DATE OF FILING : 6.9.2010
BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, IDUKKI
Dated this the 30th day of November, 2010
Present:
SRI.LAIJU RAMAKRISHNAN PRESIDENT
SMT.SHEELA JACOB MEMBER
SMT.BINDU SOMAN MEMBER
C.C No.188/2010
Between
Complainant : K.C. Chacko, S/o Chacko,
Kavalamkuzhiyil House,
Ponmudi P.O.,
Panniyarkutti,
Idukki District.
And
Opposite Parties : 1. The Secretary,
Konnathadi Service Co-operative
Bank Ltd. No.K.260
Konnathadi P.O.,
Idukki District.
2. The President,
Konnathadi Service Co-operative
Bank Ltd. No.K.260
Konnathadi P.O.,
Idukki District.
SRI. LAIJU RAMAKRISHANAN (PRESIDENT)
The opposite party started an investment scheme in the name "Soubhagya Nikshepa Padthathi" in the year 1997 and advertised about the same widely. The complainant attracted by the advertisement given by them and joined in the investment scheme. As per the investment scheme, after 15 years of the investment, the opposite party will pay an amount of Rs.1 lakh and the payment should be done in each month, of Rs.150/- each. The complainant promptly paid Rs.150/month for 13 years and the opposite party issued a pass book also for the same. But on 7.5.2010 a notice was received from the opposite party stating that this scheme was terminated and the complainant can receive the paid amount with interest. The complainant never deposited the amount for interest, but attracted by the offers given by the opposite party that they will pay Rs.1 lakh after 15 years. So this petition is filed for getting Rs.1 lakh from the opposite party as per the offer and also for reinstating the investment scheme upto 15 years.
2. No written version filed by the opposite party. But the learned counsel for the opposite party submitted that they are admitting the matter.
3. The point for consideration is whether there was any deficiency in service on the part of the opposite parties, and if so, for what relief the complainant is entitled to ?
4. No oral evidence adduced by both the parties. Heard both parties.
(cont.....2)
- 2 -
5. The POINT :- As per the complainant, he has joined in the investment scheme of the opposite party as account No.153 and paid Rs.150/- each per month from 24.10.1997 to 24.4.2010. So an amount of Rs.22,800/- has been deposited by the complainant as per the pass book issued by the opposite party. But the opposite party discontinued the scheme and requested the complainant to withdraw the paid amount with interest. The learned counsel for the opposite party submitted that the bank has discontinued the investment policy because of the variation of the interest rate and loss. But the complainant never paid the amount promptly. So they are ready to pay the amount with interest to the complainant. They have admitted that Rs.22,800/- has been paid by the complainant.
The complainant joined in the investment scheme of the opposite party for getting a lump-sum amount, may be because of any future needs of his family. He also paid investment of Rs.150/month for about 13 years as per the pass book issued by the opposite party. The opposite party also admitted that he had paid Rs.22,800/-. The maturity period for the investment is 15 years. So 2 years were left for the maturity of the deposit and the opposite party discontinued the same. The complainant was expecting a huge amount for the last 13 years and it caused a heavy mental agony to the poor complainant and his family because the opposite party advertised the investment “for the marriage of the children, higher education of the children and the amount will be helpful for the same”. So the complainant may also be expecting the same. The complainant continuously paid for 13 years, only 2 years are left more. About more than 75% of the investment period has been covered. So the complainant is liable to get 75% of the amount as per the offer given by the opposite party. It is a gross deficiency from the part of the opposite party to discontinue the investment scheme. The people who joins in these investment schemes are usually poor with a future plan. So we think that an amount of Rs.50,000/- can be awarded as compensation for mental agony caused to the complainant and his family.
Hence the petition allowed. The opposite parties are directed to refund the amount paid by the complainant which is Rs.22,800/- as per the pass book produced and Rs.50,000/- as compensation within 1 month from the date of receipt of a copy of this order failing which the amount shall carry 12% interest per annum from the date of default.
Pronounced in the Open Forum on this the 30th day of November, 2010
Sd/- SRI. LAIJU RAMAKRISHANAN (PRESIDENT)
Sd/-
SMT. SHEELA JACOB (MEMBER)
Sd/-
SMT. BINDU SOMAN (MEMBER)
APPENDIX
Nil.
