CC Filed on 02.02.2009<br /> Disposed on 20.07.2009<br /> <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated: 20th day of July 2009<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> <br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No. 09/2009<br /> <br /> Between:<br /> <br /> <br /> Sri. H.B. Mahendra Kumar,<br /> House No. 1206, <br /> Between 3rd & 4th Cross,<br /> Pipeline Road,<br /> Robertsonpet,<br /> K.G.F.<br /> <br /> <br /> (By Advocate Sri. B. Kumar and Others ) <br /> <br /> <br /> V/S<br /> <br /> <br /> 1. The BEML Employees Credit<br /> Co-Operative Society Ltd.,<br /> Maharaja Road,<br /> Robertsonpet, K.G.F.<br /> Represented by its President<br /> Sri. Thirunavakarasu,<br /> Working as Supervisor,<br /> Gear Shop, M.R.S. Gate,<br /> B.E.M.L., K.G.F.<br /> <br /> <br /> <br /> <br /> <br /> ….Complainant<br /> 2. The BEML Employees Credit<br /> Co-Operative Society Ltd.,<br /> Maharaja Road,<br /> Robertsonpet, K.G.F.<br /> Represented by its Secretary,<br /> Sri. Velu,<br /> K.G.F. <br /> <br /> <br /> <br /> <br /> <br /> <br /> ….Opposite Parties<br /> <br /> <br /> ORDERS<br /> <br /> This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to return of deposit amounted to Rs.11,50,000/- with costs and interest.<br /> <br /> 2. The OP BEML Employees Credit Co-operative Society, is a Society registered under the Karnataka Co-Operative Societies Act 1959. The complainant is one of the members of OP Society. The OP used to collect deposits from its members and non-members and used to return it with interest. The complainant deposited certain amounts as detailed below:<br /> <br /> <br /> Sl<br /> No. Sl. No.<br /> of FD<br /> Receipt L.F. No. Date of<br /> Deposit Maturity<br /> Date Amount<br /> Deposited<br /> 01 707 172/10 23/06/2007 22/06/2009 1,00,000/-<br /> 02 332 172/10 25/09/2006 24/09/2008 1,00,000/-<br /> 03 470 172/10 25/05/2007 24/05/2009 75,000/-<br /> 04 746 172/10 21/08/2007 20/08/2009 7,50,000/-<br /> 05 509 172/10 16/12/2006 15/12/2008 40,000/-<br /> 06 666 172/10 14/09/2007 13/09/2009 35,000/-<br /> 07 1231 172/10 01/09/2005 31/08/2007 35,000/-<br /> 08 1279 172/10 20/10/2005 20/10/2007 15,000/-<br /> <br /> <br /> In respect of the deposits the period for deposit was 24 months and the rate of interest was between 10% to 10.25% p.a. depending on the date of deposit. Premature withdrawal was allowed on reduced rate of interest at 2% p.a..<br /> <br /> 3. It is alleged by complainant that in respect of deposits which have been matured on the date of filing of the complaint, the OP Society failed to repay the deposit amount. It is contended that the interest accrued was paid till the end of August 2008 and subsequently the rate of interest is reduced to 6% p.a. even in the case of deposits which been matured for repayment.<br /> <br /> 4. The OP Society appeared and filed its version. OP had contended that the deposit amount has been utilized for lending loan to other members and the members who received loans have not repaid it in time, therefore it has become difficult to repay the deposits. Further it is contended that in the present case some of the deposits were not matured and there is no cause of action.<br /> <br /> 5. Complainant filed affidavit. Heard the Learned Counsel for parties. We perused the records.<br /> <br /> 6. The non-payment of deposits and its accrued interest, due to financial difficulties of OP society is not a valid defence. However it is found that the deposits at serial Nos. 4 and 6 for Rs.7,50,000/- and Rs.35,000/- respectively are not matured. OP has paid the interest as agreed up to August 2008. In view of the financial status of the OP Society and also the reduction of rate of interest by Nationalized Banks on deposits, we think subsequent interest may be ordered to be paid at 7% p.a. <br /> <br /> 7. Hence we pass the following:<br /> <br /> O R D E R<br /> <br /> The complaint is partly allowed with costs of Rs.1,000/-. OPs are directed to pay a sum of Rs.3,65,000/- with interest at 7% p.a. from 01.09.2008 on the said amount till the date of realization, within 45 days from the date of this order.<br /> <br /> The complaint in respect of Rs.7,85,000/- is dismissed as the deposits have not matured for payment. However the OPs are directed to pay the accrued interest on the said deposits till the date of its maturity as agreed.<br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 20th day of July 2009.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> <br /> <br /> <br />