THE DISTRICT CONSUMAR DISPUTES REDRESSAL FORUM No.419, Ist Floor,. H.N. Gowda Building, M.B.Road, Kolar-563101 consumer case(CC) No. CC/09/21
K.Venkatesh
...........Appellant(s)
Vs.
Secretary The President
...........Respondent(s)
BEFORE:
Complainant(s)/Appellant(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
ORDER
CC Filed on 23.03.2009 Disposed on 30.10.2009 BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR. Dated: 30th day of October 2009 PRESENT: Sri. G.V.HEGDE, President. Sri. T.NAGARAJA, Member. Smt. K.G.SHANTALA, Member. --- Consumer Complaint No. 21/2009 Between: K. Venkatesh, Aged about 68 years, No. 7, N.E. Colony, Oorgaum Post, KGF 563 120. Rep. his GPA Holder D. Manjunath, S/o. L. Devoji Rao, Aged about 52 years, Residing at 7-308, Ramakrishna Road, V.V. Extension, Hoskote 562 114. (By Advocate Sri. H. Pavana Chandra Sheety ) V/S 1. Earth Movers Employees Credit Co-operative Society Ltd., Near Railway Station, Opp. District B.C.M Office, Kolar District, Kolar 563 101 Rep: by its President. .Complainant 2. Earth Movers Employees Credit Co-operative Society Ltd., Near Railway Station, Opp. District B.C.M Office, Kolar District, Kolar 563 101 Rep: by its Secretary. (By Advocate Sri. Sama Rangappa & others) .Opposite Parties ORDERS This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to repay the deposit of Rs.1,00,000/- with interest at 21% p.a. and to pay compensation of Rs.1,00,000/- for mental agony and for costs etc., 2. The material facts of complainants case may be stated as follows: That the complainant deposited Rs.1,00,000/- on 05.07.2000 with OP society. It was agreed that the deposit should be for a period of one year from the date of deposit and the interest payable was 18.5% p.a. and the payment of interest was to be on monthly basis. Further that the said deposit was renewed for one more year from 05.07.2001 to 04.07.2002 with the same terms and conditions. It is alleged that the OPs did not repay the deposit in spite of several requests and issue of notice and the interest was also not paid subsequent to 01.04.2005. Therefore the complainant filed the present complaint. He produced the receipt for depositing Rs.1,00,000/- and also the agreement executed by parties. 3. The OPs appeared and filed version admitting that the complainant had deposited Rs.1,00,000/- on 05.07.2000 and they also admitted the issue of receipt and the execution of agreement. They contended that the present complaint is not maintainable under the provisions of Karnataka Co-Operative Societies Act 1959 and the OPs society could not repay the deposit as it invested the amount in purchasing immovable property for allotting sites to members and that for the present the financial condition has become weak and the subsequent interest may be ordered to be paid at 6% p.a. 4. The complainant filed affidavit in support of his case. The OPs did not file affidavits. 5. We heard the Learned Counsel for parties and perused the records. 6. The deposit of Rs.1,00,000/- is not in dispute. It is also not in dispute that the interest was paid till 31.03.2005 at the agreed rate and subsequent interest was not paid. Considering the financial condition of the OP society and the present rate of interest, in other similar cases filed by different depositors this Forum has allowed subsequent interest at 7% p.a. The same rate of interest may be allowed in this case also. Hence we pass the following: O R D E R The complaint is allowed with costs of Rs.1,000/-. The OPs are directed to pay Rs.1,00,000/- (rupees one lakh only) with interest at the rate of 7% p.a. from 01.07.2005 till the date of realization, within two months from the date of this order. Dictated to the Stenographer, corrected and pronounced in open Forum this the 30th day of October 2009. MEMBER MEMBER PRESIDENT
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