Per Shri Dhanraj Khamatkar, Hon’ble Member
This appeal takes an exception to an order dated 30/10/2006 of District Consumer Disputes Redressal Forum, Central Mumbai in consumer complaint No.130/2004.
2. The facts leading to this appeal can be summerised as under :-
The org. complainants present appellants invested with opponent No.1 through opponent No.2 which is a Mumbai Branch and the opponent No.1 is Head Office at Kolhapur. The complainant-appellants invested the amounts as shown under for 13 months and accordingly, Fixed Deposit Receipts were issued. The Fixed Deposit Receipts were for a term of 13 months and the rate of interest was 16% p.a. The details of the Fixed Deposit Receipts are as under :-
-------------------------------------------------------------------------------------------
Name of the Depositor Amount of Receipt Date of Date of
Deposit No. Deposit Maturity
-------------------------------------------------------------------------------------------
Uma D. Jadhav 80,000/- 143 22/06/2000 23/07/2001
Balu G. Jagtap 30,000/- 142 20/06/2000 21/07/2001
Balu G. Jagtap 59,000/- 152 04/08/2000 05/09/2001
Ashish D. Jadhav 35,353/- 151 02/08/2000 03/09/2001
Ashish D. Jadhav 40,000/- 171 07/11/2000 08/12/2001
Ashish D. Jadhav 15,000/- 180 29/01/2001 01/03/2002
Gauri P. Kadam 10,000/- 189 09/06/2001 10/07/2002
-------------------------------------------------------------------------------------------
3. It is alleged by the org. complainants-appellants that opponents failed to return the deposits on maturity. After follow up with opponent No.2, the complainants received amount of Fixed Deposit Receipt Nos.151, 180 & 189 amounting to `60,000/- by demand draft of dated 19/01/2004. As the remaining Fixed Deposit Receipts amounts on maturity were not paid, the complainants have filed consumer complaint praying for invested amount with interest @ 21% p.a. from the date of investment till realisation.
4. Opponents remained absent though duly served and hence, the matter was proceeded ex-parte in respect of opponents. The complainant-appellants filed evidence and the District Consumer Disputes Redressal Forum after going through the evidence filed by the complainants-appellants has allowed the complaint directing the opponents to pay to the complainant No.1 `80,000/- together with interest @ 9% p.a. from 23/07/2001 till realisation, to pay to the complainant No.2 `30,000/- together with interest @ 9% p.a. from 21/07/2001 and `59,000/- together with interest @ 9% p.a. from 05/09/2001 till realisation, to pay to the complainant No.3 `40,353/- together with interest @ 9% p.a. from 08/12/2001 till realisation and also pay interest on `50,000/- @ 9% p.a. w.e.f. 01/01/2001 to 01/01/2004 and to pay to the complainant No.4 interest @ 9% p.a. on `10,000/- from 10/07/2002 to 19/01/2004. It is against this order that the present appeal is filed.
5. The appellants tried to serve respondents. However, notices served were returned back. Hence, the appellants’ Counsel had requested for paper publication. So, accordingly notices were issued in “Dainik Pudhari” dated 15/09/2011. None present for the respondents.
6. We heard Learned Counsel Mr.U.B. Wavikar, Advocate for the appellants. He stated that appeal is mainly filed for enhancement of rate of interest. He has drawn our attention to the Fixed Deposit Receipts. The Fixed Deposit Receipts were for the period of 13 months and the rate of interest was 16% p.a. Learned Counsel Mr.Wavikar contended that when the opponents had assured the rate of interest of 16% p.a., District Consumer Disputes Redressal Forum without taking into consideration this fact has awarded interest of 9% p.a.
7. We perused the Fixed Deposit Receipts and we found that rate of interest guaranteed was 16% p.a. District Consumer Disputes Redressal Forum had failed to take into consideration this important fact and arrived at erroneous findings which cannot be sustained. When the agreed rate of interest is 16% p.a., granting a rate of interest at 9% p.a. is against the principle of natural justice. Hence, we modify the order passed by District Consumer Disputes Redressal Forum and award an interest of 16% p.a. in place of 9% p.a. and pass the following order :-
-: ORDER :-
1. Appeal is partly allowed.
2. In operative clause of the order, interest payable shall be “16% p.a.” in place of “9% p.a.” awarded by the District Consumer Disputes Redressal Forum. Rest of the order is confirmed.
3. No order as to costs.
4. Copies of the order be furnished to the parties.
Pronounced
Dated 26th September 2011.
