O R D E R
SMT. M. YASHODHAMMA, MEMBER
These are the complaints filed u/s. 12 of the Consumer Protection Act of 1986 by the complainants, seeking direction to the Opposite Party to refund matured fixed deposits, recurring deposits, saving account balance and share amount along with interest on the allegations of deficiency in service.
As the O.P. in both the complaint is common, the question involved, relief claimed being the same in order to avoid repetition of facts and multiplicity of reasoning both these cases stand disposed by this common order.
2. The brief averments made in the complaints are as follows.
Complainants deposited the following fixed deposit and Recurring deposit and are having Saving accounts and share certificate with the O.P., which is a credit co-operative society. The said fixed deposits, recurring deposit matured on different dates. The details of amounts deposited, receipts and account number, rate of interest agreed and date of maturity are as follows.
Sl. No. | Complaint No. | Receipt No. | Account No. | D.O.D. | Due date | Rate of interest agreed | Deposit Amount |
01 | 45/11 | | | | | | |
| Fixed deposit | | | | | |
| | 708 | 675 | 18/6/03 | 19/8/13 | 14% | 40,000-00 |
| | 709 | 676 | 18/6/03 | 19/8/13 | 14% | 45,000-00 |
| | 902 | 852 | 25/1/05 | 25/1/15 | 12% | 40,000-00 |
| Recurring Deposit | | | | | |
| | | 1104 | | 2/8/10 | - | 13,400-00 |
| | | 1105 | | 2/8/10 | - | 13,400-00 |
| Saving account | | | | | |
| | | 1876 | | 28/12/10 | - | 66,428-00 |
| Share certificate | | | | | |
| | 6204 | 5202 | 24/1/05 | | - | 1,000-00 |
| | | | | | | |
| | | | | | Total | 2,19,228-00 |
| | | | | | | |
02 | 46/11 | | | | | | |
| Fixed deposit | | | | | |
| | 808 | 766 | 10/11/09 | 4/12/10 | 13% | 95,000-00 |
| Recurring deposit | | | | | |
| | | 1178 | 24/4/09 | 27/8/10 | | 8,500-00 |
| Saving A/c | | | | | |
| | | 1624 | | 24/12/10 | - | 18,710-00 |
| | | | | | | |
| | | | | | Total | 1,22,210-00 |
3. On appearance O.P. filed the version contending that each complainant renewed the fixed deposit for further period of 61 months with interest at the rate of 12% p.a. The interest amount has been paid by O.P. same is being credited to the Savings bank accounts of the respective complainant. In Complaint No.45 the deposits will be matured on 19/8/2012.
4. O.P. admits that Fixed deposit No.676 renewed by the complainant from 19/8/2003 for 61 months at 12% interest p.a. The interest has been credited to her S.B. Account No.1876 from 19/8/2008 to 18/10/2010. The deposit will be matured on 19/8/2013. In F.D. Account No.852 for Rs.40,000/- opened on 25/1/2005 for 120 months at 12% interest per annum. The interest has been credited to her S.B. Account No. 1876 from 25/5/2007 to 25/10/2010. The deposit will be matured on 25/1/2015.
5. O.P. admits that the R.D. Accounts opened by the complainant for 120 months and deposits will be matured on 16/2/2015. Complainants has got S.B.Account. The interest accrued on their F.D. accounts has been credited to their respective. S.B. account. The R.D. installments are being debited to their S.B. account and when funds are available F.D. interest is being paid through their S.B. Account. The F.D. and R.D. amounts will be paid on maturity date. As per the letter dated:28/8/2010 complainant requested to pay F.D. and R.D. amount before maturity. Due to want of funds and non recovery of loan arrears from their borrowers, O.P. is unable to pay the amount. As on 19/2/2011 a sum of Rs.1,57,78,744 plus interest is recoverable. O.P. is making all possible efforts to recover the arrears amount from borrowers and interest amount will be credited to S.B. account and requested for 6 months time to pay the amount and prayed for dismissal of the complaints.
6. To substantiate the complaint averments each complainant filed their respective affidavit evidence, and produced copy of the F.D., R.D. Receipts and Saving Bank A/c extract, request letter for refund, copy of the share certificate. On behalf of O.P. B.S.Muninanjappa, General Manager filed the version but failed to file the affidavit in support of his defence version inspite of giving sufficient opportunity. O.P. filed memo seeking one month time to pay the interest amount. Further O.P. filed another memo seeking time to refund deposit amount. Complainants filed written arguments. Heard from complainants. Taken as heard from O.P. side.
7. In view of the above said facts, the points now that arises for our consideration in this complaint is as under:
Point No.1:- Whether the complainant proved
the deficiency in service on the
part of the OP?
Point No.2:- If so, whether the complainants are
entitledfor the relief now claimed ?
Point No.3:- To what Order ?
7. We have gone through the pleadings of the parties both oral and documentary evidence and the arguments advanced. In view of the reasons given by us in the following paragraphs our findings on:
Point No.1:- In affirmative.
Point No.2:- Affirmative in part.
Point No.3:- As per final order.
R E A S O N S
8. At the out set it is not in dispute that each of the complainant deposited the amount with the O.P. credit Co-op. Society in the form of fixed deposit, recurring deposit and also in Savings Bank account as shown in the table. In Complaint No. 45/11 complainant deposited three fixed deposits of Rs.40,000/-, Rs.45,000/- and Rs.40,000/- each for a period of five years. O.P. agreed to repay the amount along with interest at the rate of 14% p.a. & 12% p.a. Further renewed the fixed deposits from 19/7/2008 to 19/8/2013. Two R.D. of Rs.13,400/- each. Saving account balance as on 28/12/2010 was Rs.66,428/-. In Complaint No.46/2011 complainant deposited Rs.95,000/- in the form of fixed deposit for a fixed period of 61 months from 10/12/2003 to 10/1/2009. The O.P. has agreed to repay with 13% interest p.a. Same was renewed for 1 year from 4/11/2009 to 4/12/2010. The R.D. Amount of Rs.8,500/- as on 27/8/2010
S.B.A/c balance of Rs.18,710/- as on 24/12/2010 was due from O.P. as shown in the table. The grievance of the Complainants is on 28/8/2010 and 24/8/2010 each complainant approached O.P. for refund of the amount for their daughter’s marriage. We have perused the request letters of the complainants. Inspite of repeated requests. When O.P. failed to refund the amount complainants approached this forum for the necessary reliefs.
9. As against the case of the complainants the defence of the O.P. that complainants have renewed the fixed deposit for further period of 61 months at the rate f 12% p.a. O.P. has paid the interest amount. Same being credited to the S.B. account of respective complainant. Fixed deposits will be matured in the year 2012 and 2013. O.P. also admits opening of R.D. a/c by the complainants for a period of 11 months. Which will be matured on 16/2/2015. O.P. admits interest accrued on F.D. accounts credited to the S.B. account of the respective complainant. The R.D. installments are debited to their S.B. account. There is no merit in the contention of the O.P. that for want of funds and non recovery of loan arrears from their borrowers O.P. is unable to refund the amount to the complainants. Complainants have deposited their hard earned money with O.P. with an intention to get the accumulated amount to celebrate their daughter’s marriage. But their dream never fulfilled. Hence they sought for refund of all amounts including immature fixed deposit amounts from O.P.
10. We have perused the affidavit evidence, documents and version filed by the parties. There is nothing to discard the sworn testimony of the complainants. O.P. having accepted fixed deposit and R.D. amount from the complainants and agreed to repay the amount along with interest at 12%, 13%, & 14% on maturity as shown in the table but failed to refund the amount to the complainants when they sought for refund for their daughter’s marriage. The act of O.P. in not refunding the amount specifically the amount standing in S.B. Account of the respective complainants amounts to deficiency in service on the part of the O.P. Inspite of lapse of 10 months and even after filing these complaints O.P. failed to refund the amount to the complainants. We are satisfied that complainants are able to prove the deficiency in service on the part of the O.P. Under the circumstances complainants are entitled for refund of the deposits amount along with interest at the rate of 7% p.a. and litigation cost Rs.1000/-. Accordingly we proceed to pass the following orders.
ORDER
The complaints are allowed in part.
1. In Complaint No.45/11 O.P. is directed to refund three fixed deposit amount of Rs.1,25,000/- along with interest at the rate of 7% p.a. from the date respective deposits till realisation.
2. To refund two R.D. amount of Rs.26,800/- along with interest at the rate of 7% p.a. from 2/8/10 till realisation.
3. To refund S.B. account balance amount of Rs.66,428-00 along with interest at the rate of 6% p.a. from 28/12/10 till realization.
4. To refund of Rs.1000/- being the share amount paid to O.P. and pay litigation cost Rs.1000/- to the complainant.
5. In Complaint No.46/2011 O.P. is directed to refund F.D. amount of Rs.95,000/- along with interest at the rate of 7% p.a. from the date of respective deposit till realisation.
6. To refund R.D. amount of Rs.8,500/- along with interest at the rate of 7% p.a. from 27/8/10 till realisation.
7. To refund S.B. account balance amount of Rs.18,710/- along with interest at the rate of Rs.6% p.a. from 24/12/2010 till realisation and pay litigation cost of Rs.1000/- to the complainant.
8. This order is to be complied within four weeks from the date communication of this order.
This original order shall be kept in the file of the complaint No.45/2011 and a copy of it shall be placed in other respective file.
Send the copy of this order to both the parties free of cost.
(Dictated to the Stenographer and typed in the computer and transcribed by him verified and corrected, and then pronounced in the Open Court by us on this the 29th day of June 2011.)
MEMBER MEMBER PRESIDENT
Rk.
O R D E R
SMT. M. YASHODHAMMA, MEMBER
These are the complaints filed u/s. 12 of the Consumer Protection Act of 1986 by the complainants, seeking direction to the Opposite Party to refund matured fixed deposits, recurring deposits, saving account balance and share amount along with interest on the allegations of deficiency in service.
As the O.P. in both the complaint is common, the question involved, relief claimed being the same in order to avoid repetition of facts and multiplicity of reasoning both these cases stand disposed by this common order.
2. The brief averments made in the complaints are as follows.
Complainants deposited the following fixed deposit and Recurring deposit and are having Saving accounts and share certificate with the O.P., which is a credit co-operative society. The said fixed deposits, recurring deposit matured on different dates. The details of amounts deposited, receipts and account number, rate of interest agreed and date of maturity are as follows.
Sl. No. | Complaint No. | Receipt No. | Account No. | D.O.D. | Due date | Rate of interest agreed | Deposit Amount |
01 | 45/11 | | | | | | |
| Fixed deposit | | | | | |
| | 708 | 675 | 18/6/03 | 19/8/13 | 14% | 40,000-00 |
| | 709 | 676 | 18/6/03 | 19/8/13 | 14% | 45,000-00 |
| | 902 | 852 | 25/1/05 | 25/1/15 | 12% | 40,000-00 |
| Recurring Deposit | | | | | |
| | | 1104 | | 2/8/10 | - | 13,400-00 |
| | | 1105 | | 2/8/10 | - | 13,400-00 |
| Saving account | | | | | |
| | | 1876 | | 28/12/10 | - | 66,428-00 |
| Share certificate | | | | | |
| | 6204 | 5202 | 24/1/05 | | - | 1,000-00 |
| | | | | | | |
| | | | | | Total | 2,19,228-00 |
| | | | | | | |
02 | 46/11 | | | | | | |
| Fixed deposit | | | | | |
| | 808 | 766 | 10/11/09 | 4/12/10 | 13% | 95,000-00 |
| Recurring deposit | | | | | |
| | | 1178 | 24/4/09 | 27/8/10 | | 8,500-00 |
| Saving A/c | | | | | |
| | | 1624 | | 24/12/10 | - | 18,710-00 |
| | | | | | | |
| | | | | | Total | 1,22,210-00 |
3. On appearance O.P. filed the version contending that each complainant renewed the fixed deposit for further period of 61 months with interest at the rate of 12% p.a. The interest amount has been paid by O.P. same is being credited to the Savings bank accounts of the respective complainant. In Complaint No.45 the deposits will be matured on 19/8/2012.
4. O.P. admits that Fixed deposit No.676 renewed by the complainant from 19/8/2003 for 61 months at 12% interest p.a. The interest has been credited to her S.B. Account No.1876 from 19/8/2008 to 18/10/2010. The deposit will be matured on 19/8/2013. In F.D. Account No.852 for Rs.40,000/- opened on 25/1/2005 for 120 months at 12% interest per annum. The interest has been credited to her S.B. Account No. 1876 from 25/5/2007 to 25/10/2010. The deposit will be matured on 25/1/2015.
5. O.P. admits that the R.D. Accounts opened by the complainant for 120 months and deposits will be matured on 16/2/2015. Complainants has got S.B.Account. The interest accrued on their F.D. accounts has been credited to their respective. S.B. account. The R.D. installments are being debited to their S.B. account and when funds are available F.D. interest is being paid through their S.B. Account. The F.D. and R.D. amounts will be paid on maturity date. As per the letter dated:28/8/2010 complainant requested to pay F.D. and R.D. amount before maturity. Due to want of funds and non recovery of loan arrears from their borrowers, O.P. is unable to pay the amount. As on 19/2/2011 a sum of Rs.1,57,78,744 plus interest is recoverable. O.P. is making all possible efforts to recover the arrears amount from borrowers and interest amount will be credited to S.B. account and requested for 6 months time to pay the amount and prayed for dismissal of the complaints.
6. To substantiate the complaint averments each complainant filed their respective affidavit evidence, and produced copy of the F.D., R.D. Receipts and Saving Bank A/c extract, request letter for refund, copy of the share certificate. On behalf of O.P. B.S.Muninanjappa, General Manager filed the version but failed to file the affidavit in support of his defence version inspite of giving sufficient opportunity. O.P. filed memo seeking one month time to pay the interest amount. Further O.P. filed another memo seeking time to refund deposit amount. Complainants filed written arguments. Heard from complainants. Taken as heard from O.P. side.
7. In view of the above said facts, the points now that arises for our consideration in this complaint is as under:
Point No.1:- Whether the complainant proved
the deficiency in service on the
part of the OP?
Point No.2:- If so, whether the complainants are
entitledfor the relief now claimed ?
Point No.3:- To what Order ?
7. We have gone through the pleadings of the parties both oral and documentary evidence and the arguments advanced. In view of the reasons given by us in the following paragraphs our findings on:
Point No.1:- In affirmative.
Point No.2:- Affirmative in part.
Point No.3:- As per final order.
R E A S O N S
8. At the out set it is not in dispute that each of the complainant deposited the amount with the O.P. credit Co-op. Society in the form of fixed deposit, recurring deposit and also in Savings Bank account as shown in the table. In Complaint No. 45/11 complainant deposited three fixed deposits of Rs.40,000/-, Rs.45,000/- and Rs.40,000/- each for a period of five years. O.P. agreed to repay the amount along with interest at the rate of 14% p.a. & 12% p.a. Further renewed the fixed deposits from 19/7/2008 to 19/8/2013. Two R.D. of Rs.13,400/- each. Saving account balance as on 28/12/2010 was Rs.66,428/-. In Complaint No.46/2011 complainant deposited Rs.95,000/- in the form of fixed deposit for a fixed period of 61 months from 10/12/2003 to 10/1/2009. The O.P. has agreed to repay with 13% interest p.a. Same was renewed for 1 year from 4/11/2009 to 4/12/2010. The R.D. Amount of Rs.8,500/- as on 27/8/2010
S.B.A/c balance of Rs.18,710/- as on 24/12/2010 was due from O.P. as shown in the table. The grievance of the Complainants is on 28/8/2010 and 24/8/2010 each complainant approached O.P. for refund of the amount for their daughter’s marriage. We have perused the request letters of the complainants. Inspite of repeated requests. When O.P. failed to refund the amount complainants approached this forum for the necessary reliefs.
9. As against the case of the complainants the defence of the O.P. that complainants have renewed the fixed deposit for further period of 61 months at the rate f 12% p.a. O.P. has paid the interest amount. Same being credited to the S.B. account of respective complainant. Fixed deposits will be matured in the year 2012 and 2013. O.P. also admits opening of R.D. a/c by the complainants for a period of 11 months. Which will be matured on 16/2/2015. O.P. admits interest accrued on F.D. accounts credited to the S.B. account of the respective complainant. The R.D. installments are debited to their S.B. account. There is no merit in the contention of the O.P. that for want of funds and non recovery of loan arrears from their borrowers O.P. is unable to refund the amount to the complainants. Complainants have deposited their hard earned money with O.P. with an intention to get the accumulated amount to celebrate their daughter’s marriage. But their dream never fulfilled. Hence they sought for refund of all amounts including immature fixed deposit amounts from O.P.
10. We have perused the affidavit evidence, documents and version filed by the parties. There is nothing to discard the sworn testimony of the complainants. O.P. having accepted fixed deposit and R.D. amount from the complainants and agreed to repay the amount along with interest at 12%, 13%, & 14% on maturity as shown in the table but failed to refund the amount to the complainants when they sought for refund for their daughter’s marriage. The act of O.P. in not refunding the amount specifically the amount standing in S.B. Account of the respective complainants amounts to deficiency in service on the part of the O.P. Inspite of lapse of 10 months and even after filing these complaints O.P. failed to refund the amount to the complainants. We are satisfied that complainants are able to prove the deficiency in service on the part of the O.P. Under the circumstances complainants are entitled for refund of the deposits amount along with interest at the rate of 7% p.a. and litigation cost Rs.1000/-. Accordingly we proceed to pass the following orders.
ORDER
The complaints are allowed in part.
1. In Complaint No.45/11 O.P. is directed to refund three fixed deposit amount of Rs.1,25,000/- along with interest at the rate of 7% p.a. from the date respective deposits till realisation.
2. To refund two R.D. amount of Rs.26,800/- along with interest at the rate of 7% p.a. from 2/8/10 till realisation.
3. To refund S.B. account balance amount of Rs.66,428-00 along with interest at the rate of 6% p.a. from 28/12/10 till realization.
4. To refund of Rs.1000/- being the share amount paid to O.P. and pay litigation cost Rs.1000/- to the complainant.
5. In Complaint No.46/2011 O.P. is directed to refund F.D. amount of Rs.95,000/- along with interest at the rate of 7% p.a. from the date of respective deposit till realisation.
6. To refund R.D. amount of Rs.8,500/- along with interest at the rate of 7% p.a. from 27/8/10 till realisation.
7. To refund S.B. account balance amount of Rs.18,710/- along with interest at the rate of Rs.6% p.a. from 24/12/2010 till realisation and pay litigation cost of Rs.1000/- to the complainant.
8. This order is to be complied within four weeks from the date communication of this order.
This original order shall be kept in the file of the complaint No.45/2011 and a copy of it shall be placed in other respective file.
Send the copy of this order to both the parties free of cost.
(Dictated to the Stenographer and typed in the computer and transcribed by him verified and corrected, and then pronounced in the Open Court by us on this the 29th day of June 2011.)
MEMBER MEMBER PRESIDENT
Rk.
