Complaints filed on: 04-03-2024

                                                      Disposed on: 23-10-2024

BEFORE THE DISTRICT CONSUMER DISPUTES

REDRESSAL COMMISSION, TUMAKURU

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DATED THIS THE  23^rd DAY OF OCTOBER 2024

::P R E S E N T::

   SMT.G.T.VIJAYALAKSHMI, B.Com, L.L.M, ….....PRESIDENT         

  SMT.NIVEDITA RAVISH, B.A., L.L.B. (Spl).,.. .LADY MEMBER

CONSUMER COMPLAINT No. 37/2024

       Sri. Badari Prasad J,  S/o. Jagannath K.S.

       No.495, Sri Lakshmi Venkateshwara Nilaya,

      6^th A Cross, Gubbi Veeranna Road,

      SIT Extension,  Tumkuru District.  

……….Complainant

      (Party in person,)

V/s

1.SRI.VALMIKA SOUHARDA CO-OPERATIVE LTD,

Above Uppena Kolaga Okkaliga Vidyarthi Nilaya,

SIT Extension Main Road,

Tumkuru District.

2.Sri.G.Ramanjaya, President,

SRI VALMIKA SOUGHARDA CO-OPERATIVE LTD,

Above Uppena Kolaga Okkaliga Vidyarthi Nilaya,

SIT Extension Main Road, Tumakuru-572103.

3. Smt. Bhavya, Chief Executive Officer,

SRI VALMIKA SOUHARDA CI-OPERATIVE LTD,

Above Uppena Kolaga Okkaliga Vidyarthi Nilaya,

SIT Extension Main Road,

Tumakuru-572103.

        (Opposite Party No.1 to 3, Sri. B.S.Yogeesh, Advocate)

                                              ::O R D E R ::

SMT.NIVEDITHA RAVISH, LADY MEMBER

          This complaint filed by the complainant Under Section 35 of Consumer Protection Act, 2019 against the opposite parties to direct them to pay the amount due sum of Rs.10,97,600-00. With interest @ 18%p.a. till the payment.

2.   The opposite party No.1 is Sri. Valmika Souharda Co-Operative Ltd, Tumkuru (herein after called as OP.No.1) Opposite party No.2 is the President of the OP.No.1 (herein after called as OP.No.2) and opposite party No.3 is the Chief Executive Officer of the OP.No.1( herein after called as OP.No.3).

3.       The case of the complainant is that the complainant is the resident of Tumkur having fixed deposit and savings accounts in the OP.No.1 Souharda Co-Operative Ltd. The complainant having a) savings account 10105100000073 with balance of Rs.5,47,599-00 and interest on  the same at 11.5% to till payment b) FD receipt no 372 dated 11^th September 2017 for Rs.2,00,000-00 with maturity date 11^th December 2024             c)FD receipt No. 493  dated 17^th July 2018 for Rs.50,000-00 with maturity date 17^th June 2024 d) FD receipt No.485 dated 26^th June 2018 for Rs.30,000-00 with maturity date 26^th June 2024. The complainant had earlier requested the OP.No.2 and 3 for premature of FD No.10106600000545 with receipt No.10100551  dated 31^st January 2019 for Rs.6,00,000-00, 2)FD No.10106100000762 with receipt No.10100961 dated 17^th August 2021 for Rs.35,000-00 and were          premature on 20^th July 2023  for Rs.5,85,662-00 and Rs.41,937-00 was credited to complainant’s savings account No.10105100000073  after deducting the pre mature charges of 2%. The complainant  was requested the OP.No.2 and 3 for withdrawing the money from the savings  account, but was denied for payment due to shortage of funds and on                20^th July 2023, the OP.No.2 and 3 were requested the complainant to wait for some days for arrangement of funds. Though the complainant issued notice to the OPs, the OPs have not been paid the amount in the savings account and the amount in the fixed deposit to the complainant. Hence this complaint.

4.   After issuing of notice by this Commission, the OP.No.1 to 3 were appeared before this Commission through their common counsel and filed common version.

5.   In the version, the OP.No.1 to 3 were denied all allegation made by the complainant as false. Further submitted that the FD interest has already transferred to the savings account of the complainant and the complainant has already drawn the amount of Rs.50,000-00. Further the OP.No.2 and 3 are submitted that they agreed to pay the remaining premature amount after pre mature charges of 2%. Further submitted that FD.No.10106600000545 with receipt No.10100551 dated 31^st January 2019 for Rs.6,00,000-00 does not belongs to the complainant, it belongs to his mother and the complainant has already drawn the amount of Rs.41,937-00, which is maturity value of FD No.10106100000762 with receipt No.10100961 dated 17^th August 2021 of Rs.35,000-00 in different dates. Further submitted that, the OP Society is registered under Karnataka Souhardha Sahakari Act 1997. Therefore any dispute or claim arise shall be made before the Souhardha Federation Court and this complaint is not maintainable before this Hon’ble Commission. Hence OP.No.1 to 3 are prayed for dismissal of the complaint against them.

6.    The complainant has filed his affidavit evidence with 9 (nine) documents which are marked as Ex.C-1 to Ex.C-9. OP.No.2 has filed his affidavit evidence.

7.    The OPs have filed statement of accounts pertaining to the complainant with written arguments. We have heard the complainant in person and counsel for OPs. Peruse the written arguments filed by the OPs and points would arises for determination as follows:

1. Whether the complainant proves deficiency in service on the part of OP No.1 to 3?

2. Is complainant is entitled to the relief sought for?

8.        Our findings on the aforesaid points are as under:

Point No.1:  Affirmative,   

Point No.2: As per final order for the below

::R E A S O N S::

9. Point No.1 &2 :-

           The complainant has argued that, he has savings account No.10105100000073  with balance of Rs.5,47,599-00 and interest on the same @11.5% in the  OP.No.1 Sahakari Niyamitha. To prove the same, the complainant has produced the Ex.C-6/copy of S.B. account statement with its annexure i.e., Ex.C-6 and Ex.C-6B. Ex.C-6 is reflecting the account No.10105100000073, name of the complainant. Ex.C-6B is reflecting that there is balance of Rs.5,39,639-00 in the said S.B. account as on 27/11/2023. The Ex.C-6, C-6A and C-6B are not showing that there is interest @ 11.5% on the amount. Further the complainant has argued that he has deposited an amount of Rs.2,00,000-00.        Rs.50,000-00, Rs.3,00,000-00, Rs.6,00,000-00 and Rs.35,000-00 in the Fixed Deposit account with receipt No.372, 493, 485, 10100551, 10100961 respectively. To prove the same, the complainant has produced Ex.C-1 to Ex.C-5 with their annexure Ex.C-1A to Ex.C-5A. Ex.C-1 reflecting receipt No.372, amount:-Rs.2,00,000-00, accepted date:11/09/2017, maturity date:11/12/2018, rate of interest: 12.10.     Ex.C-1A is showing the same FD was renewed and due date is 11/12/2024. Ex.C-2 is reflecting receipt No:493, amount: Rs.50,000-00, accepted date:17/07/2018, maturity date:17/08/2019, rate of interest:   13-00. Ex.C-2A is showing the same FD was renewed and due date is 17/06/2024. Ex.C-3 is reflecting receipt No:10100961, amount: Rs.35,000-00, accepted date:17/08/2024, maturity date:17/08/2024, rate of interest: 11.50. Ex.C-4 is showing, receipt No:485,                    amount: Rs.3,00,000-00 accepted date;26/06/2018, maturity date:26/06/2021, rate of interest: 13.00. Ex.C-4A is reflecting that the same FD was renewed and due date is 26/06/2024. Ex.C-5 is reflecting receipt No:1010051, amount: 6,00,000-00, accepted date:31/01/2019, maturity date: 31/01/2022, rate of interest: 13.00.  Ex.C-5A is showing that the same FD was renewed and due date is 31/01/2025. The        Ex.C-1 to Ex.C-5 are reflecting the signature of the president and CEO of the OP.No.1 and Ex.C-1A. C-2A, C-4A and C-5A are reflecting the seal of the OP.No.1.

10.   Further the complainant has submitted that the FD receipt No.10100551, receipt No.10100961, are pre matured on 20/07/2023 and Rs.5,85,662-00 and Rs.41,937-00 was credited by OP.NO.1 to 3  to the complainant’s saving account  10105100000073  after deducting the pre mature charges of 2%. Ex.C-6A which is the annexure of                  Ex.C-6  produced by the complainant is establishing the same. Further the complainant has argued that, the complainant requested the OP.No.2 and 3 for withdrawing money  from the savings account but was denied for payment due to shortage of funds and OP.No.2 and 3  were requested the complainant to wait for some days for arrangements of funds.  Further the complainant has submitted that until now only Rs.80,000-00 has been paid and Rs.5,47,599-00 is still due from pre-maturing date i.e., 20/07/2023 and complainant has also lost the FD interest that complainant was getting from the above FDs @ 11.5% p.a. on the unpaid amount of Rs.5,47,599-00. But Ex.C-6A produced by the complainant itself establishing that the OP credited an amount of Rs.5,85,662-00, Rs.41,937-00 on 20/07/2023 pertaining to FD premature 10106600000545 VCC premature 1010610000076 to the savings account of the complainant. When the complainant received the said amount in the SB account then the interest on FD bond automatically have been stops. Further the complainant has argued that the complainant requested to withdraw the amount in savings account and for repay the remaining FD amounts with the OP No.1 to 3. Though the complainant issued notice on 03/02/2024, the OP.No.1 to 3 have not paid the requested amount and not given any reply to the notice. To prove the same the complainant produced the Ex.C-7 and Ex.C-7A/copy of postal acknowledgement, Ex.C-8/copy of notice issued to president of OP.No.1, Ex.C-9/copy of notice issued to CEO of OP.No.1.  

11.    Per contra, counsel for the OP.No.1 to 3 has argued that the complaint is not maintainable before this Hon’ble Commission.              In view of the OP Society is registered under Karnataka Souhardha Sahakari Act 1997. Therefore any dispute or claim arise, shall be made before the Souhardha Federation Court. But Hon’ble National Consumer Commission, New Delhi, in Revision Petition No.823 to 826 of 2021 between Smt. Kalawati and Others V/s. M/s. United Vaish Co-Operative Thrift and Credit Society Ltd, it is held that, “with reference to Section 2(1)(d) of CPA that where a Company or a firm invites deposits from the public for the purpose of using money for its business or promise of giving attractive rates of interest with security of investment and prompt repayment of the principle after stipulated term the transaction of such a nature would clearly make the depositor a ‘Consumer’ under CPA”. Further Section 100 of the Consumer Protection Act 2019  Contemplates that, Act not in derogation of any other law for time being in force. Considering this provisions and decision of the Hon’ble National Consumer Commission, New Delhi, we hold that the complaint filed by the complainant before this commission is maintainable.

12.    Further counsel for the OP.No.1 to 3 has contended that the complainant has closed the FD No.545 and FD receipt 762 prematurely and premature value of respective FDs with less 2% i.e.,  Rs.5,85,662-00 and Rs.41,937-00 respectively transferred the SB account of the complainant, i.e., SB account No.10105100000073. Copy of statement of accounts pertaining to SB account of the complainant produced by the OP No.1 to 3 is establishing the same and the complainant also admitted the same in the time of argument. Hence it is considered that, the OP is credited premature value of FD 10106600000545 and FD receipt No.10106100000762 (i.e., amount pertaining to Ex.C-5 and Ex.C-3) to the complainant’s SB account.

13.     Further counsel for the OP No.1 to 3 has argued that the interest of FD receipt No.373, 493 and 485 has already credit regularly to the        SB account of the complainant and same interest amount was drawn by the complainant and till 28/03/2024. Copy of statement of accounts produced by the OP has establishing the same. The complainant has not objected the same copy of account statement and admitted in the time of arguments, that the interest amount was credited by the OPs to his        SB account. Further counsel for the OP.No.1 to 3 has submitted that there only due to pay the principle amount of Rs.2,00,000-00,             Rs.50,000-00 and Rs.3,00,000-00 pertaining to FD receipt No.372, 493,485 respectively and due pandemic disease of Covid-19, the recovery of the amount was little paralyzed, it is therefore the OPs have requested the complainant to claim the amount on the maturity date of the respective bonds. But it is the duty of the OP.No.1 to 3 to release/pay the deposited amount, which is the hard earned money of their customers when they want to withdraw the amount. The OP No.1 to 3 were not released/paid the principle amount of fixed deposited receipts when the complainant requested to withdraw the amount. This act of the OP No.1 to 3 is amounts to deficiency in service on the part of OP.No.1 to 3. Therefore OP.No.1 to 3 are liable to pay principle FD amount pertaining to FD receipt No.372, 493,485 i.e., Rs.2,00,000-00, Rs.50,000-00 and Rs.3,00,000-00 respectively. Further the complainant has argued that the OP.No.1 to 3 have not paid to be withdrawn from savings account despite of frequent request. But Ex.C-6, Ex.C-6A and C-6B produced by the complainant has reveling that the complainant has withdrawn the amount so many time up to 27/11/2023 and copy of bank account statement produced by the OP also revealing that the complainant has withdrawn an amounts upto 28/03/2024. Further same copy is reflecting that there is balance of Rs.5,46,911-00 in the savings account of the complainant. On perusing Ex.C-6,C-6A, C6A &B and copy of account statement produced by the OP, it is noticed that the  OP No.1 to 3 have not abstracted the complainant to withdrawn. However it is the duty of the OP.No.1 to 3 to pay an amount in the saving account of the their customer’s when they want to withdrawn the same. Therefore the OP.No.1 to 3 totally liable to pay,

  Therefore OP No.1 to 3 liable to pay Rs.10,96,911-00 (Ten Lakhs Ninety six Thousand Nine Hundred and Eleven Rupees only) to the complainant. Further the complainant prayed interest at 18%p.a. but it is in higher side. Hence OP.No.1 to 3 are liable to pay interest at 8% p.a. on Rs.10,96,911-00 from the date of complainant i.e., 04/03/2024 to till realization.  Further the OP.No.1 to 3 are compelled the complainant to approach this Commission. Therefore the OP.No.1 to 3 shall liable to pay litigation cost of Rs.8,000-00 (Eight Thousand only) and compensation of Rs.10,000-00 (Ten Thousand only) to the complainant. Accordingly,  we proceed to pass the following:-

                                       ::O R D E R::

The complaint filed by the complainant is allowed in part.

It is directed that the OP.No.1 to 3 have jointly and severally shall pay of Rs.10,96,911-00 (Rupees Ten Lakhs Ninety six Thousand Nine Hundred and Eleven only) to the complainant with interest @ 8 % p.a. from the date of complaint i.e., 04/03/2024 to till realization.

Further it is directed that the OP.No.1 to 3 have jointly and severally shall pay compensation of Rs.10,000-00 (Rupees Ten Thousand Only) and litigation cost of Rs.8,000-00 (Rupees Eight Thousand only) to the complainant.

Further it is also directed that the OP.No.1 to 3 shall comply the above order within the 45 days from the date of receipt/knowledge of the above order.