IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOTTAYAM
Dated, the 06th day of May, 2022.
Present: Sri. Manulal V.S. President
Smt. Bindhu R. Member
Sri. K.M. Anto, Member
C C No. 41/2021 (Filed on 15-02-2021)
Petitioner : Chacko Ambrayil,
S/o. Chacko and Liji Chacko,
W/o. Chacko Amprayil Celibenta,
Madathippadi–Thachukunnu Road,
Puthuppalli (Village)
Kottayam – 686011.
Vs.
Opposite parties : 1) Mr. Thomas Daniel,
Managing Director,
M/s. Popular Traders & Popular
Dealers, Popular Tower, Vakayar P.O.
Konni (Taluk & village)
Pathanamthitta – 689691.
2) Mrs. Prabha Thomas,
(W/o. Thomas Daniel
Director – M/s Popular Finance &
Partner – M/s. popular Traders &
Popular Dealers,
-do-
3) Mrs. Rinu Mariam Thomas,
(D/o. Thomas Daniel)
Director – M/s Popular Finance &
Partner – M/s. popular Traders &
Popular Dealers,
-do-
4) Mrs. Reeba Mary Thomas,
(D/o. Thomas Daniel)
Director – M/s Popular Finance &
Partner – M/s. popular Traders &
Popular Dealers,
-do-
5) Mrs. Riya Ann Thomas,
(D/o. Thomas Daniel)
Director – M/s Popular Finance &
Partner – M/s. popular Traders &
Popular Dealers,
-do-
O R D E R
Sri. Manulal V.S. President
This is a case based on a complaint filed under Section 35 of the Consumer Protection Act 2019.
The averments in the complaint in short are as follows:-
The complainant was working abroad. Opposite parties 1 to 4 are claiming to be partners of the firm in the name and style Popular Finance and its sister concerns, especially Popular Traders and Popular Dealers. They claimed that at present the Popular Finance is a conglomeration of various business concerns and the entire sister concerns support the parent organization by returning profits regularly. The opposite parties had opened their branches throughout Kerala and
outside Kerala so as to mobilize funds and to do finance business. The opposite parties were very cautious and prompt in repayment and payment of monthly interest to those who want to collect interest monthly.
The complainants had deposited their savings with the Manarcadu and Puthuppally branches of the opposite parties firm. From their accounts the following receipts were issued in the name of Popular Traders and dealers so as to acknowledge the liability of the opposite parties to the complainants. Branches of the opposite parties remained closed during Covid 19 Pandemic lock down period. The complainants had also approached the concerned branch office of the opposite parties to get back their due amount but not paid. There is deficiency in service on the opposite parties as private financiers as they failed to return the amount received with agreed rate of interest. Total amount due as per the above 4 receipts from the date of deposits is 15,50,000/-. The complainants are also entitled to get the promised rate of interest @ 12% p.a on the whole amount deposited in the name of Ligi and interest @18% for the amount deposited in the name of Chacko.. By way of interest totally Rs.3,95,000/- is also due from the opposite parties. Altogether an amount of Rs.19,45,000/- is due to the complainants from the opposite parties. Hence the complaint.
Notice issued from the Commission returned unserved stating that the whereabouts of the opposite parties are not known. Hence notice were published in Janayugom Daily and produced a copy of paper publication on 3-3-2022 and on that day the opposite parties No.1 to 4 were called absent and set exparte.
Complainant filed proof affidavit by reiterating the averments in the complaint and got marked Exts.A1 to A10 documents. Heard the counsel for the complainants and perused the records. Et.A2 is the photocopy of the original receipt in the name of Ligi Chacko indicating the deposit of Rs.5,00,000/- with the Popular Dealers. Exhibit A3 and A4 are the photocopies of the original receipt in the name of the Ligi chacko indicating the deposit of Rs.3,00,000/- and 5,00,000/- at the Popular Traders. Exhibit A5 is photocopy of the original receipt in the name of the Chacko Amprayil indicating the deposit of Rs.2,50,000/- at the Popular Dealers. Ext.A2 receipt indicates Ligi Chacko had deposited Rs.5,00,000/- w.e.f.. 25-1-2020 for a period of 12 months and the profit share offered is 12% p.a. Ext.A3 receipt indicates that Ligi chacko had deposited Rs.3,00,000/- w.e.f. 28-2-2020 for a period of 12 months and the profit share offered is 12% p.a. Ext.A4 receipt indicates that Ligi chacko had deposited Rs.5,00,000/- w.e.f. 19-10-2019 for a period of 12 months and the profit share offered is 12% p.a. Ext.A5 receipt indicates that Chacko Amprayil deposited Rs.2,50,000/- w.e.f. 22-4-2016 for a period of 5years and the profit share offered is 18.8% per annum.
The unchallenged averments in the affidavit coupled with Ext.A1 to A5 documents would establish prima facie that the complainant and his wife Ligi Chacko have together deposited Rs.15,50,000.
The complainant had stated in the complaint as well as proof affidavit that they had not drawn any interest share of profit after March 2020. However the branches of the opposite parties remained closed during Covid 19 Pandemic lock down period. Though the lockdown was lifted they imposed restrictions for the functioning of the branches and those who want to withdraw their deposits were not paid immediately and started deferring payment on lame excuses. The complainant had approached branch office concerned to get back the amount due but not paid. Later the complainant realized that the financial institutions run by the opposite parties are being closed and the complainant lodged a complaint before the Police Authorities. Exhibit A9 is the copy of the FIR in Crime No. 710/20 of Manarcadu Police Station against the opposite parties under Section 406 & 420, of IPC read with section 34 of IPC. Exhibit A10 is the copy of the FIR in crime no. 83/20 of Kottayam East Police Station against the opposite parties under Section 406 &420 of IPC read with section 34 of IPC.
On evaluating the entire materials available on record we are of the view
that the above act of the opposite parties has caused unlawful loss of Rs.19,45,000/-being the amount deposited and its agreed interest and the above act of the opposite party would definitely attract deficiency in service and unfair trade practice. In the circumstances the complainants are entitled to get the deposited amount back with agreed interest as prayed for. The non-payment of the amount deposited with agreed share of profit has caused mental agony to the complainants. .
In the result complaint stands allowed in part in the following terms.
- Opposite parties are directed to return the amount covered by Ext.A2 to A5 receipts to the complainant along with agreed share of profit from the respective date of deposit / investment till the date of maturity and thereafter interest at the rate of 9% till the date of payment.
- The opposite parties No. 1 to 4 are further directed to pay Rs.1,00,000/ -to the complainant as compensation.
- Opposite parties 1 to 4 are directed to comply with direction No. 1 &2 within 30 days from the date of this order failing which the complainants are at liberty to recover the amount covered under relief No. 1 & 2 along with interest @ 9 % p.a. after the date of maturity till realization from opposite parties No. 1 to 4 jointly and severally and from the assets of the Popular Dealers/Popular Traders.
Pronounced in the Open Commission on this the 06th day of May, 2022
Sri. Manulal V.S. President Sd/-
Smt. Bindhu R. Member Sd/-
Sri. K.M. Anto, Member Sd/-
Appendix
Exhibits marked from the side of complainant
A1 – Copy of deposit details
A2 – Copy of receipt dtd.06-03-20 issued by opposite party
A3 – Copy of receipt dtd.09-03-20 issued by opposite party
A4 - Copy of receipt dtd.10-10-19 issued by opposite party
A5 – Copy of receipt dtd.25-04-16 issued by opposite party
A6 – Copy of bank account details of complainant
A7 – Copy of bank account details of Legi Punnoose
A8 – Copy of bank account details of complainant
A9– Copy of FIR report dtd.29-10-20 by Manarkad Police Station
A10- Copy of FIR report dtd.16-11-20 by Kottayam East Police Station
Exhibits marked from the side of opposite party
Nil
By Order
Assistant Registrar
