IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, ALAPPUZHA
Thursday the 31st day of March, 2022.
Filed on :21.10.2020
Present
- Sri.S.Santhosh Kumar BSc.,LL.B (President )
- Smt.P.R Sholy, B.A.L, LLB (Member)In
CC/No.271/2020
Between
Complainants:- Opposite parties-
1. Sri.Philip P.G., 1. Sri. Thomas Daniel,
Poonthoppil, Managing Director,
Ramapuram, Popular Finance Pvt.Ltd.,
Keerickad.P.O., Popular Towers, Vakayar,
Ph: 9447347612 Pathanamthitta – 689 698.
2. Smt.Sally Philip, 2. Smt.Prabha Thomas,
Poonthoppil, Managing Partner,
Ramapuram, Popular Finance Pvt.Ltd.,
Keerickad.P.O., Indikkattil Veedu, Vakayar,
Pathanamthitta – 689 698.
3. Smt.Marykutty Daniel,
Chairperson,
Popular Finance Pvt.Ltd.,
Indikkattil Veedu, Vakayar,
Pathanamthitta – 689 698.
4. Smt.Rinu Mariyam Thomas,,
Chief Executive Officer,
Popular Finance Pvt.Ltd.,
Indikkattil Veedu, Vakayar,
Pathanamthitta – 689 698.
5. Smt.Riya Ann Thomas,
Popular Finance Pvt.Ltd.,
Indikkattil Veedu, Vakayar,
Pathanamthitta – 689 698.
6. Smt.Reba Mary Thomas,
Popular Finance Pvt.Ltd.,
Indikkattil Veedu, Vakayar,
Pathanamthitta – 689 698.
O R D E R
SMT. C.K.LEKHAMMA(MEMBER)
1. The facts of the complainants case are as follows:-
The complainants are the depositors of popular finance Ltd. The opposite parties 1 to 6 are the Managing Directors of M/s Popular Finance and the subsidiaries or its sister concerns. Both complainants have made five fixed deposits of all together the amounts comes at Rs. 15lakhs with the opposite parties 1 to 6. Following are the details of deposits.
Philip.P.G
1. 1020351700073 dtd. 23/3/2017 Mary Rani Popular Nidhi Ltd. – Rs.6,00,000/-
2. 1029991905166 dtd. 25/11/2019 Popular Dealers – Rs1,00,000/-
Sally Philip
3. 1020351700115 dtd. 20/11/2017 Mary Rani Popular Nidhi Ltd – Rs.1,00,000/-
4. 1020351700088 dtd. 22/9/2017 Mary Rani Popular Nidhi Ltd – Rs.6,00,000/-
5. 1020352000041 dtd. 22/7/2020 Mary Rani Popular Nidhi Ltd. –Rs.1,00,000/-
Accordingly issued receipts for the deposits. All the deposits offered interest @ 12% per annum till its maturity. They issued the receipts of said deposits in the name of Mary Rani Popular Nidhi and Popular Dealers. The opposite parties have paid the assured interest to the complainants upto June 2020. On July 2020 complainants contacted the branch office of opposite parties and demanded the interest. Thereafter they heard about the misappropriation of funds and consequently, closed all the branches of Popular Finance. The action of opposite parties is against the promise made by them. Due to such action of the opposite parties all the future life plans of the complainant became shattered, since they have deposited their hard earned money with the opposite parties. The said action of opposite parties amount to cheating and deficiency in service. The opposite parties 1 to 6 are responsible for the above acts. Hence the complainant approached this Commission for the following reliefs.
1. To refund Rs. 15lakhs with interest from the opposite parties.
2. Direct to pay compensation for deficiency of service and cost of the proceedings.
2. Points for consideration are as follows:-
1. Whether the complainant is entitled to get refund of the deposits with interest from the opposite parties 1 to 6?
2. Whether there is any deficiency in service committed by the opposite parties? If so what would be the quantum of compensation?
3.Reliefs and cost?
The complainants appeared in person adduced the oral as well as documentary evidence Ext.A1 to A5 were marked. Opposite parties 1 to 6 are remained absent and declared them exparte. Thereafter we have heard the complainants.
3. Point Nos. 1 and 2:-
On perusal of evidence on record it is found that on various dates the complainants deposited altogether Rs.15 lakhs to the finance company of the opposite parties 1 to 6 named as Popular Dealers and Mary Rani Popular Nidhi and issued Ext.A1 to Ext.A5 certificates in the name of complainants. It appears that relief is sought in the complaint about the deposit relating to Ext.A1 to A5 certificates. As per said certificates the complainants have received assured interest of the deposits until June 2020. Thereafter complainants learnt that the Finance company closed due to the reason of misappropriation of funds and heard that the CBI enquiry is going on about the said issue.
The complainants case stands well sustained by the evidence put on by them. Opposite parties 1 to 6 have failed to abide the promise as they assured and did not make any attempt to pay the deposited amount of Rs.15lakhs with 12% interest to the complainant. In the absence of contrary evidence and on account of unchallenged evidence we are of the opinion that the case of the complainant is believable and the complainant is entitled to get Rs.15lakhs being the fixed deposits as per Ext.A1 to A5 certificates with assured interest from the opposite parties 1 to 6. It seems that the amount covered under Ext.A1 and A4 certificates the assured interest rate is 12.50% and as per Ext.A5 is 11% and as per the remaining documents Ext.A2 and Ext.A3 the interest rate is 12% per annum.
The popular finance being a financial institution incorporated as per the provisions of Companies Act and the opposite parties 1 to 6 are its Managing Director and Directors. Hence they are bound to abide by the terms and conditions assured by them. But they have committed breach of promise as well as deficiency in service towards the complainant. Therefore opposite parties 1 to 6 are jointly and severally liable to pay compensation for said count to the complainant and also they are liable to pay litigation cost to the complainant.
4. Point No.3:-
In the result complaint stands allowed and direct as follows:-
A) Opposite parties 1 to 6 are jointly and severally liable to pay altogether Rs.15,00,000/-(Rupees Fifteen Lakhs only) with interest @ 12.50% per annum the amounts covered in Exts. A1 and A4, interest @ 12% per annum the amounts as per Ext.A2 and A3 and interest @ 11% per annum the amount covered in Ext. A5 to the complainant.
B) Opposite parties 1 to 6 are jointly and severally liable to pay Rs.1,50,000/- (Rupees One lakh Fifty thousand only) towards compensation and Rs. 10,000/- (Rupees Ten thousand only) towards litigation cost to the complainant.
The order shall be complied within one month from the date of receipt of this order
Dictated to the Confidential Assistant, transcribed by her corrected by me and pronounced in open Commission on this the 31st day of March, 2022.
Sd/-Smt. C.K.Lekhamma(Member)
Sd/-Sri.S.Santhosh Kumar(President)
Appendix:-Evidence of the complainant:-
Ext.A1 - Fixed deposit receipt dtd.23/8/2017
Ext.A2 - Receipt dtd/25/11/2019
Ext.A3 - Receipt dtd.20/11/2017
Ext.A4 - Fixed Deposit Receipt dtd.22/9/2017
Ext.A5 - Fixed Deposit Receipt Dtd. 22/7/2020
Evidence of the opposite parties:- Nil
///True Copy ///
To
Complainant/Oppo. party/S.F.
By Order
Assistant Registrar
Typed by:- Sa/-
Compared by:-
