BEFORE THE A.P STATE CONSUMER DISPUTES REDRESSAL COMMISSION AT HYDERABAD.
C.C. 34 of 2011
Between:
1) K. Vijay Kumar
2) Smt. K. Rajani
W/o. K. Vijay Kumar
Both are R/o. 12-2-39/4
Sriramnagar Colony
Mehidipatnam
Hyderabad-28 *** Complainants
And
Telegraph Traffic Employees
Co-operative Credit Society,
Rep. by the Person-in-charge Committee
DTO, Koti, Hyderabad. *** Opposite Party
Counsel for the Complainant: M/s. B. Ramakrishna
Counsel for the Ops. None.
CORAM:
HON’BLE SRI JUSTICE D.APPA RAO, PRESIDENT.
SRI R. L. NARASIMHA RAO, MEMBER
&
SRI T. ASHOK KUMAR, MEMBER
MONDAY, THE TWENTY NINETH DAY OF AUGUST TWO THOUSAND ELEVEN
ORAL ORDER: (Per Hon’ble Sri Justice D.Appa Rao, President.)
***
1) This is a complaint filed u/s 17(a)(1) of the Consumer Protection Act claiming an amount of Rs. 55,35,000/- together with interest and costs.
2) The case of the complainants in brief is that they have deposited Rs. 55,35,000/- by way of FDRS with the opposite party co-operative society. They have been receiving the interest periodically, however, they were not paying the amount even after maturity of the deposits on one pretext or the other. They stopped payment of interest since August, 2008. On enquiry it was revealed that the Secretary has misappropriated the funds. The opposite party has appointed Person-in-charge, who has been looking after the affairs of the society. Therefore they claimed the aforesaid amount together with interest and costs.
3) Despite the fact that notice was served on the opposite party by way of registered post evidenced under postal acknowledgement it did not choose to contest the matter, and therefore it was set-exparte.
4) The complainants in proof of their case filed their affidavit evidence and got Exs. A1 to A6 marked.
5) The point that arises for consideration is whether the complainants are entitled to the amounts covered under the FDRs together with interest and costs?
6) It is an undisputed fact that complainants have deposited various amounts amounting to Rs. 55,35,000/- by way of FDRs marked as Exs. A1 to A6. The details are as follows:
S.No. | FDR No. | Date | Amount | Interest |
1 | 016232 | 03.05.2006 | 10,00,000 | 13% |
2 | 17436 | 10.11.2006 | 24,30,000 | 12% |
3 | 018824 | 11.08.2007 | 11,70,000 | 14% |
4 | 019173 | 10.10.2007 | 1,75,000 | 14% |
5 | 19602 | 10.01.2008 | 1,00,000 | 14% |
6 | 20186 | 15.07.2008 | 6,60,000 | 14% |
The opposite party society had agreed to pay the said amount with interest @ 12% to 14%. On the reverse of FDRs factum of payment of interest periodically was made a mention. However, from August, 2008 they stopped payment of amount on the ground that the Secretary had misappropriated the amounts.
7) The complainant has filed an application u/s 24-A to condone delay in filing the complaint on the ground that if the State Commission for whatever reason opines that the complaint was not filed within two years of maturity, same be condoned. In the light of the fact that the amount is covered under FDRs and the society is bound to pay the said amount on maturity, however, the liability being continuous one the same is condoned.
8) When the opposite party did not dispute its liability and did not choose to contest, and when the complainants have proved by filing the very FDRs evidencing deposit undoubtedly they are entitled to the amount. It is not a case where the society was wound up or liquidation proceedings are pending before the Hon’ble High Court. Even assuming the same be true still by virtue of decision of National Commission in R.P.No.1768/2000 and 1769/2000 and 2886/2005 dated 3-4-2007 in which they observed as follows:
“In view of the matter, particularly when liquidation petition for winding up is pending before the High Court of Bombay and the fact that a Special Committee is appointed and functioning under the High Court and that it has drawn a plan for repayment to the depositors/investors as quoted, we hereby direct that neither the State Commissions nor the Dist. Forums, would proceed further with the dispute which are pending against Lloyds Finance Ltd., However, it would be open to the Dist. Forums or the State Commissions to finalize the amount payable by the company (payment of interest and compensation would be subject to final orders of the special committee or the liquidator) and/or to direct the investors to lodge a claim before the Special Committee. These directions shall be abided by Consumer Fora all over the country”.
Therefore the complainants are entitled to the amount as mentioned in the FDRs viz., Rs. 55,35,000/- with interest on an average @ 13% p.a. from the date of complaint till the date of realization with costs of Rs. 10,000/-.
9) In the result the complaint is allowed directing the opposite party to pay Rs. 55,35,000/- (Rupees Fifty Five Lakhs and Thirty Five Thousand only) covered under the FDRs with interest @ 13% p.a., from the date of complaint viz., 31.12.2010 till the date of payment together with costs of Rs. 10,000/-. Time for compliance four weeks.
1) _______________________________
PRESIDENT
2) ________________________________
MEMBER
3) ________________________________
MEMBER
APPENDIX OF EVIDENCE
Witnesses examined for
Complainants: Opposite Party :
None None
Documents marked for complainant:
Ex A-1 to A6 Copies of FDR issued by Op in favour of complainants.
Documents marked for Opposite Party : Nil
1) _______________________________
PRESIDENT
2) ________________________________
MEMBER
3) ________________________________
MEMBER
*pnr 29/08/2011
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