BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BAGALKOT.

C.C.No.56/2018

Date of filing: 23/04/2018

Date of disposal:16/01/2019

P R E S E N T :-

- V/S -

JUDGEMENT

By Smt. Sharada. K. President.

1.      This is a Complaint filed by the complainant under Section 12 of the Consumer Protection Act, 1986 (herein after referred to as Act) against the Opposite Parties (in short the “Ops”) directed them to pay the F.D. amount of Rs.50,000/- together with interest @ 13.40% p.a. from 09.01.2014 till realization and pay Rs.50,000/- towards compensation and Rs.1,000/- towards legal notice and Rs.5,000/- towards cost of litigation & any other reliefs.

2.      The facts of the case in brief are that;

The case of the complainant is that, the OP.No.1 is the President of the Chalukkya Co-op Credit Society Ltd., and OP.No.2 is the Vice-President and OP.No.3 to 10 are the Members of the said Society and further the complainant is the customer of the Ops Co-op credit society and he has deposited the amount in the OPs Co-op. Society and OPs society have accepts money from its customers at large through FDS, to pay better rate of interest and as such the complainant has kept fixed deposit with OPs society. The details of amount deposited as shown below:-

and further contended that, due to family difficulties on so many occasions, the complainant has approached the OPs society for pre-maturity withdrawal of above said fixed deposit amount, but opponents have not paid the amount and thereby avoided to make the payments by giving one or the other reasons. The complainant has to meet urgent expenses of his family and other needs, but opponents have withheld the said amount illegally and further the complainant is not able to utilize the same for the purpose, which the said amount is saved.

          It is further contended that, due to persistent refusal of the opponents to repay the FD amount, the complainant got issued legal notices to the OPs through his Counsel on dtd: 11.11.2017 and notices were duly served to the opponents and OPs have given evasive reply to the said notice on dtd: 03.12.2017 to the complainant. However, the opponents refused to return the fixed deposited amount by giving one or other reasons, hence the complainant has constrained to file this complaint. 

 3.     After issue of notice to the Opponents. The OP.No.1 to 5 & 10 have appeared through their Counsel, but they have neither filed written version nor put-forth any affidavit evidence in the above said complaint and Op.No.6 to 9 notices were duly served. But, the Op.No.6 to 9 have not appeared. Hence, OP.No.6 to 9 are placed ex-parte.  

4.      In support of the claim in the complaint, the complainant has filed his affidavit and produced original F.D. receipt, Notice copy and Reply notice copy, for sake of our convenience, we have marked as Ex.P-1 to Ex.P-3. Heard the argument of complainant counsel and perused the records.

5.      Now, the following points that would arise for our consideration in deciding the case are;

1. Whether the complainant has prove that there is deficiency in service on the part of the OPs for not refunding the pre-mature F.D. amount?

2. What order?

6.      Our finding on the above points are as follows;

1.      Partly in the Affirmative.

          2.      As per final Order.

R E A S O N S

7.      Point No.1:- After perusing the complaint pleadings, affidavit evidence of complainant and as well as documents on records. It is admitted fact that, the complainant is the customer of the Ops society and he has deposited the F.D. amount in Ops co-op credit society and OPs have issued F.D. receipt to the complainant, the said document of Original F.D. receipt is marked as Ex.P-1 and further the complainant has approached and requested to Ops to refund the pre-matured F.D. amount for his family difficulties on so many occasions, but the OPs society failed to pay the pre-matured F.D. amount with interest to the complainant. Inspite of receipt of legal notice and request, the OPs have not bothered to pay back the complainant pre-matured F.D. amount. It is well settled legal position that, non-payment of the deposited amount, it amounts to deficiency in service.

8.      According to guidelines of RBI if, the depositor who has deposited amount in the form of F.D. & claiming
pre-matured amount, the bank / societies / financial institutions may deduct 3 % p.a. from agreed rate of interest. Hence, the OPs may deduct 3 % p.a. on the agreed rate of interest under the premature F.D. & liable to pay the amount after deducting interest of 3 % p.a. on the pre-matured fixed deposit amounts.

9.   Looking to the facts and circumstances, so in our consider view that, the complainant is entitled pre-maturity F.D amount with interest @ 10.40% p.a from the date of deposit till realization and also entitled Rs.10,000/- towards compensation for mental agony and Rs.1,000/- towards cost of litigation with this we answer to Point No.1 in partly Affirmative. Accordingly, we proceed to pass the following;

O R D E R

            For the reasons discuss above, the complaint filed by the complainant U/s 12 of the C.P. Act – 1986 is here by partly allowed with costs.

          The OP.No.1 to 10 are hereby directed to pay the premature F.D. amount of Rs.50,000/- under F.D. A/c No.06 to the complainant at the rate of 10.40 % interest p.a. from the date of deposit till realization.

Further, the OP.No.1 to 10 are hereby directed to pay a sum of Rs.10,000/- towards compensation for mental agony and Rs.1,000/- towards cost of the proceedings to the complainant.

The order shall be complied within 2 months from the date of this order failing which OPs are liable to pay interest
@ 18 % p.a. from the date of this order till payment is made.

Send the copies of this order to the parties free of cost.

          (Order dictated, corrected and then pronounced in the open Forum on: 16^th day of January 2019).