DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD
Dated this the 7th day of November, 2023.
Present : Sri.Vinay Menon V. President
: Smt. Vidya.A., Member
: Sri. Krishnankutty N K, Member
Date of filing: 09/06/2023
CC/154/ 2023
Jose A V
S/o Late Varghese, Arisseril House, - Complainant
Attingal Road, Thiruvalathur Post
Kodumbu, Palakkad - 678 551
(By Adv. Vince M J)
Vs
The Branch Manager, - Opposite Party
Palakakd Rural Co-operative Society Ltd.
No P 1180, Head Office
Sree Krishna Complex, Coimbatore Road,
Palakkad - 678 001.
(Ex-parte)
O R D E R
Prepared by Smt Vidya A, Member
- Pleadings of the complainant in brief
The complainant deposited an amount of Rs. 1 lakh as fixed deposit with the opposite party for a period of one year from 12/03/2018 with an interest rate of 9%.
On attaining maturity, he approached the opposite party for redeeming it. The opposite party asked him to renew it as there was financial crisis in the bank. The deposit was renewed for one year from 28/5/2019 with interest @ 8.25% per annum. After one year ie, on 12/03/2020, when the complainant approached the bank for withdrawal, he was informed that the said deposit was renewed for another one year with interest @ 7.5% per annum as it was Covid time. Subsequently he approached the opposite party on the due date on 12/03/2021 and they informed him that the financial crisis is not over and the deposit has been renewed for another year.
The complainant was in need of money and he could not get the same as it was renewed by the bank on 3/01/2022 till 12/09/22. Finally, when it was matured on 12/09/2022, the complainant approached the bank for money and they told him that it can be renewed for one more year. But the complainant was not willing as he was in need of money. The staff of the opposite party persuaded him to renew the deposit; but he did not renew it. Later he approached the bank for getting the amount; but they were not ready to release it.
Later the complainant came to know that the deposit is renewed for one more year without the complainant’s permission. The act of the opposite party in not returning the deposit amount even on maturity, amounts to clear Deficiency in Service on their part. The non-payment of the money has caused financial difficulties to the complainant and he is entitled to get compensation from the opposite party.
So he filed this complaint for directing the opposite party to pay Rs 2,31,000/- as compensation to the complainant inclusive of the amount deposited, to pay the cost of the entire proceedings and compensation for the Deficiency in Service on the part of the opposite party and such other reliefs as prayed for.
- After admitting complaint, notice was issued to the opposite party. Even after receiving notice, they did not appear or file version and they were set exparte.
- Complainant filed Proof Affidavit and Exts. A1-A3 were marked in evidence. Heard the complainant.
- Complainant’s case is that he deposited an amount of Rs 1 lakh as fixed deposit with effect from 12/3/2018 repayable on 12/3/2019 with interest @ 9% per annuam. On attaining maturity, he approached the opposite party for withdrawal of amount. But the opposite party renewed it for one more year stating the reason of financial crisis. On 12/3/2020, when he approached the opposite party, he was informed that the deposit was renewed for another one year with interest @ 7.75% per annuam as it is Covid time. On the next due date ie, on 12/3/2021, when he went to the opposite party society for withdrawal they again renewed it on 3/1/22 till 12/9/22. Finally on 12/09/22, he approached the opposite party for money, the bank requested him to renew it for one more year. But he was not willing as he was in need of money. Later he understood that the opposite party had renewed it without his permission.
- In order to prove his contention, he produced 3 documents which were marked as Exts. A1-A3.
Ext A1 is the Fixed Deposit Receipt (Original) issued by the opposite party to the complainant showing the deposit of Rs 1 lakh on 12th March 2018 for a period of one year with interest at 9% per annuam. Its due date is 12/3/2019. Ext A2 and A3 are the reply to the notices send by the opposite party to the complainant’s counsel. In Ext A2 and A3, the opposite party admitted the contention of the complainant regarding the Fixed Deposit and its renewal due to their financial crisis. In Ext A3, they had stated that they are liable to return the deposited amount and for that they are arranging a meeting of the depositors and in that meeting, they will make a clear decision regarding the return of the amount.
- According to the complainant, the opposite party has not returned the amount till date. From the evidence adduced, the contention of the complainant is proved. The complainant had succeeded in proving a prima facie case against the opposite party.
- There is Deficiency in service on the part of the opposite party in not returning the deposited amount and they are liable to compensate the complainant for that. The acts of the opposite party had definitely caused mental agony and financial difficulties to the complainant. Further inconveniences and expenses are caused due to the filing of this litigation.
In the result, the complaint is allowed.
- We direct the opposite party to return the deposited amount of Rs 1 lakh with interest @ 9% per annum from 12/3/2019 till realization.
- We further direct the opposite party to pay Rs 20,000/- as compensation for their Deficiency in Service, Rs 15,000/- for the mental agony and financial loss suffered as Rs 10,000/- as cost of the litigation
The above amounts are to be paid within 45 days of receipt of this order, failing which the opposite parties are liable to give Rs.250/- as solatium per month or part thereof till the date of payment.
Pronounced in open court on this the 7th day of November, 2023.
Sd/- Vinay Menon V
President
Sd/-
Vidya A
Member
