BEFORE THE  DIST. CONSUMERS DISPUTES REDRESSAL FORUM;  DHARWAD.

DATE: 14^th July 2015        

PRESENT:

1) Shri B.H.Shreeharsha       : President

2) Smt.M.Vijayalaxmi             : Member 

Complaint No.: 81/2015  

Complainant/s:      

Bhaskar V.Shalavadi, Age: 73 years, Occ: Business, R/o.Dundi Oni, Dharwad

(By Sri.N.M.Badiger, Adv.)

v/s

Respondent/s:

1. The Secretary, The Karnataka Vishwabrahma Sahakari Pattin Sangha Niyamita, Raviwar Peth, Dharwad

2. The President, The Karnataka Vishwabrahma Sahakari Pattin Sangha Niyamita, Raviwar Peth, Dharwad

3. The Executive Member, The Karnataka Vishwabrahma Sahakari Pattin Sangha Niyamita, Raviwar Peth, Dharwad

4. The Manager, The Karnataka Vishwabrahma Sahakari Pattin Sangha Niyamita, Raviwar Peth, Dharwad

O R D E R

By: Shri. B.H.Shreeharsha : President.

1.     The complainant has filed this complaint claiming for a direction to the respondents to refund the FDR No.929 amount of Rs.1,68,000/- and FDR No.1626 amount of Rs.1 lakh with interest @18% from the date of investment till realization and to pay Rs.1 lakh as compensation and Rs.1 lakh towards cost of the proceedings and to grant such other reliefs.

Brief facts of the case are as under:

2.     The case of the complainant is that, the complainant is a retired employee of KSRTC and for his future benefits he invested the amount in FDR with the respondent as under:

3.     After maturity the complainant demanded for repayment but the same was protracted on one or other pretext. Hence, legal notice was served on 28.01.2015. The same was returned unclaimed. The non payment of the amount by the respondent amounts to deficiency in service. Hence, complainant filed the instant complaint praying for the relief as sought.

4.     The notice issued against the respondent returned with an endorsement not claimed. Hence, holding due service respondents were placed exparte and exparte proceedings was initiated.

5.     On the said pleadings the following points have arisen for consideration:

1.  Whether complainant has proved that there was deficiency in service on the part of respondents ?

2.  Whether complainant is entitled to the relief as claimed ?

3.  To what relief the complainant is entitled ?

Complainant admits sworn to evidence affidavit, relied on documents.  Heard. Perused the records.

Finding on points is as under.

1.    Affirmatively

2.    Accordingly

3.   As per order

Reasons

Points 1 and 2

6.     Since the proceedings have been initiated in exparte, the claim of the complainant remained unimpeached. The documents viz., FD receipt bearing No.929 for Rs.1.68 lakhs issued on 14.11.2006, matured on 14.11.2012 with interest @10% P.A. on the invested amount. While the FD receipt 1626 dtd.11.05.2012 for Rs.1 lakh matured on 16.06.2013 with interest @10.50% on the invested amount. This fact has not been disputed and stood unimpeached. Accordingly the complainant is entitled for the refund of said amount with interest as mentioned in the FD receipts from the date of investment till the date of maturity as mentioned in the FDRs respectively. For the mere reason the respondent remained exparte it is not proper to grant or to allow 18% interest on the FDR amount as claimed by the complainant. At present as per the guidelines of RBI the financial and banking institutions are charging interest @9% and if it is taken into consideration and 9% interest is allowed on future interest from the date of maturity it will be proper and will not cause any injustice. So also as the complainant has not approached this Forum immediately after denial or attainment of maturity date he is not entitled for the interest as mentioned in the FDRs. Accordingly 9% interest is allowed along with compensation and cost of the proceedings.

7.     In view of the above discussions we have arrived and proceed to held issue.1 in affirmative and 2 accordingly.

8.     Point.3: In view of the finding on points 1 and 2 proceeded to pass the following 

Order

        The complaint is partly allowed. The respondents are jointly and severally directed to refund the amount to the complainant as per the FDRs with interest as mentioned in FDRs till the date of maturity and with future interest @9% P.A. thereon on the accrued amount till realization along with Rs.1,000/- towards compensation and Rs.1,000/- towards cost of the proceedings, payable within 30 days from the date of receipt of copy of this order.

(Dictated to steno, transcribed by him and edited by us and pronounced in the open Forum on this day on 14^th day of July 2015)

(Smt.M.Vijayalaxmi)                                      (Sri.B.H.Shreeharsha)

Member                                                            President

Dist.Consumer Forum                                    Dist.Consumer Forum

MSR