Karnataka

Tumkur

CC/152/2019

Manjula H.A. - Complainant(s)

Versus

The President ,Panchavati Multi States Co-Operative Society Ltd. - Opp.Party(s)

H.C.K.

23 Oct 2020

ORDER

Complaint filed on: 21-08-2019

                                                      Disposed on: 23-10-2020

 

BEFORE THE DISTRICT CONSUMER DISPUTES

REDRESSAL COMMISSION, TUMAKURU

 

 

CC.No.151/2019 to CC.No.156/2019

 

 

DATED THIS THE 23^rd DAY OF OCTOBER, 2020

 

PRESENT

 

 

SRI.C.V.MARGOOR, B.Com, L.L.M, PRESIDENT

SRI.KUMARA.N, B.Sc., L.L.B, MEMBER

SMT.NIVEDITA RAVISH, B.A., L.L.B, LADY MEMBER

Complainants: -       

1. CC.No.151/2019

Ramappa.B,

S/o Ningegowda,

Aged about 65 years,

R/at # 301/C,

Manjushree Nilaya,

4^th Cross, Behind Petrol Bunk, Vidyanagar, Tiptur,

Tumakuru district

 

2. CC.No.152/2019

Manjula.H.A,

W/o Ramappa.B,

Aged about 60 years,

R/at # 301/C,

Manjushree Nilaya,

4^th Cross, Behind Petrol Bunk, Vidyanagar, Tiptur,

Tumakuru district

 

 

 

3. CC.No.153/2019

B.R.Dinesh,

S/o Ramappa.B,

Aged about 30 years,

R/at # 301/C,

Manjushree Nilaya,

4^th Cross, Behind Petrol Bunk, Vidyanagar, Tiptur,

Tumakuru district

 

4. CC.No.154/2019

D.S.Marulappa

S/o Siddalingappa,

Aged about 63 years,

R/at CMC 324,

Opp. Chinmaya Krishna Mandira, 8^th Cross,

Vidyanagar, Hassan Circle, Tiptur, Tumakuru district

 

5. CC.No.155/2019

J.R.Shakunthala

W/o D.S.Marulappa

Aged about 60 years,

R/at CMC 324,

Opp. Chinmaya Krishna Mandira, 8^th Cross,

Vidyanagar, Hassan Circle, Tiptur, Tumakuru district

 

6. CC.No.156/2019

Rajath.D.M,

S/o D.S.Marulappa

Aged about 30 years,

R/at CMC 324,

Opp. Chinmaya Krishna Mandira, 8^th Cross,

Vidyanagar, Hassan Circle, Tiptur, Tumakuru district

 

(By Sri.H.C.Kumaraswamy, Advocate)

 

V/s

 

Opposite parties:-    

 

1. The President,

Panchavati Multi State Co-Operative Society Ltd, Reg. office: 1168/D, 2^nd Floor, Abhimaan Building, Bengaluru – 560 0010 Karnataka

 

2. The Manager,

Panchavati Multi State Co-Operative Society Ltd, T

iptur Branch,

R/at Ward No.12/6,

Vinayaka Nagar,

Tiptur town,

Tumakuru district

         

(OP No.1 & 2-by Smt.Poornima.S, Advocate)

 

 

 

ORDER

 

 

SRI.C.V.MARGOOR, PRESIDENT

 

These complaints have filed by the shareholders of Opposite Parties-Panchavati Multi State Co-Operative Society Ltd. (hereinafter called as OP society) with a prayer to direct the OP society for return of their Share amount, Fixed Deposit and Recurring deposit amount with interest @ 12% p.a.

 

2. The complainants in CC.No.151/2019 and CC.No.152/2019 are the husband and wife and the complainant in CC.No.153/2019 is their son. On the same line the complainants in CC.No.154/2019 and CC.No.155/2019 are the husband and wife and the complainant in CC.No.156/2019 is son of the complainants in CC.No.154/1029 and CC.No.155/2019.  

 

3. The relief claimed in all the complaints against the OP Society is one and the same and to avoid repetition of facts and evidence this common order.

 

4. The complainants in all the cases have became the members of OP society by purchasing shares in the year 2015-16. Further, the complainants have invested the amount under the Fixed Deposit scheme on different dates and also they have taken Saving Bonds of Rs.500=00 on different dates of OP society. The fixed deposit and saving bond amount invested by the complainants in the OP society is in the following table.

 

CC. No.	Share Certificate No., amount and date	FD Certificate No. Deposit date and amount;   Deposit period,  Maturity date and amount	Saving bond No.,  Date  and amount;   Period, rate of interest, maturity date and amount	Complainant claimed amount
151/19	1.  N1131220-12247     Rs.1,110=00     Dated 3-10-2015 2. N1131220-18741     Rs.2,210=00     Dated 27-10-2015 3. N1131220-27516     Rs.7,710=00    Dated 19-01-2016   Total share amount Rs.11,030=00	FD No.N1131220-17868 Dated 16-10-2015 Rs.2,75,000=00   54 months   Maturity Dated 16-2-2021   Maturity amount Rs.5,50,000=00	Bond No.N1131220-12251 Dated 1-9-2015 Rs.500=00 and  paid total sum of Rs.7,500=00 60 months 11% p.a.   Maturity dated 1-9-2020   Maturity amount Rs.39,558=00	Rs.2,93,530/- with 12% p.a
152/19	1.  N1131220-25933     Rs.1,110=00     Dated 19-1-2016	FD No.N1131220-25938 Dated 15-12-2015 Rs.5,000=00   69 months   Maturity Dated 15-9-2021   Maturity amount Rs.10,000=00	-	Rs.6,110/- With 12% p.a
153/19	1.  N1131220-25945     Rs.1,110=00     Dated 19-1-2016	FD No.N1131220-25947 Dated 15-12-2015 Rs.5,000=00   69 months   Maturity Dated 15-9-2021   Maturity amount Rs.10,000=00	-	Rs.6,110/- With 12% p.a
154/19	1.  N1131220-8472     Rs.1,110=00     Dated 30-7-2015 2. N1131220-18742     Rs.2,210=00     Dated 27-10-2015 3. N1131220-27517     Rs.7,710=00     Dated 19-1-2016   Total share amount Rs.11,030=00	FD No.N1131220-17869 Dated 16-10-2015 Rs.1,00,000=00   84 months   Maturity Dated 16-2-2021   Maturity amount Rs.2,00,000=00	1. Bond No.N1131220-8476     Dated 29-7-2015     Rs.500=00 and paid 15      installments total sum of    Rs.7,500=00       84 months    12.5% p.a.      Maturity dated 29-7-2022      Maturity amount         Rs.65,561=00   2. Bond No.N1131220-16698     Dated 7-10-2015     Rs.6,666=00       0  months    15% p.a.      Maturity dated: Life time      Maturity amount         Rs.1,000=00   3. Bond No.N1131220-14203     Dated 18-9-2015     Rs.6,666=00       0  months    15% p.a.      Maturity dated: Life time      Maturity amount         Rs.1,000=00   4. Bond No.N1131220-16699     Dated 7-10-2015     Rs.6,666=00       0  months    15% p.a.      Maturity dated: Life time      Maturity amount         Rs.1,000=00   5. Bond No.N1131220-14202     Dated 18-9-2015     Rs.6,666=00       0  months    15% p.a.      Maturity dated: Life time      Maturity amount         Rs.1,000=00	Rs.1,45,194/- with 12% p.a
155/19	1.  N1131220-22279     Rs.230=00     Dated 24-11-2015   2. N1131220-22740    Rs.21,790=00    Dated 24-11-2015   Total share amount Rs.22,020=00	FD No.N1131220-22289 Dated 21-11-2015 Rs.50,000=00   64 months   Maturity Dated 21-3-2021   Maturity amount Rs.1,00,000=00	-	Rs.72,020- With 12% p.a
156/19	1.  N1131220-22273     Rs.1,110=00     Dated 24-11-2015   2. N1131220-22736    Rs.20,910=00    Dated 24-11-2015   Total share amount Rs.22,020=00	FD No.N1131220-22274 Dated 21-11-2015 Rs.50,000=00   64 months   Maturity Dated 23-3-2021   Maturity amount Rs.1,00,000=00	-	Rs.72,020- With 12% p.a

 

       

5. The complainants have demanded the OP society for return of their share amount and to withdraw the fixed deposit and saving bond amount due to personal problems in the year, 2019 but the OP society did not care for their demand. Lastly the complainants have got issued legal notice dated 21-5-2019 calling upon them to repay all the deposits, bond and share amount along with the accrued benefits but the OP society despite the service of notice neither complied nor replied to the notice. Hence, these complaints.   

 

          6. Initially the OP No.1 was proceeded exparte later on the OP No.1 and 2 appeared through their learned counsel by filing interim application under Order 9 Rule 7 of CPC. The OP society though appeared through its learned counsel neither filed version nor affidavit evidence inspite of sufficient opportunity given by this Forum/Commission. Thereafter, the complainants have filed their affidavit evidence and produced documents.    

 

          7. We have heard the oral arguments of learned counsel for the complainants and the points that would arise for determination are as under:

1)      Whether the complainants prove the deficiency in service on the part of OP society by not returning the fixed deposit and saving bond amount?

2)      Are complainants entitled to the reliefs sought for?

  

8. Our findings on the aforesaid points are as follows:

Point No.1: In the affirmative    

Point No.2: In the partly affirmative for the below

 

REASONS

 

          9. Point No.1 to 2: The learned counsel for the complainants have submitted that initially the complainants have orally requested the OP society for return of fixed deposit and saving bond amount before the maturity date and when there was no response they have got issued legal notice dated 21-5-2019 calling upon the OP society to repay the fixed deposit and saving bond amount along with share amount with accrued benefits. In all the cases notice has been received by the OP No.1 and 2 but they have failed to comply with the notice. The OP No.1 and 2 have appeared through its learned counsel on 26-11-2019 and 9-12-2019 but thereafter they remained absent and did not care to file version till 4-2-2020. Notice was duly served on the OP No.1 and 2 on 30-9-2019 and after filing vakalath the OPs and their counsel were remained absent throughout the proceedings.

 

          10. The complainants have produced share and fixed deposit certificates and also saving bonds. The maturity date of fixed deposit is on different dates i.e. in the year, 2021 from February to September, 2021.  According to fixed deposit receipts the fixed deposit will become double in a period of five years and four months. It is mentioned in the saving bond the rate of interest at 11% p.a. and the OP society has agreed to pay interest at 12.5% p.a. on the saving bond amount in CC.No.154/2019. The OP society is doing financial transactions with the public as such the complainants are consumers under the CP Act, 1986. When the complainants have demanded for return of their fixed deposit and saving bond amount due to their personal problems the OP society would have returned the amount by calculating interest till the date on which they have made the payment on the fixed deposit and saving bond amount.

 

11. The OP society has not given any response even after the service of legal notice dated 21-5-2019. It shows the deficiency in service on the part of OP society and also negligent in providing service to the complainants. The complainants have asked interest @ 12% p.a. on the claim amount i.e. share, fixed deposit and saving bond amount. Though the interest claimed by the complainants is reasonable as per the accepted terms of OP society as it has agreed to pay interest @ 11% p.a. and 12.5% p.a. Now the rate of interest has been reduced as per the guideline of RBI.  Therefore, the complainants are entitled to interest @ 10% p.a. on the claim amount. The complainants are entitled for litigation cost of Rs.10,000=00 in each case. The complainants are not entitled to compensation as they have asked for return of the fixed deposit and saving bond amount before the maturity date as such the question of mental agony and suffering does not arise. Accordingly, we proceed to pass the following;

 

ORDER

 

The complaints filed by complainants in CC.No.151/2019 to 156/2019 are partly allowed.  

 

The OP No.1 and 2 shall jointly and severally liable to pay Rs.2,93,530=00 in CC.No.151/2019; Rs.6,110=00 in CC.No.152/2019; Rs.6,110=00 in CC.No.153/2019; Rs.1,45,194=00 in CC.No.154/2019, Rs.72,020=00 in CC.No.155/2019 and Rs.72,020=00 in CC.No.156/2019 to the respective complainants with interest @ 10% p.a. on the said amount from 16-10-2015 till the date of payment.

 

It is further ordered that the OP No.1 and 2 shall pay litigation cost of Rs.10,000/- to each complainants within 45 days from the date of this order. Otherwise, it carries interest at the rate of 8% per annum from the date of filing of complaints till the date of realization.  

 

Place the original order in CC.No.151/2019 and copy of the order in CC.No.152/2019 to 156/2019.

 

Furnish the copy of order to the complainants and opposite parties at free of cost.

 

          (Dictated to the Stenographer, got it transcribed, corrected and then pronounced in the Open Commission on this the 23^rd day of October, 2020).

 

 

 

LADY MEMBER            MEMBER                       PRESIDENT