CC Filed on 14.05.2009<br /> Disposed on 20.08.2009<br /> <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated: 20th day of August 2009<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> <br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No. 39/2009<br /> <br /> Between:<br /> <br /> <br /> Mr. Titus Jayakaran,<br /> Aged 65 years,<br /> No. 10, Loop Road,<br /> Coromandel Post,<br /> K.G.F – 563 118.<br /> <br /> <br /> (By Advocate Sri. S. Nova Bethania ) <br /> <br /> <br /> <br /> <br /> <br /> ….Complainant<br /> <br /> V/S<br /> <br /> <br /> The BEML Employee Credit<br /> Co-operative Society Ltd.,<br /> Maharaja Road,<br /> Robertsonpet,<br /> K.G.F – 563 122.<br /> Represented by its President and Secretary. <br /> <br /> <br /> (By Advocate Sri. P. Raghavan and others ) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> ….Opposite Party<br /> <br /> ORDERS<br /> <br /> This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite party to pay Rs.3,00,000/- with interest at agreed rate from the date of deposit till the date of payment with damages of Rs.2,00,000/- and costs, etc.,<br /> <br /> 2. It is alleged that the complainant deposited Rs.3,00,000/- with OP on 24.07.2002 for a period of one year and the interest was payable every month at the rate of 12% p.a. It is alleged that the OP failed to repay Rs.3,00,000/- principal amount after maturity period. Though it is alleged in the complaint that interest was not paid at any time, the complainant filed memo stating that till July 2008 he received interest at 10.25% p.a. in each month and from August 2008 he received interest at 6% p.a. till July 2009.<br /> <br /> 3. The OP appeared through Counsel, but did not file the version within time and further time was refused in view of the facts of the case. <br /> <br /> 4. We heard the Learned Counsel for parties and perused the records.<br /> <br /> 5. The Learned Counsel for OP did not dispute the receipt of deposit as alleged in the complaint. The deposit was matured on 23.07.2003. The main grievance of the complainant is that the interest should have been paid at the agreed rate evenafter maturity period until now. On the other hand the Learned Counsel for OP submitted that the interest has been paid at much higher rate during earlier period and the OP society for one or the other reason was put to financial difficulties, therefore rate of interest was reduced to 6% p.a. from August 2008 as decided in Executive Body Meeting. He also prayed for installments to pay the deposit of Rs.3,00,000/- and he submitted the interest be allowed at 6% p.a.<br /> <br /> 6. After considering the records and the submissions of parties, we think the interest may be allowed at 7% p.a. from August 2008 till the date of payment. Hence we pass the following:<br /> <br /> O R D E R<br /> <br /> The complaint is allowed with costs of Rs.1,000/-. The OP is directed to pay Rs.3,00,000/- (Rupees Three Lakhs Only) to complainant with interest at the rate of 7% p.a. on the said amount from August 2008 till the date of payment less the interest already paid. The amount payable shall be paid within 45 days from the date of this order. <br /> <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 20th day of August 2009.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br />