IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE    30^th  DAY OF JUNE 2022

Present: -      Smt.S.Sandhya   Rani. Bsc, LLB ,Member

         Sri.Stanly Harold, B.A.LLB, Member

    CC.No.365/2020

Abraham,

Mudappilangal Roy Bhavan,

Alumoodu P.O.,Kureepalli, Kollam.                        :           Complainant

(By Adv. P.Sajeev Babu)

V/s

1. Popular Exports

               Vakayar road, Karuvelipady

           Cochin 682005

         Rep.by its Proprietor, Thomas Daniel.                  :  Opposite Parties

2.  Y.Mathew Panicker,

                 Former Branch Manager of Popular Exports

                Kundara Residing at, Maliyekkal Mathew Bhavan,

                 Punnamukku, Perumpuzha P.O.

3. T.Mathunni Panicker,

          Branch Manager,

                Popular Exports

                Kundara residing at Plavila Thekkathil

                Raju Nivas, Ambipoika

ORDER

Sri.Stanly Harold, B.A.LLB, Member

          This is a case based on a complaint filed U/s 35 of the Consumer Protection Act 2019.

            The averments in the complaint in short are as follows:-

The 1^st opposite party is a partnership firm represented by it’s proprietor Thomas Daniel.  The 2^nd opposite party is the former Manager of the 1^st  opposite party Kundara Branch and 3^rd opposite party is the present manager of Kundara branch of the 1^st opposite party.

            The 1^st opposite party advertised in the newspaper dailies and other publications that the 1^st opposite party is offering interest @ 12% per annum to those who have made deposit in the 1^st opposite party as fixed deposit for any particular period with the liberty to withdraw the accrued interest in each and every month by the depositors.  The 2^nd and 3^rd opposite parties also personally approached the complainant and made believe the complainant that if the complainant deposit a sum of money as fixed deposit in the opposite party company as fixed deposit for a particular period the company would pay interest @ 12% per annum with the liberty to withdraw the accrued interest in each and every month by the complainant.  Thereafter the complainant deposited Rs.2,00,000/- on 23.10.2019 before the 2^nd opposite party as fixed deposit for a period of 12 months and in turn the opposite parties signed and issued a fixed deposit receipt No.0005234 with A/c No.1029991900190 dated 23.10.2019 for an amount of Rs.2,00,000/-.  In the said fixed deposit receipt the opposite parties agreed to pay interest @ 12% per annum allowing the complainant to withdraw the accrued interest in each and every month and also agreed to repay the fixed deposit amount on the maturity date shown in the said certificate.

            The opposite parties paid the monthly interest of the fixed deposit @ 12% per annum to the complainant up to the month of March 2020 as per the terms and conditions agreed by the opposite parties at the time of receiving the fixed deposits.  Thereafter the complainant made several demands to the opposite parties to pay the arrears of interest along with the principal fixed deposit amount of Rs.2,00,000/-.  This is a clear case of contractual violation, deficiency in service in service and also unfair trade practice on the part of the opposite parties.

            The opposite parties agreed and guaranteed the prompt payment of interest of the fixed deposit amount in each and every quarter year and also agreed to repay the fixed deposit amount on maturity or as and when the complainant makes the demand.  But the above said act of the opposite parties are a clear case of deficiency in service contractual violation and also unfair trade practice on the complainant.  They are illegally withholding money of the complainant for their illegal enrichment.  Hence the complaint.

            Notice issued from the Forum/Commission was served to the opposite parties.  The opposite parties were called absent and hence set exparte.  The complainant filed proof affidavit by a reiterating averments in the complaint and got marked Ext.A1 and A2 documents.  Heard counsel for the complainant and perused the records.  Ext.A1 is the photocopy of the advertisement publication by the opposite party.  Ext.A2 is the original Fixed deposit receipt No.0005234 with A/c no.1029991900190 dated 23.10.2019 for an amount of Rs.2,00,000/-.

            The unchallenged averments in the affidavit coupled with Ext.A1 and A2 documents would establish prima facie that complainant had deposited Rs.2,00,000/- on 23.10.2019 in his name.  It is clear from Ext.A2 document that the opposite parties have promised to pay 12% interest per annum and return the FD received at the time of maturity.   It is pertinent to note that complainant had availed the service of the opposite parties.  But they willfully, illegally and arbitrarily failed to provide service to complainant.    The opposite parties have misappropriated the entire amount deposited by the customer including the complainant and thereafter closed the branch office and absconded without repaying the amount deposited or its share of profit to the depositors.  It is crystal clear from there is deficiency in service contractual violation and unfair trade practice on the part of the opposite parties.  In the circumstances complainant is entitled to get an order directing the opposite party to pay Rs.2,00,000/- deposited along with interest shown in Ext.A2 receipt from 23.10.2019 the date of receipt of the order till the date of order and thereafter interest @ 12 % per annum till the date of payment and to get a reasonable compensation of Rs.25,000/- and costs of Rs.5,000/-from opposite parties 1 to 3 jointly and severally and from their assets.

            In the result complaint stands allowed in the following terms.

            Opposite parties 1 to 3 are directed to return the amount covered by Ext.A2 receipt Rs.2,00,000/- to the complainant along with interest 12% per annum from 23.10.2019 and to pay compensatory Rs.25,000/- along with costs of Rs.5,000/- for the proceedings the respective date of deposit/ investment within 45 days from the date of receipt of a copy of this order failing which the complainant is at liberty to recover the amount covered by Ext.A2 receipt along with interest @ 9 % p.a. from the date of order till realization from the opposite parties No.1 to 3 jointly and severally and from their assets.

Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 30^th  day of  June 2022.        

STANLY HAROLD:Sd/-

                    S.SANDHYA RANI: Sd/-

Forwarded/by Order

                                                                                       Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.A1                                  : The photocopy of the advertisement publication by the opposite party                                              

Ext.A2                                  :  The original Fixed deposit receipt No.0005234 with A/c no.1029991900190 dated

                                           23.10.2019 for an amount of Rs.2,00,000/-.

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil