CC Filed on 10.12.2007<br /> Disposed on 18.03.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated 18.03.2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Sri. T.NAGARAJA, Member.<br /> Smt. SHANTHALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.294/2007<br /> <br /> B.Sheshagiri Rao,<br /> Aged about 64 years,<br /> 1614 , 19TH Main,<br /> Muniswara Block,<br /> Bangalore – 26. Complainant <br /> (In Person)<br /> <br /> V/S<br /> 1. P.S.Chandra Shekar,<br /> Manager,<br /> DCC Bank,<br /> Robertsonpet,<br /> K.G.F.- 563 115.<br /> 2. Managing Director, <br /> DCC Bank,<br /> Head Office, <br /> Kolar. Opposite Parties<br /> (By Advocate Sri. Bisappa Gowda & Others) <br /> <br /> ORDERS<br /> ---<br /> This is a complaint under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay a sum of Rs.2,60,000/- to the complainant with current and future interest till the date of realization with costs etc.,<br /> <br /> 2. The complainant alleged that after maturity of the deposits made by him with opposite party No.1, both the opposite parties failed to repay the agreed maturity amount. The particulars of deposits are as follows: <br /> Nature of Deposit Amount of Deposit in Rs. Date of Deposit Date of Maturity Rate of Interest per annum<br /> Fixed Deposit 92000 24.08.2001 24.09.2006 12%<br /> Fixed Deposit 10000 31.08.2001 31.09.2006 12%<br /> Fixed Deposit 50000 28.09.2001 28.10.2006 12%<br /> Total 152000 <br /> <br /> 3. The opposite parties appeared through counsel and filed version admitting the amounts deposited on different dates as noted above. They contended that the interest at the agreed rate was being paid every month by crediting the same to the S.B account No.6476 of complainant maintained with opposite party No.1 and the complainant used to withdraw the said interest from his SB account from time to time. They contended that interest subsequent to the date of maturity was calculated at 9% per annum and every month the interest was being deposited in SB account of complainant and that the interest up to the end of February 2008 has been credited to the SB account of complainant. <br /> <br /> The opposite parties further contended that the complaint is not maintainable in view of sections 70, 118 and 125 of the Karnataka Co-Operative Societies Act 1959. The learned counsel for complainant orally submitted that the opposite party No.1 is under financial difficulty, thereby it could not repay the amount due on the date of maturity. <br /> <br /> 4. The complainant filed affidavit in support of his case. We perused the records. The complainant has not specifically stated that the interest was being paid every month by crediting the same to his SB account. The contention in this regard made by opposite parties may be accepted. The records also support such contention of the opposite parties. Hence we hold that interest up to the end of February 2008 has been credited to the SB account of complainant. Therefore the principal amount alone remains due. The future interest may be ordered to be paid at 9% per annum itself. The other contentions of opposite parties are not acceptable. The complainant has claimed compensation of Rs.86,000/- for non-payment of FD amounts soon after its maturity. As interest is paid separate compensation for delay in payment of principal amount need not be paid. Considering the facts of the case cost may be awarded at Rs.5,000/-. <br /> <br /> 5. For the above reasons we pass the following:<br /> O R D E R <br /> <br /> The complaint is allowed with costs of Rs.5,000/-. The opposite parties shall pay Rs.1,52,000/- to complainant with interest at 9% per annum on the said amount from 01.03.2008 till the date of payment apart from the interest already credited to SB account of complainant up to 29.02.2008. The amount due under this order shall be paid within 30 days from the date of this order. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 18th day of March 2008.<br /> <br /> <br /> MEMBER PRESIDENT<br /> <br /> <br /> <br /> <br />