BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL

FORUM, VELLORE DISTRICT AT VELLORE.

PRESENT:   THIRU. A. SAMPATH, B.A., B.L.,            PRESIDENT

                                         TMT. G. MALARVIZHI, B.E.                        MEMBER – I

                                     THIRU. K. DHAYALAMURTHI,B.SC.          MEMBER – II

CC.8 / 2004

TUESDAY THE 23rd  DAY OF NOVEMBER  2010.                               

K. Anandapadmanabhan,

S/o. P.V.Kuppuswamy Pillai,

No.6, LIC Colony, 1^st Street,

Sainathapuram,

Vellore – 1.                                                                                                         …  Complainant.

       - Vs –

The Vellore Co-operative Town Bank Ltd.,

Vellore,

Rep. by its General Manager,

No.12, Filterbed Road,

Vellore 632 001.                                                                                     … Opposite party.  

. . . .

              This petition coming on for final hearing before us on 16.11.2010, in the presence of Thiru. Thiru.K. Anandapadmanaban  & A. Ramesh, Advocates for the complainant and Thiru. A.B. Gangadharan, Advocate for the opposite party, and having stood over for consideration till this day, the Forum made the following:

O R D E R

            Pronounced by Thiru. A. Sampath, President of the District Consumer Disputes Redressal Forum, Vellore District.

1.         The brief facts of the case of the complainant is as follows:   

            The complainant was having certain fxed deposits with the opposite party and the details of the same are asunder:

The deposit receipts have not mentioned the date within which the deposits have to be renewed after majority.  The first mentioned deposit was actually matured earlier on 8.1098 to 8.5.2000, with such interest as prevailed on 8.10.98 on cumulative basis, as the period of deposit was more than a year.  The deposit certificates were misplaced by him and in the absence of any intimation from the opposite party, was under the bonafide belief that the deposits were yet to be matured.  Infact one another deposit of Rs.10,000/- was matured in April 2003 for which the opposite party had sent advance intimation  As soon as the deposit certificates were traced out by him, he informed by his letter dt. 3.5.02, to the opposite party.   requesting the renewal of the deposits.  The opposite party by its reply dt. 22.5.02, had agreed to renew the deposits, only by offering the simple interest prevailing on that date for the non renewed period, on condition that the deposits were to be renewed for a further period.    The avail the maximum interest at 9.5% prevailing on that date, the complainant was forced to seek a renewal for two years to earn that interest for the non-renewed period.    The complainant had unwillingly agreed to renew the deposits for a further period of two years from 14.6.02 to 14.6.04 carrying a simple interest of 9.5.% p.a.  A total interest to Rs.12,959/- for the pre-renewal period calculated at 9.5.%  simple interest was added to the maturity amount of Rs.1,01,492/- and the total sum of Rs.1,14,451/- was placed in 3 deposits of Rs.40,000/- Rs.40,000/- and Rs.34,451/-.  The x-copy of the letter dt. 3.5.02 by the complainant and the reply from the opposite party dt. 22.5.02 are filed herewith.    The opposite party  had continued to utilize the deposit amounts after their maturity to its own advantage, without taking any steps to return them to the complainant.  It is evident by the implied conduct of the opposite party, the deposits have been renewed unilaterally by it and is bound to pay the interest prevailing on such dates to the complainant.   He prayed for directing the opposite party to pay the complainant, the interest due to him, had the deposits been renewed on the dates of their maturity up to 14.6.02, when they were actually renewed.  And to work out the cumulative interest accrued upto 14.6.02, and deduct there from the interest of Rs.12,959/- already offered by the opposite party, keep the balance amount as a separate deposit and pay interest thereon from 14.6.02, at the then prevailing rates of interest and to pay a compensation of rs.10,000/- towards torture, agony and distress suffered by the complainant and to pay a sum of Rs.5000/- towards the costs of the complaint.

2.         The averments in the counter filed by the opposite party is as follows:

The respondent does not admit any of the allegations in the complaint save those that are specifically admitted herein and puts the complainant to strict proof of rest of them all. It is true that the complainant had fixed deposits as alleged in Para 1 of the complaint. The fixed deposits are 9 in number and the total value of these deposits come to Rs.101492/ after maturity.   The first three deposits were made on 8.10.98, but on presentation on 3.5.2000 was renewed retrospectively for 19 months from 8.10.98 to 8.5.2000 with interest prevailed as on 8.10.98 on cumulative basis for 19 months as the period of deposit was more than a year with interest 12..5%.    The other 8 deposits are made as follows:  1. Deposited on 7.7.99, maturing on 8.8.2000 with interest it 12% p.a. cumulative. 2. deposited on 6.9.99 maturing on 6.9.99, maturing on 6.9.2000 with interest at 11% p.a. cumulative.  3 deposited on 29.9.99, maturing on 29.9.2000 with interest at 11% p.a. cumulative.  4. deposited on 14.10.99 maturing on 14.10.00 with interest at 11% p.a. cumulative. 5. deposited on 3.11.99 maturing on 3.11.2000 with interest at 11% p.a. cumulative.  6. deposited on 27.12.99 maturing on 27.12.2000 with interest at 11% p.a. cumulative.  7. deposited on 17.7.00 maturing on 17.12.00 with interest at 7% p.a. cumulative 8. deposited on 26.6.01 maturing on 24.12.01, with interest at 8% p.a. cumulative.    In the deposit receipt it is clearly motioned that  interest will cease at the expiration of the period of deposits.  There is no compulsion that he should renew the deposit.  It is left to the choice of the depositor either to renew the deposit or to receive the money due.     The bank should sent the intimation  to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the fixed deposit receipts themselves and it is also stated under note “Interest will cease it the expiration of the above period when the receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affided. 

3.         The complainant is an advocate.  His father is an advocate auditor and the other deposits concerned in 4 other C.D.Ops filed along with this complaint are the sons.  All are well educated, practicing lawyer income tax auditor and government servants.    In order to claim interest at the same rate at which he deposited the money even after a lapse of 4 years he was keeping quiet and he wants to take the plea that he has not been intimated and therefore he can claim interest at the  original rate.  This is  the main motive behind the actions of the complainant.    In April 2003 he got an intimation with reference to the another deposit which is about to be matured from the very same bank.  It is true that in the year 2003 the bank followed the advice given by the Reserve Bank of India and sent the intimation.  The complainant cannot take advantage of this intimation and state that the previous non-intimating of the maturity dates of deposits is caules on the part of the bank since  it is not the duty of the bank as per the bank law to compulsorily intimate the date of maturity of the deposits and failure to do the duty amounting to deficiency of service on the part of the bank.   There is no deficiency in service on the part of the opposite party.    There are no merits or bonafides in the complaint as it is incompetent and so it is liable to be dismissed in limine.

4.         Now the points for consideration are:

a)  Whether there is any deficiency in service, on 

                 the part of the opposite party?

            b)  Whether the complainant is entitled to the

                reliefs asked for?.

5.         Ex.A1 to ExA16 were marked on the side of the complainant and Ex.B1 to Ex.B2 were marked on the side of the opposite party.  Proof affidavit of the complainant and Proof affidavit of the opposite party have been filed.  No oral evidence let in by either side. 

6.         POINT NO.(a):

It is admitted facts of the parties that the complainant was having the following  fixed deposits with the opposite part’s bank : the 1^st re-investment deposit Ex.A1 was made on 3.5.00 for the period of 19 months and the maturity date was on 8.5.00, the 2^nd re-investment deposit Ex.A2 was made on 8.7.99 for the period of 12 months and the maturity date was on 8.7.00, the 3^rd re-investment deposit Ex.A3 was made on 6.9.99 for the period of 12 months and the maturity date was on 6.9.00, the 4^th re-investment deposit Ex.A4 was made on 29.9.99 for the period of 12 months and the maturity date was on 29.9.00, the 5^th re-investment deposit Ex.A5 was made on 14.10.99 for the period of 12 months and the maturity date was on 14.10.00, the 6^th re-investment deposit Ex.A6 was made on 3.11.99 for the period of 12 months and the maturity date was on 3.11.00, the 7^th re-investment deposit  Ex.A7 was made on 27.12.99 for the period of 12 months and the maturity date was on 27.12.00, the 8^th Fixed deposit Ex.A8 was made on 17.7.00 for the period of 5 months and the maturity date was on 17.12.00, and the 9^th Fixed Deposit Ex.A9 was made on 26.6.01 for the period of 181  days  and the maturity date was on 24.12.01.

7.         The complainant contended that it is the duty of the opposite party’s bank to inform inadvance about the maturity of the above deposits and in the absence of any intimation from the opposite party’s bank, the complainant was under a bonafide impression that the deposits have not been matured.    The above seven reinvestment deposits and two fixed deposits continued to remain as such with the opposite party and have not lost its identity and the opposite party had agreed to renew the said deposits by offering a simple interest of 9.5% p.a. from the date of maturity to the date of renewal, if the said nine deposits  were renewed for a further period of two years.    The opposite party due to utilize the said deposit amounts even after the dates of their maturity to its own benefit and did not care to take any action either to renew or refund the amount due to the complainant’s S.B. account.  The absence of any prior intimation with necessary details before the maturity of the said deposits and also the failure to intimate any alleged change of policy in renewing the said deposits will clearly prove the negligence, the deficiency of the service on the part of the opposite party.

8.         The opposite party contended that the opposite party’s bank send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the said nine deposit receipts i.e. Ex.A1 & Ex.A9.   It is also stated in the said deposit receipts under note “interest will cease at the expiration of the above period when the receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed.    The complainant could have renewed the said nine fixed deposits if he wanted on maturity date mentioned in the Ex.A1 to Ex.A9 deposit receipts but he did not do so.   It is further contended that the complainant is an Advocate.  His father is an advocate auditor and the other deposits concerned in 4 other Ops filed along with this complaint are the sons.  All are well educated, practicing lawyer, income tax auditor and Government servants.   In order to claim interest at the same rate at which he deposited the money even after lapse of four years he has keeping quiet and he wants to take the plea that he has not been intimated and therefore he can claim interest at the original rate.     The opposite party’s banks have done everything as per rules and instructions and directives received from the Reserve Bank of India from time to time.  Therefore there was no deficiency of service on the part of the opposite party’s bank in any way whatsoever to cause mental agony torture and distress to the complainant.

9.         From the perusal of 1^st re-investment deposit receipt Ex.A1  & Ex.B8, dt. 3.5.00 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.19732/- only as a reinvestment deposit repayable 19 months after date, the 2^nd re-investment deposit receipt Ex.A2 & Ex.B3 dt. 8.7.99 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.5000/- as a reinvestment deposit repayable 12 months after date, the 3^rd re-investment deposit receipt Ex.A3 & Ex.B2, dt. 6.9.99, it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 4^th  re-investment deposit receipt Ex.A4 & Ex.B4, dt. 29.9.99 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 5^th  re-investment deposit receipt Ex.A5 & Ex.B6, dt.14.10.99 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 6th re-investment deposit receipt Ex.A6 & Ex.B5, dt. 3.11..99 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.5000/- only as a reinvestment deposit repayable 12 months after date, the 7th re-investment deposit receipt Ex.A7 & Ex.B7, dt. 27.12.99 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.10000/- only as a reinvestment deposit repayable 12 months after date, the 8^th Fixed deposit  receipt Ex.A8 & Ex.B9, dt. 17.7.00 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.3000/- only as a fixed deposit payable  7months after date with interest @ 7% p.a. and the 9^th fixed deposit receipt Ex.A9 & Ex.B10, dt.26.6.01 it is mentioned that received from (K. Anandapadmanabhan) the complainant Rs.34000/- only as a fixed deposit payable 181 days  after date with interest @ 8% p.a.    From the further perusal of  reinvestment deposit receipt Ex.A1 to Ex.A7 it is seen that the opposite party’s bank stated under note that “ interest will cease at the expiration of the due date or maturity date when this receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed and the fixed deposit receipts Ex.A8 & Ex.A9 it is also seen that the opposite party bank stated under note No.1 on the due date this receipt should reach this bank with instructions as to its disposal stamped and signed on the reverse, if the amount exceeds Rs.500/-.  No instruction of any kind will be given to the depositors regarding the due dates.   No.2  The rate of interest payable on the deposit is subject to variations as per the directions that may be issued by the R.B.I from time to time.   The 1^st reinvestment deposit a sum of Rs.19732/- was made on 3.5.00 and the maturity date was on 8.5.00, the 2^nd  reinvestment deposit a sum of Rs.5000/- was made on 8.7.99 and the maturity date was on 8.7.00,  the 3rd reinvestment deposit a sum of Rs.5000/- was made on 6.9.99 and the maturity date was on 6.9.00,   the 4^th  reinvestment deposit a sum of Rs.5000/- was made on 29.9.99 and the maturity date was on 29.9.00,    the 5^th   reinvestment deposit a sum of Rs.5000/- was made on 14.10.99 and the maturity date was on 14.10.00,  the 6^th  reinvestment deposit a sum of Rs.5000/- was made on 3.11.99 and the maturity date was on 3.11.00, the 7^th  reinvestment deposit a sum of Rs.10000/- was made on 27.12.99 and the maturity date was on 27.12.00, the 8^th fixed deposit receipt a sum of Rs.3000/- was made on 17.7.00 and the maturity date was on 17.12.00 and the 9^th fixed deposit receipt a sum of  Rs.34,000/- was made on 26.6.01 and the maturity date was on 24.12.01.  The complainant could have renewed the said deposits, if she wanted after maturity dates i.e. on 9.5.00, 9.7.00, 7.9.00, 30.9.00, 15.10,00, 4.11.00, 28.12.00, 18.12.00, 25.12.01  respectively, but he did not do so.  

10.       The contention of the complainant  that the deposit certificates were misplaced by the complainant and as soon as the deposit certificates were traced out he informed to the opposite party through a letter Ex.A10, dt. 3.5.00 requesting for the renewal of the deposits and the interest shall be paid for non renewal period.      According to the opposite party, the bank send  an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the re-investments deposit receipts and fixed deposit receipts and it is also mentioned in the said receitps under note that interest will cease at the expiration of the above period when this receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed.    11. The complainant has not denied the contention of the opposite party that the complainant is an Advocate his father is an advocate auditor and the other deposits concerned in four other Ops filed along with this complaint are all sons.  All are well educated, practicing lawyer, income tax auditor and Government servants.   Therefore, the contention of the complainant that the deposit certificates were misplaced by the complainant is not acceptable.      It is admitted facts of the parties that  the date of maturity is mentioned on the top in the reinvestment deposits receipts Ex.A1 to Ex.A7 and fixed deposit receipts Ex.A7 & Ex.A8 and it is also stated in the said receipts under note that “interest will cease at the expiration of the period mentioned in the receipts.   But the complainant did not renew his deposits after the maturity date.  There  is no specific rule or direction by the Reserve Bank of India about the intimation to the complainant regarding to inform inadvace about maturity date.  Therefore the contention of the complainant that it is the duty of the opposite party to inform inadvance about the maturity of the deposit and failing to inform the maturity date is deficiency in service on the part of the opposite party is not acceptable.

12.       Hence, taking all the above facts into consideration from the contention in the  complaint and the counter, as well as proof affidavit of  both the parties, and from the documents Ex.A1 to A16 and Ex.B1 to Ex.B10, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein.  Hence we answer this point (a) as against the complainants herein.

13.       POINT NO : (b)

            In view of our findings on point (a), since, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein.   We have also come to the conclusion that the complainant is not at all entitled to any relief asked for by him, in this complaint.  Hence we answer this point (b) also as against the complainant herein.

14.       In the result this complaint is dismissed.  No costs.

Dictated to the Steno-typist and transcribed by her, corrected and pronounced by the President, in Open Forum, this the 23^rd day of November  2010.

MEMBER-I                               MEMBER-II                                                            PRESIDENT.

List of Documents:

Complainant’s Exhibits:

Ex.A1- 3.5.00            - X-copy of Reinvestment deposit receipt.

Ex.A2- 17.7.99          - X-copy of Reinvestment deposit receipt.

Ex.A3- 6.9.99            - X-copy of Reinvestment deposit receipt.

Ex.A4- 29.9.99          - X-copy of Reinvestment deposit receipt.

Ex.A5- 14.10.99        - X-copy of Reinvestment deposit receipt.

Ex.A6- 3.11.99          - X-copy of Reinvestment deposit receipt.

Ex.A7- 27.12.99        - X-copy of Reinvestment deposit receipt.

Ex.A8- 17.7.00          - X-copy of fixed deposit receipt.

Ex.A9- 26.6.00          - X-copy of fixed deposit receipt.

Ex.A10- 3.5.02          - X-copy of Lawyer Notice by the complainant.

Ex.A11- 22.5.02        - X-copy of  reply notice by the opp party.

Ex.A12- 14.6.02        - X-copy of fixed deposit receipt.

Ex.A13- 14.6.02        - x-copy of fixed deposit receipt.

Ex.A14- 14.6.02        - X-copy of fixed deposit receipt.

Ex.A15- 17.4.03        - Letter by the opposite party’s bank to the complainant.

Ex.A16- 12.7.01        - X-copy of the circular.

Opposite party’s Exhibits:

Ex.B1- 14.6.02          - Adjustment slip of the opp party’s bank.

Ex.B2- 6.9.99            - Re-investment Deposit Receipt.

Ex.B3- 17.7.99          - Re-investment Deposit Receipt.

Ex.B4- 29.9.99          - Re-investment Deposit Receipt.

Ex.B5- 3.11.99          - Re-investment Deposit Receipt.

Ex.B6- 14.10.99        - Re-investment Deposit Receipt.

Ex.B7- 27.12.99        - Re-investment Deposit Receipt.

Ex.B8- 3.5.00            - Re-investment Deposit Receipt.

Ex.B9- 17.7.00          - Fixed  Deposit Receipt.

Ex.B10- 26.6.00        - Fixed  Deposit Receipt.

MEMBER-I                               MEMBER-II                                                     PRESIDENT.