Karnataka

Belgaum

CC/209/2015

Ashok D Jain - Complainant(s)

Versus

The Chairman Shree Aashraya Sou Cr Scty Ltd. - Opp.Party(s)

Prashant P Samaji

31 May 2017

ORDER

                 

ADDITIONAL  DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BELAGAVI

C.C.No.209/2015

 

                     Date of filing: 17/03/2015

 

                                                                  Date of disposal: 31/05/2017

 

 

P R E S E N T :-	(1)	Shri. A.G.Maldar, B.Com,LL.B. (Spl.) President.
	(2)	Smt.J.S. Kajagar, B.Sc. LLB. (Spl.)  Lady Member.

 

 

COMPLAINANT         -

Shri. Ashok S/o Devichand Jain, Age: 48 Years, Occ: Business, R/o: Saileela Apartment, Maratha Colony, Tilakwadi, Belgaum.                        (Rep. by Sri.P.P.Samaji, Adv.)

- V/S -

 

OPPOSITE PARTIES  -

1.         2.

The Chairman, Shree Aashraya Souharda Credit Society Ltd., Off. At 760, Kalmath Road, Belgaum.   The Branch Manager, Tilakwadi Branch, Shree Aashraya Souharda Credit Society Ltd., Off. At: Ashraya Empire, RPD Cross, Tilakwadi, Belgaum.                             (Rep. by Sri. S.R. Sakri, Adv.)

JUDGEMENT

 

By  Shri. A.G.Maldar, President.

 

 

1.      This is a Complaint filed by the complainant under Section 12 of the Consumer Protection Act, 1986 (herein after referred to as Act) against the Opposite Parties (in short the “Ops”) directed to pay the F.Ds. amount of Rs.2,54,000/- together with interest
@ 16 % p.a. from 21.02.2011 till realization and compensation of Rs.10,000/- towards Mental agony & any other reliefs.

 

2.      The facts of the case in brief are that;

 

 

 

It is case of the complainant that, the complainant is the customer of the OPs Society and out of his hard earned savings, had kept fixed deposits with the Ops Society. The said FDs with opponents society are enumerated below;

 

Sl.No.	A/c No.	Date of Deposit	Amount in Rs.	Interest Rate	Maturity Date
01	124/32	21.02.11	35000/-	10.72%	21.08.17
02	127/32	21.03.11	50000/-	10.72%	21.09.17
03	128/32	21.03.11	50000/-	10.72%	21.09.17
04	129/32	21.03.11	25000/-	10.72%	21.09.17
05	132/32	21.04.11	25000/-	10.72%	21.10.17
06	133/32	21.04.11	25000/-	10.72%	21.10.17
07	135/32	21.05.11	22000/-	10.72%	21.11.17
08	136/32	21.05.11	22000/-	10.72%	21.11.17

 

the above said fixed deposits kept with Opponent No.2 and the complainant has approached the opponents’ society for pre-maturity withdrawal of above said fixed deposits, but opponents have not paid the amount and thereby avoided to make the payments by giving one or the other reasons. The complainant has to meet urgent expenses of her family i.e. Medical Expenses and other family needs, but opponents have withheld the said amount illegally, the complainant is not able to utilize the same for the purpose which the said amount is saved.

 

          It is further contended that, due to persistent refusal of the opponents to repay the FDs amount, the complainant got issued legal notices to the OPs through his Counsel on dtd: 27.03.2015 and notices were duly served to the opponents. But, the opponents have neither replied nor complied with said notices. However, the opponents refused to return the fixed deposited amounts by giving one or other reasons, hence the complainant has constrained to file this complaint.  

 

3.      After issue of notice to the OPs, the Op.No.1, has appeared through his Counsel and Op.No.2 filed memo stated that, the written version of OP.No.1 adopt the same and Op.No.1 resisted the claim of the complainant by filing his written version to the main petition and contending that, the contents of complaint are fabricated and there is no details provided regarding alleged deficiency, there is no deficiency in service on part of OPs as the claim is pre-mature. The complainant has suo-moto calculated the amounts as per assumptions and further the complainant has failed to comply mandatory KYC compliance prior to putting claims for pre-withdrawal and has also not expressed willingness to abide by the terms of the Pre-Maturity withdrawal Rules i.e. agreeing to receive interest @ 3% less of the agree rated of interest and /or 6% of the simple interest from the date of deposits, whichever is higher and further the Complainant has failed to provide such details in the complaint. Further, there is no deficiency in service as the complaint is pre-mature and complaint be dismissed with compensatory cost of Rs.5,000/-.

 

4.      Both the parties have filed their affidavits in lieu of evidence in support of their case. The complainant has produced 4 documents, for sake of our convenience we have marked as
Ex.P-1 to Ex.P-4. On the contrary the opponents have not produced any document. Heard the arguments of both sides.

 

Now, the following points that arise for our consideration in deciding the case are;

 

 

01. Whether the complainant has proved that there is deficiency in service on the part of the OPs for not settling the payment of Pre-maturity F.D. amount?

 

02. What order?

 

5.      Answer to the above Points:-

 

01. Affirmative.

02. As per final Order.

 

 

R E A S O N S :-

 

6.      Point No.1 : We have gone  through the pleadings, evidence of complainant and as well as documents on record. It is admitted fact that, the complainant is not member of Opponents and as a customer of the Opponents Society and complainant has deposited the amounts to secure his future and FDs were kept in his name with the opponents society are enumerated below;

 

Sl.No.	A/c No.	Date of Deposit	Amount in Rs.	Interest Rate	Maturity Date
01	124/32	21.02.11	35000/-	10.72%	21.08.17
02	127/32	21.03.11	50000/-	10.72%	21.09.17
03	128/32	21.03.11	50000/-	10.72%	21.09.17
04	129/32	21.03.11	25000/-	10.72%	21.09.17
05	132/32	21.04.11	25000/-	10.72%	21.10.17
06	133/32	21.04.11	25000/-	10.72%	21.10.17
07	135/32	21.05.11	22000/-	10.72%	21.11.17
08	136/32	21.05.11	22000/-	10.72%	21.11.17

 

          On perusal of affidavit evidence of the complainant, the claim of the complainant is pre-mature, and there is no any bar to
pre-mature the said F.Ds, even though the complainant requested to Ops to make payment inspite of the demands made by the complainant, the amount remained unpaid, the said contention has to be believed and accepted and it has no force in the contention. It is well settled legal position that, nonpayment of the deposited amount it amounts to deficiency in service on the part of the OPs.  

 

Now, coming to the contention stated in written version of the OPs that, the complainant has not approached to the Sahakari/society and not furnished the KYC norms as required under law and one more contention is that, as the claim is pre-mature, the complainant is not entitle for the interest as agreed. On the cost of repetition, looking to the allegation of the complainant and claiming pre-mature F.D. Therefore, the question remains is that, whether the complainant can claim pre-mature claim under F.D. receipt has to be seen? As per the contention taken by the OP, the complainant is not maintainable as the claim is pre-maturity of F.D, cannot be believed and accepted, because to show that, the complainant is not entitle for the pre-maturity of F.D  amount, the OPs have not filed any documents in this regard and the Ops have not establish the case with cogent and believable material documents to hold that, the said complaint is not maintainable, hence mere contending in the written version does not suffice the same and said contention cannot be accepted and credible. According to the guide lines of RBI, the person one who is claiming the pre-mature F.D. amount is entitle for 3% less than the agreed rate of interest on F.D.

 

 Moreover, the F.D. deposit is not been denied by the OPs except the contents taken in the written version, as to KYC norms and interest. Therefore, in our consider view that, the nonpayment of F.D. amount by the OPs and demanding immaterial documents which is not mentioned in F.D. receipts and even in accordance with R.B.I. Guidelines the F.D. holder has right to withdrawal by way of moving an application towards pre-maturity of F.D. amounts which is guaranteed by the R.B.I, despite the OPs or not making payment to the F.D. holders are amounts to deficiency of service on the part of the OPs.

 

It is a duty of the OPs that, when the complainant is ready to take amounts as per policies of society for pre-maturity withdrawals of deposits, a mandatory duty on the part of OPs to disburse or settle the F.Ds. amount by giving the make good payment which has fixed the amount by the complainant in Ops society, but the OPs nonpayment of the respective F.Ds. amount and one or the other reason dragging and alleging unattainable contention is amounts to deficiency of service on the part of OPs. Hence, due to nonpayment of respective F.Ds. pre-maturity amount by the OPs is caused mental agony and harassment to the complainant. However, the complainant has approached the OPs society for payment of respective F.Ds. Pre-maturity amount which were necessary for his future expenses, emergent and medical needs and his financial crises.  Hence, in our considered opinion that, the complainant is entitled respective F.Ds. amount from the date of deposit with interest @ 6.7 % p.a and also entitled Rs.2,000/- towards mental agony and Rs.1,000/- towards cost of litigation with this, we answer to Point No.1 in partly Affirmative. Hence, we proceed to pass the following;

 

           

O R D E R

 

          For the reasons discussed above, the complaint filed by the complainant U/s.12 of the Consumer Protection Act, 1986 is hereby partly allowed with costs.

 

 

The O.Ps. jointly and severally are hereby directed to pay the fixed deposited an amounts of Rs.2,54,000/- in respect of F.D. receipts bearing Account numbers (as shown in the complaint para no.2) to the complainant with interest @ 6.7% P.A. from the date of deposit of the respective F.Ds. amount till realization.

 

Further, the O.Ps. jointly and severally are hereby directed to pay a sum of Rs.2,000/-  towards mental agony and Rs.1,000/- being the cost of the litigation to the complainant

 

          The order shall be complied within 10 weeks from the date of this order, failing to which the complainant is entitled to recover Addition interest @ 1.3 % p.a. from the date of complaint i.e. 17.03.2015 till its realization.

 

            (This order is dictated to the Stenographer, transcript edited, corrected and then pronounced in the open forum on this 31^st day of May, 2017).

 

Sri. A.G.Maldar,     President.

Smt. J.S. Kajagar,    Lady Member.