constituted Undivided Hindu Joint Family and living jointly The opposite party No.2 and some others have established the opposite party no.1 at The opposite party No.1 is a registered company under Companies Act, its Registration No.01-21466/1995-1996. The opposite party No.1 was registered on 21-08-1995 with the Registrar of Companies, Hyderabad. The opposite party No.2 is the Managing Director of opposite party No.1. The main object of Opposite Party No.1 to encourage and afford all facilities for cultivating thrift savings habits and to render all financial assistance to its members by receiving long and short term deposits and in particular recurring fixed and other deposits not being current accounts from the members as are allowed by law, vide publicity was given for the establishment of opposite party No.1. The complainants have attracted to the publicity and invested an amount of Rs.15 The Opposite party No.2 and its Directors have issued Deposit Bonds @ Rs.1 The maturity value of the each bond is Rs.2 Five bonds were matured on 31-01-2001 and 10 bonds were matured on 29-02-2001. The complainants have approached the opposite parties after the bonds are matured and demanded for payment of the maturity value of the bonds. But the opposite party No.2 has promised to repay the maturity value of the bonds. But he did not repay the bond value even after making repeated demands. The complainants and some others have got issued a legal notice to the opposite parties and other Directors. The opposite parties have received the notices. But they did not give any reply nor paid the amount till this date.
02. The complainants came to know that the opposite parties are not conducting the business. The application for renewal of the business of opposite party No.1 has been negatives by the Reserve Bank of India under Notification dated 01-01-2003 published in In the said notification the Reserve Bank of India directed to refund the deposits to the public by the opposite parties. After publication of the notification the complainants approached opposite parties and demanded their amounts for Rs.30,000/- for 15 bonds @ Rs.2,000/- each and opposite parties have promised to repay the amount, but he did not repay and the opposite parties have absolute violated the rules and regulations of the opposite party No.1. The cause of action arose at 31-01-1996 and 29-02-1996 and requested this Forum to direct the opposite parties to pay an amount of Rs.30
03. The main contention of the Opposite Party No.1 is that, there is no cause of action arose by the complaint and barred by limitation because the maturity dates are 31-01-2001 & 29-02-2001 from 29-02-2000 only, they have to file this complaint before this Forum since the case is barred by limitation, the opposite parties are not liable to pay bonds amount and the request to this complaint is dismiss.
04. The Opposite Party No.1 filed his Counter stating that, the complainants have not paid the amount is totally. The complainants are not consumers to the opposite parties and the relationship in between the parties as alleged in the above said C.D., are not within the meaning of consumer as contemplated in the Consumer Protection Act. Admittedly the bonds have been issued in the year 1996 and the maturity period was in the year 2001 and the complaint has been lodged after lapse of two years from the date of maturity of the bonds and the complaint deserves to be rejected on the limitation aspect.
05. The opposite party No.2 already filed his Written Version stating almost all in the similar lines of opposite party No.1.
06. The complainants in support of their claim filed their Affidavits in the form of chief examination and marked Exs.A-01 to A-16. On behalf of opposite parties Sri
07. Now the point for consideration whether the complainants are entitled to get an amount of Rs.30
08. In this case after gone through all the material placed before this Forum and the documents filed by the complainants and opposite party No.1, Our answer is that, the opposite parties are liable to pay the compensation to the complainants because the bonds issued by the opposite parties clearly goes to show that, the date of deposit is 29-02-1996 period in months 60, interest @ 12% per annum, deposit amount of Rs.1,000/- and maturity amount of Rs.2,000/- and maturity date is 29-02-2001. The maturity date of ten bonds are 29-02-2001 and other five bonds date of deposit on 31-01-1996 period in months 60, interest @ 14% per annum, deposit amount of Rs.1,000/- maturity of Rs.2,000/- maturity date is 31-01-2001 the maturity period is for five bonds, so for all these bonds when the opposite parties failed to pay the amount, then the complainants and others issued legal notice to the opposite parties saying that, repay the bonds maturity amount, the same legal notice is also filed in this Forum i.e. Ex.A-17 as per legal notice dated 24-11-2003, the complainants issued legal notice to the opposite parties but they have not responded, other 10 (ten) bonds maturity date is 29-02-2001. Since already the complainants gave legal notice as per Ex.A-17. The opposite parties have not give any reply, so the cause of action arose only on 24-11-2003, from 24-11-2003 as per section 24(A) of the Consumer Protection Act within two years, the complainants have to file this case before this Forum. Accordingly the complainants have filed this case before this Forum on 06-10-2005, the cause of action arose on 24-11-2003 within two years the complainants have been filed this case filed by the complainants. So there is no barred by limitation within a period of limitation. The complainants filed this case and on the basis of the bonds, it is clear cut that, the opposite parties are liable to pay bonds amount to the complainants, so the complainants are entitled to get their bonds amount as well as with interest. Hence, we answered this point accordingly in favour of the complainants against the opposite parties.
Point o.2 WHAT RELIEF
:- Point No.1 is decided in favour of complainants against the opposite parties, this point is also decided in
In the result this complaint is allowed and we direct the opposite parties to pay an amount of Rs.30,000/-(Rupees Thirty Thousand Only) to the complainants 1 to 4 jointly and severally interest @ 7.5% per annum from the date of filing of this complaint i.e. on 06-10-2005 till the realization of the complainants amount. We award an amount of Rs.500/- (Rupees Five Hundred only) towards costs.
A month’s time is granted to the opposite parties for the compliance of the order.
(Dictated to the Stenographer transcribed by him corrected and pronounced by us in the open Forum today i.e. 19th May, 2008).
Member President,
District Consumer Forum, Warangal.
APPENDIX OF EVIDNECE
WITNESSES EXAMINED
