BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM VAZHUTHACAUD, THIRUVANANTHAPURAM. PRESENT SRI. G. SIVAPRASAD : PRESIDENT SMT. BEENAKUMARI. A : MEMBER SMT. S.K.SREELA : MEMBER O.P. No. 113/2005 Filed on 04.04.2005 Dated : 16.11.2009 Complainant:
Sushama Kumari residing at Fair Fax, T.C 4/823(1), Gokul Residents Association, Kuravankonam, Kowdiar, Thiruvananthapuram-3.
(By adv. P. Krishnankutty Nair) Opposite party:
M/s Muthoot Chitti Fund- represented by its Partner, Aryasala Branch, Thiruvananthapuram.
(By adv. C.M. Stephen)
This O.P having been heard on 30.09.2009, the Forum on 16.11.2009 delivered the following: ORDER SRI. G. SIVAPRASAD: PRESIDENT The facts leading to the filing of the complaint are that complainant availed a gold loan of Rs. 54,300/- from the opposite party vide loan No. S 156652 dated 31.10.2002, F 3279 dated 31.10.2002, S 167330 dated 02.12.2002, S 160626 dated 04.07.2002, S. 164750 dated 02.06.2002 and F 2545 dated 21.10.2002, that complainant pledged 170 gm gold ornaments for a loan of Rs. 54,300/-, that the said loan was availed at an interest rate of 12% per annum and that opposite party agreed to release the gold ornaments on getting loan amount with interest at 12% per annum. Complainant called on the opposite party to get release of the gold ornaments on paying the loan amount with interest accrued. Opposite party was not prepared to accept Rs. 68,418/- from the complainant and to release the gold ornaments to her. Opposite party demanded exorbitant interest exceeding 12% per annum. Hence this complaint to direct opposite party to release the pledged ornaments on accepting loan amount with interest at the rate of 12% along with costs. Opposite party filed version contending that no consumer relationship as contemplated under the Consumer Protection Act is involved in this case, and that complaint is unsustainable and bad as the complainant has no specific case resulting deficiency of service. It is submitted that complainant availed four loans amounting to a sum of Rs. 37,500/- from the opposite party by pledging her gold ornaments that Loan No. F. 3279 and F. 2545 are not belonging to this opposite party, and that these pledges were possibly done with the sister concern of the opposite party. The loan was taken for a maximum period of 6 months from the date of availing the same and interest rate was 18%. Complainant covenanted to remit the interest on a monthly basis and that too on the date prescribed in the loan pass book. There was mutual agreement for payment of penal interest for the non-compliance of the terms and conditions given in the pledge agreement. As per the pledged agreement complainant was duty bound to redeem the gold ornaments by by settling her dues comprising of the principal and interest. Complainant never approached opposite party after the pledge. There was no remittance made by the complainant till the date of filing of the complaint. The interest element as shown in the complaint is ungrounded and imaginary. Opposite party never claimed exorbitant interest. Complainant had not approached this Forum with clean hands and open mind. Opposite party is a law abiding citizen. Opposite party is not liable to pay any relief as claimed in the complaint. Hence opposite party prayed for dismissal of the complaint. The points that arise for consideration are:- Whether the complainant has complied the pledge agreement? Whether there is deficiency in service on the part of the opposite party? Whether the complainant is entitled to get cost? If so, at what amount?
In support of the claim, complainant has filed proof affidavit and Exts. P1 to P9 were marked. Complainant has been cross examined by the opposite party and Exts. D1 to D12 were marked. Opposite party has no oral evidence. Points (i) to (iii):- It has been the case of the complainant that she availed a gold loan of Rs. 54,300/- from the opposite party on various dates, that the said loan was availed at an interest rate of 12% per annum, that the complainant called on the opposite party to get release of the gold ornaments on paying the loan amount with interest and that opposite party was not prepared to accept the amount with interest from her and to release the gold ornaments to the complainant. Submission by the opposite party is that complainant had availed four loan amounting to a sum of Rs. 37,500/- from the opposite party by pledging the gold ornaments, the other loans mentioned in the complaint were possibly availed from the sister concern of the opposite party. It is further submitted by the opposite party that the loan was taken for a maximum period of 6 months from the date of loan and interest was 18%, that the complainant covenanted to remit the interest on a monthly basis as prescribed in the pass book. It is further submitted by the opposite party that the complainant never approached the opposite party after the pledge, nor remitted any amount till the date of filing of this complaint. Ext. P1 is the gold loan pass book bearing No. S156652 issued by Muthoot Chitty Fund. As per Ext. P1 the date of loan is 16.05.2002, loan amount is Rs. 10,000/-, the last date to remit the interest without fine is 16 August 2002. Ext. P2 is the gold loan pass book bearing No. S 160626 issued by Muthoot Chitty Fund, the date of loan is 04.07.2002, loan amount is Rs. 7,500/- and the last date to remit interest without fine is 04.10.2002. Ext. P3 is the gold loan pass book bearing No. S 164750, the date of gold loan is 02.09.2002, loan amount is Rs. 10,000/- and the last date to remit interest without fine is 02.12.2002. Ext. P4 is the gold loan pass book bearing No. F 2545 issued by Muthoot Fincorp Ltd., the date of loan is 21.10.2002, loan amount is Rs. 6,000/-, the last date to remit interest without fine is 21.01.2003. Ext. P5 is the gold loan pass book bearing No. F 3279 issued by Muthoot Fincorp Ltd., the date of loan is 31.10.2002, loan amount is Rs. 8,800/- and the last date to remit interest without fine is 31.01.2003. Ext. P6 is the gold loan pass book bearing No. S 167330 issued by Muthoot Chitty Fund. As per Ext. P6 the date of loan is 02.12.2002, loan amount is Rs. 10,000/- and the last date to remit interest without fine is 02.03.2003. Ext. P7 is the copy of the advocate notice dated 23.12.2004 addressed to M/s Muthoot Chitty Fund. Ext. P8 is the postal receipt and Ext. P9 is the acknowledgement card. Ext. D1 is the pledge agreement with terms and conditions for gold loan bearing No. S 164750 executed by the complainant. As per Ext. D1, the pledged ornaments under loan No. S 164750 are 2 bangles and 2 stud/drops weighing 31.5 gm and loan amount is Rs. 10,000/-, and the loan period is 6 months. As per condition (2) of Ext. D1 the loan amount with interest should be remitted within 6 months, failing which the bank will have right to realise the amount by selling the pledged articles in public auction. Ext. D2 is the registered notice dated 27.08.2003 addressed to the complainant by the opposite party informing her about the date of auction of the pledged gold under loan No. S 164750, which returned unclaimed. Auction date mentioned in Ext. D2 is 10.03.2003. Ext. D3 is the pledge agreement with terms and conditions for gold loan bearing No. S 167330 executed by the complainant. As per Ext. D3 the pledged ornament is Mala (1) weighing 29 gm and loan amount is Rs. 10,000/-. The terms and conditions are the same as stated in Ext. D1. Ext. D4 is the registered notice dated 22.11.2003 addressed to complainant by the opposite party informing her of the date of auction of the pledged gold under loan No. S 167330, which returned unclaimed. The auction date mentioned in Ext. D4 is 24.12.2003. Ext.D5 is the pledge agreement bearing No. S 156652 executed on 16.05.2002 for two ornaments-Bangle (1) and Mala (1) weighing 35.5 gm. Ext. D6 is the registered notice dated 27.10.2003 addressed to the complainant by the opposite party informing her of the date of auction of the pledge as stated in Ext. D5, which returned unserved with endorsement 'addressee left'. The auction date mentioned in Ext. D6 is 15.11.2003. Ext. D7 is the pledge agreement bearing No. S 160626 executed on 04.07.2002 for a chain weighing 22 gm. Ext. D8 is the registered notice (auction notice) dated 24.06.2003 addressed to the complainant by the opposite party which returned unclaimed by the complainant. The auction date mentioned in Ext. D8 is 25.07.2003. Ext. D9 is the pledge agreement dated 21.10.2002 for gold ornaments ( 2 bangles) weighing 26 gm. The address of the opposite party recorded in Ext. D9 is M/s Muthoot Fincorp Ltd. Ext. D10 is the auction notice dated 17.10.2003 addressed to the complainant which returned unclaimed by the complainant. The auction date mentioned in Ext. D10 is 10.11.2003. Ext. D11 is the pledge agreement dated 31.10.2002 for a necklace weighing 27 gm. As per Ext. D11, the loan is given by M/s Muthoot Fincorp Ltd. Ext. D12 is the auction notice (registered) dated 27.10.2003 which returned unclaimed. The auction date as per Ext. D12 is 15.11.2003. On a perusal of Exts. D1 to D12 it is seen that the gold loans vide gold number F 3279 and F 2545 were advanced to the complainant by M/s Muthoot Fincorp Ltd, while other loans as stated in the complaint were advanced by M/s Muthoot Chitty Fund (opposite party in this case). It is seen from gold agreements that the gold pledged was to be redeemed within 6 months. There is no material to show that complainant has done anything to close the loan account within the period. Registered notices were issued by the opposite party to the complainant in the address furnished by the complainant, but the same was returned unclaimed/unserved. In the said registered notice auction dates were mentioned. However the complainant did not turn up. It is never contended by the opposite party in their version that whether auction was conducted on the auction date, if so, on what amounts, the said ornaments were sold by auction, and how much amount was credited to the complainant's loan account. What is submitted by the opposite party is that complainant never complied the pledge agreement, that registered notices were issued in the address given by the complainant, but they were returned/unserved and therefore every possible was given to give intimation of auction to the complainant. As notice was issued to the address given by the complainant there is much force in the contention of learned counsel appearing for opposite party that all attempts were made to give intimation to the opposite party and no negligence/deficiency could be attributed on the part of the opposite party. It is further to be pointed out that the pledge was for 6 months. The gold loans are seen availed during the period from 02.06.2002 to 02.12.2002. This complaint is seen filed on 04.04.2005. There is nothing on record to show that complainant had approached the Bank. The advocate notice is seen sent to opposite party after two years after the due date for redemption. It is not disputed the signature contained in pledge agreements (Exts. D1, D3, D5, D7 , D9 and D11). Even assuming that the forms were filled by the bank officials, it cannot be said that the complainant was not aware of the contents of the form. In the said circumstances, we feel that there is proper compliance with requirement of law to give intimation. Complainant never remitted interest in time nor made repayment of the loan before the expiry of the period of mortgage. The question of deficiency in service by opposite party would arise only if the complainant had made repayment of the loan with interest as stipulated in the conditions of the agreement and opposite party had not returned the ornaments in spite of it. In view of the above, and in the light of evidence available on records, we are of the considered opinion that there is no deficiency on the part of the opposite party. Complaint has no merits which deserves to be dismissed. In the result, complaint is dismissed. Parties are left to bear their costs. A copy of this order as per the statutory requirements be forwarded to the parties free of charge and thereafter the file be consigned to the record room. Dictated to the Confidential Assistant, transcribed by her, corrected by me and pronounced in the Open Forum, this the 16th day of November 2009.
G. SIVAPRASAD, President. BEENAKUMARI. A : MEMBER
S.K. SREELA : MEMBER
jb O.P. No. 113/2005 APPENDIX I COMPLAINANT'S WITNESS : PW1 - Sushamakumari II COMPLAINANT'S DOCUMENTS : P1 - Receipt No. S 156652 dated 16.05.2002. P2 - Receipt No. S 160626 dated 04.07.2002. P3 - Receipt No. S 164750 dated 02.09.2002. P4 - Receipt No. F 2545 dated 21.10.2002. P5 - Receipt No. F 3279 dated 31.10.2002. P6 - Receipt No. S 167330 dated 02.12.2002. P7 - Copy of advocate notice dated 23.12.2004 issued to the opposite party. P8 - Postal receipt P9 - Acknowledgement card.
III OPPOSITE PARTY'S WITNESS : NIL IV OPPOSITE PARTY'S DOCUMENTS : D1 - Pledge agreement of loan No. S 164750 dated 02.09.2002 D2 - Registered notice dated 02.09.2002 for Rs. 10,000/- D3 - Pledge agreement of S. 167330 dated 02.12.2002 D4 - Registered notice for loan No. S 167330 dated 24.12.2003. D5 - Pledge agreement of S. 156652 dated 16.05.2002 D6 - Registered notice dated 16.05.2002 for loan No. S 156652. D7 - Pledge agreement of loan No. S 160626 dated 04.07.2002 D8 - Registered notice dated 04.07.2002 for loan No. S 160626. D9 - Pledge agreement of loan No. F 2545 dated 21.10.2002. D10 - Registered notice dated 21.10.2002 for loan No. F. 2545. D11 - Pledge agreement of Loan No. F 3279 dated 31.10.2002. D12 - Registered notice dated 31.10.2002 of loan No. F 3279.
PRESIDENT
......................Smt. Beena Kumari. A
......................Smt. S.K.Sreela
......................Sri G. Sivaprasad | | 
