IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, ALAPPUZHA
Tuesday the 07th day of December, 2021
Filed on 06-08-2021
Present
1. Sri.S.Santhosh Kumar BSc.,LL.B (President )
2. Smt.P.R Sholy, B.A.L, LLB (Member)
In
CC/No.154/2021
between
Complainant:- Opposite parties:-
Smt.Anitha Wilson 1. The Managing Director
Parumoottil Alan Villa Kerala Housing Finance Ltd
Kunthirickal P.O. Pan African Plaza, M.G road
Thalavady, Alappuzha- 689572 Trivandrum
(Party in person)
2. The General Manager
Kerala Housing Finance Ltd.
Pan African Plaza, M.G road
Trivandrum.
3. Sri.Sureshkumar
Gangadharan-
Pillai, Director,
Kerala Housing Finance Ltd.
Pan African Plaza, M.G road
Trivandrum.
4. Sri.Unnikrishnan Nair
Managing Director
Kerala Housing Finance Ltd.
Mullasseril House,
Kannamkodu Muri, Adoor,
Pathanamthitta.
(All opps. are exparte)
O R D E R
SMT.P.R SHOLY (MEMBER)
This is a consumer complaint filed under Sec.35 of Consumer Protection Act,2019.
1. Material averments briefly discussed are as follows:-
Complainant had deposited Rs.3 lakhs on 20-8-2015 to Kerala Housing Finance Ltd. where the opposite parties 1 to 4 were the officials. She had deposited the amount under the instigation of one Mis.Baby Girija @ Geetha, Maraveettil assuring to return the amount with interest @12% and the same was obtained her from complainant’s house. The maturity date was 20-11-18. While the complainant demanded the amount before attaining the maturity date of the deposit, the opposite parties were not responded. Thereafter knowing the fact that the said company was shut down its business, the complainant approached the agent, but she also evaded from her liability. Hence this complaint for returning the maturity amount of Rs.4,40,700/- along with compensation.
Notice issued to the opposite parties from this Commission with endorsement ‘left’. Opposite parties were called absent. Set exparte.
2. Points to be considered are as follows:-
- Whether the complainant is entitled to get relief sought fro in the complaint?
- Reliefs and cost if any?
-
Complainant filed an affidavit in tune with the complaint and produced one document, got marked Ext.A1.Ext.A1 is the bond certificate No.4616 TVLA dated 20-8-15.On perusal of the said document it revealed that the complainant had purchased 300 fully paid up Secured Redeemable Non-Convertible bonds of Rs.1,000/- each with maturity date on 20.11.18 and redemption date on 20.08.2022 with option for redemption at any time after 6 months.Accordingly the complainant opted early redemption before attaining the maturity date, thereby demanded the amount covered by Ext.A1 with assured interest.But opposite parties have failed to abide the promise as they assured and did not make any attempt to pay the amount.Hence filed this complaint.
The complainants case stands well sustained by the evidence put on record by the complainant.The opposite parties were remained exparte.In the absence of contrary evidence we are of the view that the case of the complainant is believable and she is entitled to realise Rs.3 lakhs ie, the redemption value of the 300 fully paid up Secured Redeemable bonds having face value of Rs.1,000/- each as per Ext.A1 bond certificate along with interest assured @ 12 % from the date of issuance of the said bond till the payment from the opposite parties.
The 1st opposite party being financial institution incorporated as per the provisions of the Companies Act, 1956 and the other opposite parties are its Managing director and Directors, hence all are bound to abide by the terms and conditions assured by them.But they have committed breach of promise as well as deficiency in service towards the complainant.Therefore opposite parties are jointly and severally liable to pay compensation for said count to the complainant and also they are liable to pay litigation cost to the complainant.
-
In the result the complaint stands allowed as follows:-
- The opposite parties are jointly and severally liable to pay Rs.3,00,000/- (Rupees Three lakhs only) with interest @12% per annum from 20.08.2015 till realisation to the complainant.
- Opposite parties are jointly and severally liable to pay compensation to the tune of Rs.10,000/- (Rupees ten thousand only) to the complainant.
- The opposite parties are jointly and severally liable to pay Rs.1,000/- (Rupees thousand only) each as litigation cost to the complainant.
The order shall be complied within one month from the date of receipt of the copy of this order.
Dictated to the Confidential Assistant, transcribed by her corrected by me and pronounced in open Commission on this the 7th day of December, 2021.
Smt. P.R Sholy (Member)
Sri.S.Santhosh Kumar (President)
Appendix:-Evidence of the complainant:-
Ext.A1 - Bond Certificate dtd. 20/8/2015
Evidence of the opposite parties:-NIL
Sa/-
///True Copy ///
To
Complainant/Oppo. party/S.F.
By Order
Assistant Registrar
Typed by:- Br/-
Compared by:-
