SRI. JIMMY KORAH (PRESIDENT)

Filed on 18.10.2008

             Complainant is the younger son of late Kamalakaran. The opposite party is running a financial institution in the name and style 'Kattunkal Trust. The opposite party offered 24% interest to the deposits and gave assurance to the effect that the amount if any deposited would be paid back instantaneously on demand. Prompted by this, Kamalakaran, the father of the complainant, on 29^th  June 1999 deposited an amount of Rs. 40000/-  (Rupees forty thousand only) vide A/C No.205/99 with the opposite party. The complainant herein was referred to as the nominee therein and the same was acknowledged in the pass book.  Periodical deposits and withdrawals were effected by the complainant's father from time to time whichever were dilly noted in the pass book. On his father's death, the complainant, the nominee of the aforesaid account continued the transaction till 6^th August 2006.  Thereafter the transactions on the part of the opposite party seemed careless and irregillar. Consequently, on 9^th November 2006 the complainant demanded the opposite party the deposit amount of Rs.50,000/- (Rupees fifty thousand only) to be released to him. Notwithstanding repeated requests and demands, the opposite party was disinclined to hand back the said amount.  There is deficiency of service on the part of the opposite party. The complainant contends that he is entitled to Rs.50,000/- with 24% interest from 9^th November 2006 till the date of its recovery.  Hence the complaint.

                        2.  Notice issued to the opposite party. The opposite party did not turn up. They were set Exparte.

3.  During the course of the proceedings of the present case, the complainant was constrained to go over from the station to far of place in connection with his job. With the result, his brother K.K Suresh was duly authorized to adduce evidence for and on behalf of him. The authorization letter as to this as well as the proof affidavit of Mr. Suresh was produced before this Forum on 5th May 2010. As such, on the side of the complainant,   one document Ext. Al was marked.  Ext. Al is the pass book issued by the opposite party.

            4.  The sole question arises, on the basis of the contentions in the compliant  for consideration is:-

           (a) Whether the complainant is entitled to the relief sought for in the complaint?

5.   The complainant's father deposited an amount of Rs.40,000/- with the opposite party on 29^th June 1999.  The complainant was the nominee in that account. In the said account there were periodical deposits and withdrawals from time to time.  When his father died, the complainant continued the transaction in the said account.  This process without any hiccups followed till 6^th August 2006.  Thereafter there appeared irregularity and anomaly in the dealings on the part of the opposite party.  Despite repeated requests by the complainant, the opposite party did not pay back the deposit amount. There was Rs.50,000/- with interest outstanding. The complainant produced the copy of the pass book. Going by the materials placed on record it is surfaced that Rs.50,000/- was due to the complainant as on 26^th April, 2005.  It appears that interest was being paid thereafter for some more time. However, the complainant, sought to recover the amount Rs.50,000/-with 24% interest from the date of his demand to release the same.  Whatever be it, on a close scrutiny of the entries of Ext. Al  Pass book it would go to show that though an interest at the rate of 24% was being paid regularly by the opposite party, it obviously seems that on a later stage, the rate of the interest was slashed to 18% which is visibly seen being accepted by the complainant.  In the light of this aspect, we hold that the complainant is entitled to an amount of Rs.50,000/- (Rupees fifty thousand only) with interest at the rate of 18% per annum from 9^th November 2006 till its realization. Apparently, there is deficiency of service on the part of the opposite party.

For the forgoing discussion, the opposite party is directed to pay the complainant the deposit amount of Rs. 50,000/- (Rupees fifty thousand only) with 18% interest from 9th November 2006 till its realization.   The opposite party is also directed to pay a compensation of Rs.5,000/- (Rupees five thousand only) to the complainant. The opposite party shall comply thisorder within 30 days from the date of receipt of this order.

            The complaint is allowed accordingly.    No order as to cost.

            Pronounced in open Forum on this the 28^th day of  May, 2010.

                                                                                                Sd/- Sri. Jimmy Korah:

                                                                                                Sd/- Sri. K. Anirudhan:

                                                                                                Sd/- Smt.N. Shajitha Beevi:

Appendix:-

Evidence of the complainant:-

Ext.A1             -                       Pass Book (Photo copy)

Evidence of the opposite party:-  Nil 

// True Copy //

                                                                                                                        By Order

                                                                                                            Senior Superintendent

To

            Complainant/Opposite party/S.F.

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