THE DISTRICT CONSUMAR DISPUTES REDRESSAL FORUM No.419, Ist Floor,. H.N. Gowda Building, M.B.Road, Kolar-563101 consumer case(CC) No. CC/09/03
Sri.K.Ramakrishnan,
...........Appellant(s)
Vs.
Thirumavakarasu Velu
...........Respondent(s)
BEFORE:
Complainant(s)/Appellant(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
ORDER
CC Filed on 12.01.2009 Disposed on 20.07.2009 BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR. Dated: 20th day of July 2009 PRESENT: Sri. G.V.HEGDE, President. Sri. T.NAGARAJA, Member. Smt. K.G.SHANTALA, Member. --- Consumer Complaint No. 03/2009 Between: Sri. K. Ramakrishnan, Manager (Stores) BEML Limited, Marketing Division, Belavadi Post, Mysore 570 018. (By Advocate Sri. G.V. Gopalareddy ) V/S 1. Sri. Thirumavakarasu, President, The BEML Employees Credit Co-Operative Society Ltd., Maharaja Road, Robertsonpet, K.G.F 563 122. 2. Sri. Velu, Secretary, The BEML Employees Credit Co-Operative Society Ltd., Maharaja Road, Robertsonpet, K.G.F 563 122. (By Advocate Sri. P. Raghavan and Others) .Complainant .Opposite Parties ORDERS This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the OP Society to return the four deposits totally amounting to Rs.2,00,000/- with interest and costs, etc., 2. The details of the deposits are as follows: 1. Rs.60,000/-, Fixed Deposited on: 10.05.2002, Matured on: 09.05.2003 Serial No. 1129, LF No. 411/8, with the rate of 12% interest. 2. Rs.40,000/-, Fixed Deposited on: 12.05.2003, Matured on: 10.05.2005, Serial No. 1596, LF No. 411/8, with the rate of 10% interest. 3. Rs.50,000/-, Fixed Deposited on 12.11.2003, Matured on: 10.11.2005, Serial No. 1644, LF No. 411/8, with the rate of 10% interest. 4. Rs.50,000/-, Fixed Deposited on: 13.05.2004, Matured on: 12.05.2006, Serial No. 1854, LF No. 411/8, with the rate of 10% interest. It is alleged that the OP Society has failed to repay the deposits and interest evenafter maturity. However it is stated that the interest till the end of June 2008 has been paid on these deposits at the agreed rate and the subsequent interest has not been paid. 3. The OP Society contended that it had lent loans to its members out of the deposits and those loanees did not repay the loan amount, thereby the deposit holders could not be repaid within the time. It has explained its financial difficulties in its version. 4. The parties filed affidavits. We perused the records. Heard the Learned Counsel for the parties. 5. The financial difficulties of OP society is not a valid ground for non-return of deposits to deposit holders. In the present case OP has admitted that the interest payable is due, subsequent to 1st July 2008. Considering the financial status of the OP society, we think future interest may be allowed at 7% p.a. 6. Hence we pass the following: O R D E R The complaint is allowed with costs of Rs.1,000/-. OPs are directed to pay a sum of Rs.2,00,000/- (Rupees Two Lakhs only) with interest at 7% p.a. on the said amount from 01.07.2008 till the date of realization, within 45 days from the date of this order. Dictated to the Stenographer, corrected and pronounced in open Forum this the 20th day of July 2009. MEMBER MEMBER PRESIDENT
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