DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD
Dated this the 1st day of March 2021
Present: Sri.V.P.Anantha Narayanan, Member(President I/c)
: Smt.Vidya.A, Member Date of Filing: 17/12/2019
CC /288/2019
1. Radhakrishnan.M,
Vidwan Bhavanam, - Complainant
Kizhakkethara,
Pallachathanur,
Palakkad, Pin – 678 571.
2. Sudha.R,
W/o. Radhakrishnan.M, Amendment carried out as per
Vidwan Bhavanam, IA 60/21 address of second
Kizhakkethara, complainant
Pallachathanur,
Palakkad, Pin – 678 571.
(By Party in Person Only)
V/s
1. The Director,
Kuzhalmannam Block Rural Credit
Co-operative Society(Ltd.),
No.P.1321, Kannanur,
Kannadi.P.O.
2. The President,
Kuzhalmannam Block Rural Credit - Opposite parties
Co-operative Society(Ltd.),
No.P.1321, Kannanur,
Kannadi.P.O.
(By Adv.S.Vinod)
3. The Secretary,
Kuzhalmannam Block Rural Credit
Co-operative Society(Ltd.),
No.P.1321, Kannanur,
Kannadi.P.O.
O R D E R
By Smt.Vidya.A, Member
Brief facts of the complaint
The complainant deposited an amount of Rs.1,00,000/- on 09/05/2018 with the opposite party, Kuzhalmannam Co-operative Society for one year. He approached the opposite party on 14/05/2019 for withdrawing that amount. But the opposite party did not allow the complainant to withdraw the amount and there was a dispute relating to withdrawal of that amount. Finally the fixed deposit for Rs.1 lakh was renewed for the amount together with interest amounting to Rs.1,08,250/- with FD No.6882. Again the complainant approached the opposite party on 15/06/2019 for withdrawing the amount in the FD No.6978 and the same continued and they renewed the FD for an amount of Rs.1,12,000/-. The complainant deposited an amount of Rs.1,00,000/- in the name of his wife for a period of one year on 27/09/2018 with FD No.7247. When they approached the opposite party for withdrawing that amount on 27/09/2019, the opposite party did not allow them to withdraw the amount and forcefully renewed the FD. The interest of Rs.8,250/- for one year was given on different occasions as Rs.1,000/-, Rs.2,000/- etc.
In addition to these, the complainant had another four FD’s with the opposite party and the opposite party was reluctant to give the principal amount and the interest even after the maturity period. The details of the complainant’s FDs with opposite party are FD No.6251 deposited on 07/12/2017 for an amount of Rs.3,00,000/-, FD No.6252 deposited on 08/12/2017 for an amount of Rs.2,00,000/-, FD No.6253 deposited on 08/12/2017 for an amount of Rs.2,00,000/-, FD No.6254 deposited on 03/11/2018 for an amount of Rs.3,00,000/-, FD No.6978 deposited on 05/06/2018 for an amount of Rs.1,00,000/-. All the above FDs are matured and the opposite party is not allowing the complainant to withdraw the amount. An amount of Rs.14,04,250/- is due from opposite party to the complainant as principal together with interest. The complainant had undergone financial crisis as he was not able to withdraw the amount in time. He was forced to take loan with high rates of interest from different sources for meeting his children’s educational purposes and medical and other expenses for his mother and wife. He suffered mental agony and financial loss due to these acts of the opposite parties. Hence the complaint is filed for getting an amount of Rs.14,04,250/- together with 18% interest from the date of deposit till payment and for getting an amount of Rs.2,00,000/- as compensation for the mental agony, financial loss, deficiency in service on the part of the opposite party and cost of proceedings.
Complaint admitted and notice issued to the opposite parties. Notice was served to the opposite parties and opposite parties 2 and 3 appeared. After that vakalath was filed for opposite party No.2 alone. But no version filed by the opposite parties and subsequently opposite parties 1 to 3 were set ex-parte.
Complainant filed chief affidavit in support of his claim and produced the original FD receipts of the seven fixed deposits and filed a petition IA 101/20 to return the originals after verification. IA was allowed and original receipts returned and copies of the FDs were marked as Ext.A1 to A7 and evidence closed. IA 41/21 filed by the complainant to re-open evidence and it was allowed. The complainant filed another IA 60/21 to implead his wife as the second complainant and that was allowed and complainant’s wife was added as the 2nd complainant and consequential amendment carried out. He filed additional affidavit and two documents produced subsequently were marked as Ext.A8 and A9. Evidence closed.
Main issues arising for consideration are:
- Whether there is any deficiency in service on the part of the opposite parties?
- If so, what is the relief as to cost/Compensation?
Issues 1&2
Heard the complainant and perused the documents. From Ext.A1 to A7, it is clear that the 1st complainant had six FDs and the 2nd complainant, his wife had one FD with the opposite party Co-operative Society. Ext.A8 and Ext.A9 are the account statements of the complainants issued by the opposite party – Co-operative Society. Ext.A8 shows the details of the six fixed deposits with FD No., their deposit date and the amount deposited. The total amount deposited by the complainants as per Ext.A8 is Rs.12,00,000/-(Rupees Twelve lakhs only). All these deposits were made for a period of one year and Ext.A9 shows the renewal date, total amount together with interest and their due date. As per Ext.A9, four FDs with numbers 6251, 6252, 6253, 6254 is due on 18/12/2019 and the principal amount together with accrued interest for these four FDs is Rs.11,73,430/-. The due date of the FD No.6882 is 09/05/2020 and the amount together with interest is Rs.1,17,181/-. The due date for the FD in the name of the second complainant is 27/09/2020 and the amount together with interest is Rs.1,08,250/-. Hence a total of Rs.13,98,861/- is due to the complainants as per Ext.A9. From Ext.A1 to A7 it is clear that all the FDs are renewed after one year for a period of another one year. According to the complainant, he approached the opposite parties after the maturity period for getting the amount and the opposite parties without refunding the amount with interest had renewed it against the complainants will. This amount to clear deficiency in service. A person makes deposits for a fixed period with the expectation of utilizing it for his needs after that period. If he is not getting such huge amount of money in time, definitely he would have undergone financial crisis. The complainant had contended that he was forced to take loans from different sources with high rate of interest. The opposite parties are responsible for the financial loss suffered by the complainant in taking loans with high rate of interest in facing his financial problems. During the course of this case, the complainant submitted a statement to the effect that the opposite parties had paid an amount of Rs.1,21,240/- on 04/11/2020 for the fixed deposit No.6978 which is matured on 15/06/2020. But they refused to pay the interest for the period from 15/06/2020 to 04/11/2020. So in the additional affidavit, he claimed an amount of Rs.3,836/- as interest for the period of 140 days at the rate of 8.25%. So the complainants are entitled to get an amount of Rs.14,02,697/- from the opposite parties as per the additional affidavit filed by the complainant. From Ext.A1 to A7, it can be seen that the annual interest for all these fixed deposits are 8.25% and so the complainant is entitled to get the principal amount plus interest at the rate of 8.25% till their maturity date. As per the complaint, even though the complainant approached the opposite parties for getting that amount, they were reluctant to pay the amount. So after the maturity period, till the date of payment, the complainant is entitled to get the interest for these amounts.
As the opposite party remained ex-parte, the evidence adduced by the complainant stands unchallenged.
In the result, the complaint is allowed.
The opposite parties are jointly and severally directed to pay an amount of Rs.14,02,697/-(Rupees Fourteen lakhs Two thousand Six hundred and Ninety Seven only) to the complainants.
The opposite parties are further directed to pay an interest at the rate of 9% after the maturity date till the date of payment to these amounts deposited in different FDs and to pay an amount of Rs.10,000/-(Rupees Ten Thousand only) for their deficiency in service, Rs.10,000/-(Rupees Ten Thousand only) for the mental agony and financial loss suffered by the complainant together with cost of proceedings.
The order shall be executed within 30 days from the date of receipt of this order; otherwise complainant is also entitled to get interest @ 9% per annum on the total amount due to him from the date of this order till realization.
Pronounced in the open court on this the 1st day of March 2021.
Sd/-
V.P.Anantha Narayanan
Member(President I/c)
Sd/-
Vidya.A
Member
Appendix
Exhibits marked on the side of complainant
Ext.A1 – FD receipt No.6882 for Rs.1,08,250/- dtd.14/5/19 issued by opposite party
Ext.A2 – FD receipt No.6978 for Rs.1,12,000/- dtd.15/6/19 issued by opposite party
Ext.A3 – FD receipt No.6253 for Rs.2,24,000/- dtd.18/12/18 issued by opposite party
Ext.A4 – FD receipt No.6254 for Rs.3,00,000/- dtd.7/12/18 issued by opposite party
Ext.A5 – FD receipt No.6251 for Rs.3,36,000/- dtd.18/12/18 issued by opposite party
Ext.A6 – FD receipt No.6252 for Rs.2,24,000/- dtd.18/12/18 issued by opposite party
Ext.A7 – FD receipt No.7247 for Rs.1,00,000/- dtd.27/9/19 issued by opposite party
Ext.A8 – Account statements of the complainants issued by the opposite party dtd.21/11/20
Ext.A9 – Account statements of the complainants issued by the opposite party dtd.16/2/21
Exhibits marked on the side of Opposite Party
NIL
Witness examined on the side of complainant
NIL
Witness examined on the side of opposite party
NIL
Cost and compensation for mental agony and financial loss: Rs.10,000/-
