D.O.F:20/09/2022
D.O.O:05/01/2024
IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KASARAGOD
CC.225/2022
Dated this, the 05th day of January 2023
PRESENT:
SRI.KRISHNAN.K : PRESIDENT
SMT.BEENA.K.G : MEMBER
Mahesh Rao K.,
Son of K. Raghavendra, residing at Sreesailam,
Pappanchal, P.O. Chully, Balal Village,
Vellarikundu Taluk, Kasaragod District.
(Adv: P. Venugopalan Nair) : Complainant
And
- Secretary,
The Kasaragod District Co-Operative Rubber
Marketing Society Ltd., H.O. Chittarikkal,
P.O. Chittarikkal, Kasaragod District.
- President,
The Kasaragod District Co-Operatie Rubber
Marketing Society Ltd., H.O. Chittarikkal,
P.O. Chittarikkal, Kasaragod District.
- The Kasaragod District Co-Operative Rubber
Marketing Society Ltd., H.O. Chittarikkal,
P.O. Chittarikkal, Kasaragod District
Represented through its President. : Opposite Parties
ORDER
SMT.BEENA.K.G : MEMBER
The complainant is alleging deficiency in service and unfair trade practice on the part of opposite party in connection with the failure on their part to repay the FD amount deposited with them by the complainant on 08/11/2016 after its maturity period of one year. The brief facts of the case is that, the opposite party is a society having its head office at Chittarikkal. The aforesaid society has depots at various places in Kasaragod district including Maloth and Parappa. The complainant deposited an amount of Rs. 5,00,000/- on 08/11/2016 as per F.D.No.F/3626. The interest is fixed as 10% per annum. After its maturity period of one year, the complainant approached opposite party for withdrawing the deposited amount. But it is informed by them that there is no sufficient fund with the society and the society is running in loss. The deposited amount was complainant’s hard-earned money. While depositing the amount the opposite party assured that they will repay the amount with interest in the due date itself. The complainant approached opposite party several times for the deposited amount, but so far, the amount is not returned. On enquiry, the complainant came to know that, opposite party had collected huge amount as deposit from various persons and opposite party misappropriated the same. The total amount due to the complainant by opposite party will come to Rs.7,93,287/-. The complainant filed 2 IAs along with this complaint. IA 279/2022 for an order restraining opposite party from alienating the property mentioned in affidavit. Due to the unfair trade practice on the part of opposite party, the complainant suffered huge loss and hardships which cannot be calculated in terms of money. The complainant estimated the same at Rs.1,00,000/-. The complainant is seeking refund of the deposited amount with interest, ie, Rs.7,93,287/- at the rate of 12% along with a compensation of Rs. 1,00,000/- with cost of litigation.
Notice of opposite party No.1 returned, notices of opposite party No.2&3 served. Name of opposite parties called absent, set exparte.
The complainant filed proof affidavit in lieu of chief examination and Ext.A1 marked. The questions raised for consideration are;
- Whether there is any deficiency in service or unfair trade practice on the part of opposite party in retaining the FD amount of the complainant?
- Whether the complainant is entitled for relief?
- If so, what is the relief?
The specific case of the complainant is that, he has deposited an amount of Rs.5,00,000/- with opposite party on 08/11/2016 as per FD No.F/3626. The rate of interest is fixed at 10% per annum and after its maturity when the complainant approached opposite party to withdraw the amount, it is informed that they have no sufficient fund with the society and the society is running in loss. While depositing the amount, the opposite parties assured that they will pay back the amount with interest in the due date itself. Thereafter also, the complainant approached opposite parties several times to withdraw the deposited amount. But the opposite party have not returned the amount so far. The total amount due to the complainant is Rs.7,93,287/-. Ext.A1 is the FD receipt issued by opposite party to the complainant on 08/11/2016. As per Ext.A1, the amount is matured on 08/11/2017. Retaining the amount after the maturity date amounts to deficiency in service and unfair trade practice. Moreover, the opposite party assured them that they will repay the amount on the date of maturity itself. But so far, the amount is not repaid. Due to the illegal act of opposite party, the complainant suffered huge loss and mental agony. The opposite party failed to mention the date of repayment of the FD amount shows the uncertainty in repayment. The opposite party is bound to repay the amount with interest on the due date itself. Claim of the complainant is to refund Rs. 7,93,287/- with 12% interest from the date of 08/11/2016 till disbursement with a compensation of Rs. 1,00,000/- and cost of litigation. The opposite parties are jointly and severally liable to refund the F.D. amount.
The complainant is entitled to get refund of the deposited amount with interest at 10% per annum along with compensation and cost.
Therefore, the complaint is allowed directing opposite parties to refund Rs.7,93,287/- (Rupees Seven lakhs Ninety Three thousand Two hundred and Eighty Seven only) with interest at the rate of 10% per annum from 08/11/2017 to till disbursement along with Rs. 50,000/- (Rupees Fifty thousand only) as compensation and 5,000/- (Rupees Five thousand only) as cost to the complainant within 30 days of date of receipt of this order.
Sd/- Sd/-
MEMBER PRESIDENT
Exhibits
A1 – FD receipt
Sd/- Sd/-
MEMBER PRESIDENT
Forwarded by Order
Assistant Registrar
JJ/