IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE     28^th DAY OF NOVEMBER 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.406/2020

Thomas Samuel,S/o P.O Samuel

Pulimoottil House,

Pallimukku, Kundara, Kollam.

(By Adv.S.Riyas & Adv.Saju George)                         :           Complainant

V/s                                                                                                      

1. Popular Traders,

Popular Towers, Vakayar P.O., Pathanamthitta

Rep.by its Managing Partner Mr.Thomas Daniel,

Residing at Indikattil House, Vakayar P.O.,

Konni,Pathanamthitta 689 698.

2. Mr.Thomas Daniel @ Roy Daniel,

Managing Partner,

Popular Traders,  Popular Towers, Vakayar P.O.,

Pathanamthitta

3. Marykutty Daniel, Chair person, Popular Traders,

Popular Towers, Vakayar P.O.,

Pathanamthitta

Residing at Indikkattil House, Vakayar P.O.,

Konni,  Pathanamthitta 689 698.

4. Prabha Thomas,Partner, 

Popular Traders, Popular Towers, Vakayar P.O.,

Pathanamthitta 689 698.

5. T.Mathunni Panicker,

Kaleelil Plavila Raju Bhavan,

Ambipoika, Kundara P.O.,Kollam 691015.                        :          Opposite parties

6. Y.Mathew Panicker,

Residing at Mathew Bhavan, Punnamukku,

Perumpuzha P.O., Kollam691014.

ORDER

Sri.Stanly Harold, B.A.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 an Engineering graduate and now he is permanently residing in the address shown above.

The 1^st opposite party is a partnership firm having its registered office at Vakayar, Pathanamthitta and it has various branches including Kundara Pallimukku, Kollam District. The  2^nd opposite party is managing partner of the 1^st opposite party, 3^rd opposite party is the  chairperson of the 1^st opposite party, 4^th opposite party is the partner of the 1^st opposite party, 5^th opposite party is the present branch manager and 6^th opposite party was the previous branch manager of the 1^st opposite party’s Kundara, Pallimukku branch from the very inception till December 2019.  The 6^th opposite party had approached the complainant’s father and canvassed deposit for opposite parties’ company which is introduced as firm having goodwill for more than 40 years on a bonafide belief on the opposite party’s firm the complainant’s father decided to deposit his income and assets in the opposite party firm for a period of two years.  The 6^th opposite party has assured the complainant’s father that the amount deposited in the 1^st opposite party firm is secured and that the deposit amount would fetch a profit share/interest @ 12% per annum and further assured that profit share/ interest for the deposit amount shall be given to the depositors either on its maturity or on demand and further declared that the opposite party is a highly reputed financial institution having 40 years experience and the amount deposited is secured and the maturity amount assured is guaranteed.  The 6^th opposite party also made this assurance to the complainant that they are ready and willing to return the deposit amount either on its maturity or on demand.  The 6^th opposite party is discharging his duties as the branch manager under the direction of the opposite parties 2 to 4.  Complainant believed the representation made by the 6^th opposite party as true and genuine and the complainant and his father had made several deposits before the 1^st opposite party’s branch at Kundara, Pallimukku on various occasions.  The said deposits were periodically renewed.  The details of the deposits made by the complainant at Kundara Pallimukku branch are as follows.

Complainant’s father  Sri.P.O.Samuel had also made several deposits in the 1^st opposite party’s branch at Kundara Pallimukku and the details of the same is described hereunder.

The complainant and his father had also jointly deposited an amount of Rs.1,00,000/- for a period of 12 months vide receipt No.0590435(A/c No.1020382000211) dated 17.07.2020 w.e.f.05.03.2020.  The interest and the share of the respective deposits were agreed to be repaid to the complainant and his father by the opposite parties either on its maturity or on demand.  The complainant is the nominee for the deposits made by his father Sri.P.O.Samuel and is entitled to claim the deposits made by the said Sri.Samuel.  So the complainant as a nominee has right to file this complaint for realizing the deposits made by his father Sri.Samuel with agreed interest/profit of share from the opposite parties.  In the meanwhile the complainant came to understand that the opposite parties committed gross financial irregularities in respect of the deposits made by the complainant, his father and other depositors. 

On enquiry complainant had got information that the banking system of the opposite party firm stands out wheeled by the mismanagement of the partners and the offices of the opposite party was closed and the 5^th opposite party was found absconding.  It is also revealed that opposite parties had misappropriated the amounts of the depositors including the complainant and his father and thereafter they absconded by closing all the branches.  Immediately the complainant had lodged a complaint in respect of the above matter before the SHO, Kundara police station.  The police had already started investigation in respect of the complaint made by the complainant and other depositors.  The opposite parties legally bound to return the amount of Rs.10,89,000/- with agreed rate of interest.  The aforesaid act of the opposite parties had made financial loss mental agony and hardship which cannot be compensated or equated in terms of money.  Hence the complaint.

Though notice issued from this District Commission was returned with endorsement stating unserved.  Thereafter paper publication was effected against the opposite parties.  But the opposite parties failed to appear before the commission and accordingly they were set exparte.  Complainant filed proof affidavit in lieu of examination in chief by reiterating the averments in the complaint and got marked Exts.A1 to A15 documents.  Heard the learned counsel for the complainant.  Ext.A1 to A14 original fixed deposit receipts evidencing the transactions alleged in the complainant.  Ext.A15 is the copy of grievance petition dated 27.08.2020 filed before the SHO, Kundara alleging the very same grievance stated in this complaint.                                                                                                      

On the basis of the uncontroverted testimony of the complainant coupled with Exts.A1 to A15 documents it can be safely concluded that the complainant had established his case warranting the grant of the relief sought for.

It is further to be pointed out that the complainant had stated in the complaint and sworn in the proof affidavit that the complainant is entitled to get the fixed deposit amount Rs.10,89,000/- covering the 14 fixed deposit receipts along with interest @ 12% per annum from the date of respective deposits.

The materials available on record would indicate that the complainant had  approached the opposite parties and repeatedly demanded for the withdrawal of his deposits but the opposite parties were not ready to return the principal amount.    Hence it is evident that the opposite parties are illegally withholding the money of the complainant for their illegal enrichment and thereby refrained from discharging their contractual obligations.  The opposite parties have committed deficiency in service and unfair trade practice.  In the circumstances the complaint is entitled to get an order as prayed for.

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

1. The opposite parties 1 to 6 are directed to return the amount covered by Ext.A1 to A14 fixed deposit receipts to the complainant along with interest/share of profit @ 12% per annum for each deposit from the effective date of each deposit till the date of order thereafter interest @ 9 % per annum till realization.
2. The opposite parties 1 to 6 are directed to pay Rs.20,000/- as compensation to the complainant for mental agony, discomfort and inconveniences caused to the complainant due to the deficiency in service on the part of opposite parties 1 to 6.
3. The opposite parties 1 to 6 are also directed to pay Rs.5,000/- to the complainant towards costs of the proceedings.
4. Opposite parties 1 to 6 are directed to comply with the above directions within 45 days from today failing which the complainant is at liberty to recover the amount covered under relief No.(a) to (c) with interest @ 12% per annum till realization from opposite parties 1 to 6 and from their assets both movable and immovable.                                                                   

Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 28^th  day of  November 2022.

                                                                                   STANLY HAROLD:Sd/-

E.M .MUHAMMED IBRAHIM:Sd/-

S.SANDHYA RANI:Sd/-

Forwarded/by Order

                                                       Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.A1             : Copy of receipt No.0593036 for Rs.1,00,000/-

Ext.A2             : Copy of receipt No.0575869 for Rs.50,000/-

Ext.A3            : Copy of receipt No.0590431 for Rs.1,00,000/-

Ext.A4            : Copy of receipt No.0575973 for Rs.50,000/-

Ext.A5            : Copy of receipt No.0575870 for Rs.1,00,000/-

Ext.A6            : Copy of receipt No.0593024 for Rs.50,000/-

Ext.A7            : Copy of receipt No.0590434 for Rs.1,14,000/-

Ext.A8            : Copy of receipt No.0590427 for Rs.50,000/-

Ext.A9            : Copy of receipt No.0590430 for Rs.75,000/-

Ext.A10          : Copy of receipt No.0590429 for Rs.1,00,000/-

Ext.A11          : Copy of receipt No.0590428 for Rs.50,000/-

Ext.A12          : Copy of receipt No.0590432 for Rs.1,00,000/-

Ext.A13          : Copy of receipt No.0590426 for Rs.50,000/-

Ext.A14          : Copy of receipt No.0590435 for Rs.1,00,000/-

Ext.A15          : Copy of the complaint given by the complainant to the SHO, Kundara

                          Police station

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil