Date of filing : 21-03-2011
Date of order : 25-05-2011
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC. 71/2011
Dated this, the 25th day of May 2011
PRESENT
SRI.K.T.SIDHIQ : PRESIDENT
SMT.P.RAMADEVI : MEMBER
SMT.K.G.BEENA : MEMBER
Madhavan Malankad, } Complainant
S/o.Krishnan Nair,
R/at.Krishna Kripa,
Opp. Post office Road, Vidyanagar.Po,
Kasaragod Dist.
(Adv. Krishnaraj Pundoor, Kasaragod)
The Kasaragod Co-operative Marketing and } Opposite party
Processing Society Ltd. No.FF-104, Vidyanagar
Kasaragod Rep.by its Secretary
Mr.P.K. Vinodkumar, Vidyanagar.Po. Kasaragod.
(Exparte)
O R D E R
SMT.K.G.BEENA, MEMBER
The case of the complainant is that the opposite party approached him for a fixed deposit offering 8% interest per annum. Complainant invested a sum of `83531 on 29-09-2010 by renewal of FD No.1211 with effect from 21-01-2010 with maturity due date as 1-11-2010. The fixed deposit matured on 1-11-2010. But the opposite party did not pay the amount covered by FD receipt with interest due thereof till date. Complainant gave a written request on 14-12-2010 enclosing the true copy of the FD receipt undertaking to surrender the original FD receipt at any time. Moreover complainant had existing mortgage loan with Kasaragod District Co-op bank evening branch, Kasaragod wherein he has to pay interest at the rate of 14% per annum. Thereby he has suffered huge loss. But opposite party has been postponing payment of the amount due for one reason or the other. Till date payment was not made nor did the opposite party send any reply to the written request. The amount was in deposit with the opposite party for long a period but has been renewing it every time promising payment on its maturity. Now complainant is convinced that opposite party has no intention of repayment and large amounts are also due to other customers of the society and they intentionally delaying the payment.
2. Though notices were issued by registered post to opposite parties they failed to appear before the Forum inspite of receipt of notice. Hence opposite party had to be set exparte,
3. Complainant filed proof affidavit in support of his case. Exts A1 to A4 marked. Counsel for complainant heard and documents perused.
4. Ext.A1 is the original FD receipt issued by opposite party to the complainant for `83,531. Ext.A2 is the copy of the letter given by the complainant to opposite party with a request to make the payment covered by FD. Ext.A3 is the pass book issued by the opposite party to the complainant for the running A/c No.800. Ext.A4 is the copy of the letter given by the complainant to opposite party with a request to close the running account and pay its proceeds to the complainant.
5. Complainant invested a sum of `83531 by renewal of FD. On perusing the documents submitted by the complainant, it is clear that the opposite party accepted FD from complainant. Accepting deposits, and thereafter withholding from payment on its maturity amounts to deficiency in service as envisaged under the Consumer Protection Act. Hence opposite party is liable to compensate the complainant for the loss sustained to him.
Therefore the complaint is allowed and opposite party is directed to refund `83,531/- with interest @ 8% from the date of deposit i.e. 29-09-2010 to till date of payment with a cost of `3,000/- to the complainant. Time for compliance is limited to one month from the date of receipt of copy of order. Failing which opposite party shall be further liable to pay interest @ 12% for `83,531/- from the date of complaint till payment together with the cost aforementioned.
Sd/- Sd/- Sd/-
MEMBER MEMBER PRESIDENT
Exts
A1. Original FD receipt amounting `83531/- dt.29-09-2010
A2.14-12-2010 copy of letter sent by complainant to OP.
A3.Pass book of the complainant. A/c.No.800
A4.14-12-2010 copy of letter sent by complainant to OP.
Sd/- Sd/- Sd/-
MEMBER MEMBER PRESIDENT
Pj/ Forwarded by Order
SENIOR SUPERINTENDENT
