Date of Filing             :    31 May, 2023.

Date of Judgement    :    07 May, 2024.

Mr.  Dhiraj Kumar Dey,  Hon’ble Member.

            This case arises when Sri Ankit Agarwal, hereinafter called the Complainant, filed a complaint under Section 35 of the Consumer Protection Act, 2019  (the Act), against (1) the Branch Manager (2) the Area Manager and (3)  the Chairman of M/s. Sahara Credit Cooperative Society Ltd. (M/s. Sahara India), hereinafter called the Opposite Parties or OPs, alleging deficiency in service occurred from the part of the OPs arising out of non-payment of the amount payable against the deposited amount.

            The material facts arising out of the complaint petition and the annexed documents attached with it is that the Complainant opened a recurring deposit scheme named as Sahara.S.BHABISHYA on 26/09/2012 for 180 months with monthly deposit of ₹3,200/- per month and deposited a total sum of ₹1,02,400/- for 32 months up to 30/04/2015 (₹3,200/-  X 32) of Sahara Credit Cooperative Society Ltd. The OP company issued a Pass Book for this Recurring Deposit Scheme and corresponding Receipts were issued during each deposit.  Complainant stated that he wanted for pre-mature withdrawal after depositing amounts for 32 months, i.e. ₹1,02,400/-, for which he contacted with the OP-1 to deposit relevant original papers.  Unfortunately the OP-1 did not receive the papers but assured the complainant that after few months later they would refund the amount receivable according to the rules of the scheme through cheque. Days passed by but the complainant could not receive the amount payable to him.  He frequently visited the office of the OP-1 with his earnest request but his efforts could not bring any satisfactory result.  Lastly he sent a letter to all the OPs on 24/04/2023 requesting them to refund his deposited amount along with other amounts payable under this scheme.  But this time also his effort could not bring any satisfactory result.  Ultimately he filed this instant complaint on 31/05/2023 before this Commission praying to direct the OPs : (i) to pay compensation of ₹50,000/- for his mental and financial harassment, (ii) to refund the total deposited amount of ₹1,02,400/- in respect of his recurring deposit together with 10% interest per annum,  (iii) to pay simple rate of interest upon all the dues payable to him till realisation,  (iv) litigation cost of ₹30,000/- and any other relief or reliefs as this Commission may deem fit and proper and to pass such order restraining the OPs from doing such harassment.

            Complainant filed copies of (i) the Pass Book bearing No. 4210 01166345 issued by the OP company containing 7 pages and (ii) the letter dated 24/04/2023 issued by him to the OPs along with postal track reports as annexure to the complaint petition.  

            Notices were served upon the OPs, after admission, to appear and contest the case by filing their written version.  Despite receiving notice the OPs did not appear nor did they file their written version for which the case proceeded ex parte. Then the complainant filed his Evidence on Affidavit. Thereafter argument was heard in details and the complainant filed the Brief Notes on Argument.  We have now come to the position to deliver the Final Order in this case.  We have to decide whether the OPs are deficient in rendering proper service to the complainant for non-disbursing the payable amount for which the complainant is entitled to get relief as prayed for.

DECISION WITH REASONS

                       The factual matrix of this case as emerged from the complaint and the annexed documents is that the complainant had opened a Recurring Deposit Scheme on 26/09/2012.  The OP Company, i. e. Sahara Credit Cooperative Society Limited, having its registered office at Sahara India Bhawan,  1, Kapoorthala Complex, Aliganj, Lucknow-226024, issued a Pass Book having No.  4210 01166345 on 26/09/2012.  The name of the Scheme for such deposit is Sahara.S.BHAVISHYA and monthly denomination was settled at ₹3,200/- per month.  Tenure of this scheme was for 180 months. Account Number was assigned as 15854209073 for the depositor/complainant. Date of maturity is written as 26/09/2027. From this Pass Book it is found that on the date of opening of this Pass Book the complainant deposited ₹3,200/- and the corresponding Receipt Number was 80219188959.  Thereafter the complainant deposited regularly monthly instalments at the rate of ₹3,200/- per month and the OPs made entries regularly in this Pass Book up to 32^nd instalment deposited by the complainant on 30/04/2015 and issued respective receipts. Thereafter complainant deposited irregularly though maintaining the number of instalments as continuous.  It is found in the Pass Book entry that the complainant has deposited a total of ₹1,02,400/- which  comes to the denomination for 32 months.  Complainant stated that due to some financial urgency he approached to the OPs so that he could get back his deposited money together with interest as per the norms of the scheme but the OPs failed to disburse the payable amount to him.  His repeated requests became fruitless for which he filed the instant case to get relief as prayed for in his petition.

            Here in this case, the OP Company took regular monthly deposits from the depositor/ complainant up to 32^nd monthly instalment thus a total amount of ₹1,02,400/- has been deposited.  Complainant wanted to withdraw his deposited amount but the OPs failed to fulfil his request. As per the terms and conditions written in this Pass Book the depositor/complainant had to deposit his monthly contribution of ₹3,200/- up to 120 months and the tenure of the account allotted to the depositor under this scheme was for 180 months.  As the complainant approached for premature withdrawal so we are not discussing the details of maturity amount payable under the scheme.  In case of premature withdrawal it is written that: “The Member Account Holder can take pre-stage maturity payment prior to the declared tenure, subject to completion of 120 months from the date of opening the account, and will be paid within 30 to 35 days from the date of application, as per the following Chart (for monthly mode).

[Emphasis provided.]

            From the above statement on premature withdrawal it is found that the depositor had to pay for 120 months.  In Point No. 5(iii) it is stated that when the Member Account Holder has not continued the account regularly then it would be treated as Irregular Account and it is also stated therein that in that case some deductions would be made from the interest accrued therein as liquidated damage and this would be decided by the management of the society. But it is a fact that the complainant could not get back at least his deposited amount.  We are also in dark whether the complainant had applied in writing for the premature withdrawal or not.  He alleged that when he approached before the OPs intending to withdraw his deposited amount they assured him that after some months later they would disburse the payable amount.  But this has not happened even his letter could not bring any result. Complainant prayed for refund of ₹1,02,400/- together with 10% interest thereon for this premature withdrawal.

            As the OPs did not participate in contesting this case even after receiving notice we have no contrary material to counter or rebut the complaint petition which was put forward by the complainant.

            So, it is a fact that the complainant has not received the payable amount due to inaction of the OPs.  According to the definition of the Consumer Protection Act, 2019 the complaint is definitely a ‘Consumer’ of the OPs who promised to give ‘Service’ to the Consumer/Complainant by way of monetary benefit.  But the OPs failed to give service to the complainant according to the scheme thereby causing deficiency in service from the part of the OPs for which the complainant is entitled to get relief.  The OPs are liable to refund the deposited amount together with compensation for their deficiency in service.  As the OPs did not turn up to contest the case so there is no contrary material to counter or rebut the complaint.  The Complainant prayed for ₹50,000/- as compensation for his mental and financial harassment and also prayed for simple rate of interest upon all dues payable to him till full and final realisation.  But it is a settled principle that when award is given in the form of interest then awarding compensation along with interest is unjustified.  So, we think that awarding interest at the rate of 9% per annum on the total deposited amount will be sufficient in this case.  The complainant is also entitled to get ₹5,000/- as litigation cost from the OPs as he is compelled to approach before this Commission for redressal.

            Hence, it is

ORDERED

            That the complaint Case No. CC/121/2023 be and the same is allowed ex parte against the Opposite Parties.

            The Opposite Parties are directed to pay the Complainant the deposited amount of ₹1,02,400/- along with a simple interest at the rate of 9% per annum with effect from 30/04/2015 till the date of this order.  The Opposite Parties are also directed to pay ₹5,000/- as litigation cost to the complainant. These payments should be made by the Opposite Parties to the Complainant within 45 days from the date of receipt of this order failing which the entire sum shall carry 9% simple interest per annum till full and final realisation.

            Let a copy of this order be issued, on demand, to both the parties free of cost.

Dictated and corrected by me

            Member.