CC Filed on 02.01.2008<br /> Disposed on 16.04.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated 16.04.2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.01/2008<br /> <br /> S. N.Manjunath,<br /> S/o S.R.Narasimhaiah,<br /> Aged about 36 years,<br /> Agriculturist,<br /> Somenahalli Village and Post,<br /> Gudibanda Taluk. Complainant <br /> (By Advocate Sri. L.Srinivasa & Others)<br /> <br /> V/S<br /> 1. The Secretary,<br /> Somenahalli Vyavasaya Seva <br /> Sahakara Sangha Niyamitha.<br /> (Ex-parte)<br /> <br /> 2. The President,<br /> Somenahalli Vyavasaya Seva <br /> Sahakara Sangha Niyamitha. Opposite Parties <br /> (By Advocate Sri. M.Ananda & Others)<br /> <br /> Both are residing at <br /> Somenahalli village & Hobli,<br /> Gudibanda Taluk. <br /> <br /> ORDERS<br /> <br /> This is a complaint under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay the fixed deposit amount of Rs.1,00,000/- to the complainant with current <br /> <br /> <br /> CC No.01/2008<br /> and future interest at 15.5% per annum from the date of deposit till the date of realization with costs etc.,<br /> <br /> 2. The material facts of the complainant’s case are as fallows: The complainant deposited Rs.1,00,000/- as fixed deposits on 06.01.1997 with opposite party – Somenahalli Vyvasahaya Seva Sahakara Sangha Niyamitha and obtained two FDR for Rs.50,000/- each. The deposit was for 57 months with interest at the rate of 15.5% per annum. It is alleged that the opposite parties failed to repay the maturity amount inspite of repeated demands and went on postponing the payment and finally denied their liability by way of reply notice dated 18.09.2007. Hence he filed the present complaint. <br /> <br /> 3. The opposite party No.2 appeared through advocate. The opposite party No.1 did not appear inspite of service of notice. Even opposite party No.2 did not file version inspite of sufficient opportunity. <br /> <br /> 4. The complainant filed affidavit and documents in support of his case. We perused the records and heard the complainant. <br /> <br /> 5. In the reply notice dated 18.09.2007 got issued through advocate on behalf of opposite parties it is contended that the complainant was working as cashier in SVSSN at the time when one K.P.Narayanaswamy was working as Secretary and both of them colluded each other, misappropriated the Society amount and created some documents in favour of complainant and a case has been filed against K.P.Narayanaswamy for misappropriation of Rs.9,00,000/-. Further in the reply notice the alleged receipt of fixed deposit by the society is denied. The said defense taken in the reply notice is not established by <br /> <br /> CC No.01/2008<br /> opposite parties. In the affidavit the complainant has stated that at the time of fixed deposits one M.Munivenkatappa was Secretary and one J.N.Seetharamareddy was President of Somenahalli VSSSN and they signed the FDR and that K.P.Narayanaswamy was not the Secretary and he had not signed the said FDRs. The opposite parties did not file any version or affidavit in support of their case. On 05.09.2002 the then Secretary of Somenahalli VSSSN issued a letter on the letter head of society with seal that the society could not repay the deposit due to financial crises and the same would be repaid within short time along with interest. This letter was given in reply to a request made by complainant for repayment of fixed deposit. The complainant has also made several requests to higher authorities to order for payment of his fixed deposit. From his evidence and circumstances we hold that the complainant had deposited the amount of Rs.1,00,000/- as alleged and that the opposite parties failed to repay the same and the contents of reply notice dated 18.09.2007 are not true. <br /> <br /> 6. Considering the prevailing rate of interest subsequent to the date of maturity of the deposit, we think interest at the rate of 10% per annum may be awarded subsequent to the date of maturity (06.10.2001) till the date of complaint (02.01.2008) and at the rate of 8% per annum subsequent to the date of complaint (03.01.2008) till the date of realization may be awarded on the maturity amount. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> CC No.01/2008<br /> 7. For the above reasons we pass the following:<br /> O R D E R<br /> <br /> The complaint is allowed with costs of Rs.1,000/-. The opposite parties shall pay Rs.1,00,000/- (One Lakh only) to complainant with interest at 10% per annum from 06.10.2001 till 02.01.2008 and at the rate of 8% per annum from 03.01.2008 till the date of payment on maturity amount within 45 days from the date of this order. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 16th day of April 2008.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> <br /> Order on the application dated 20.06.2008 filed by complainant.<br /> <br /> The complainant has filed the above application praying to award interest at the agreed rate on the fixed deposit of Rs.1,00,000/- from the date of deposit till the date of maturity i.e., from 06.01.1997 to 05.10.2001. He alleged that the interest for the said period is not awarded due to mistake or inadvertence. <br /> <br /> We perused the records. The interest for the period from 06.01.1997 to 05.10.2001 at the agreed rate i.e., 15.5% per annum on the principal amount is not allowed due to inadvertence. The body of the order already passed shows that the complainant was entitled to the said <br /> <br /> interest. The order does not show that the said interest was intended to be rejected. Hence the application is allowed. Accordingly the following amended order is passed.<br /> <br /> AMENDED ORDER<br /> The complaint is allowed with costs of Rs.1,000/-. The opposite parties shall pay Rs.1,00,000/- (One Lakh only) to complainant with interest at 15.5% per annum from 06.01.1997 to 05.10.2001 on the principal amount of Rs.1,00,000/- along with interest at 10% per annum from 06.10.2001 till 02.01.2008 and at the rate of 8% per annum from 03.01.2008 till the date of payment on the maturity amount within 45 days from the date of this order. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 15th day of July 2008.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br />