Date of filing:16.12.2013
Date of Disposal:16.7.2014
BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II::
VIJAYAWADA, KRISHNA DISTRICT.
Present: SMT N. TRIPURA SUNDARI, B. COM., B. L., PRESIDENT (FAC)
SRI S.SREERAM, B.COM., B.A., B.L., MEMBER
WEDNESDAY, THE 16th DAY OF JULY, 2014.
C.C.No.10 OF 2014
Between :
Sri N.V.Alwaru, S/o Venkateswarlu, Hindu, 42 years, Business, Residing at 10-2-74, Arjun Street, Vijayawada.
….. Complainant.
And
1. Vijaya Krishna Mutually Aided Co-operative Thrift Society Limited, Rep., by its Director President G.V.Narayana Rao, Having its Head Office at Gajavalli Mansions, #11-14-5, Velagaletivari Street, Opp.S.B.I., Vijayawada – 520 001.
2. G.V.Narayana Rao, S/o Hanumaiah, Hindu, 53 years, President, Vijaya Krishna Mutually Aided Co-operative Thrift Society Limited, 11-14-5, Gajavalli, Mansion, Velagaletivari Street,Vijayawada.
3. G.Jyothi Kumari, W/o Nageswara Rao, Hindu, 62 years, Vice President, 11-14-5, Gajavalli Mansdion, Velagaletivari Street, Vijayawada.
4. G.Nageswara Rao, S/o Hanumaiah, Hindu, 65 years, Director, #11-14-5, Gajavalli Mansion, Velagaletivari Street, Vijayawada.
5. G.V.Koteswara Rao, S/o Hanumaiah, Hindu, 50 years, Director, #11-14-5, Gajavalli Mansion, Velagaletivari Street, Vijayawada.
6. G.Jaya Lakshmi, W/o China Venkateswara Rao, Hindu, 50 years, Director, #11-14-5, Gajavalli Mansion, Velagaletivari Street, Vijayawada.
7. G.China Venkateswara Rao, S/o Hanumaiah, Hindu, 55 years, Director & CEO, #11-14-5, Gajavalli Mansion, Velagaletivari Street, Vijayawada.
…..Opposite Parties.
This complaint is coming before us for final hearing on 10.7.2014 in the presence of Sri P.Seshu Mohan, Advocate for complainant and opposite parties remained absent and upon perusing the material available on record, this Forum delivers the following:
O R D E R
(Delivered by Hon’ble President (FAC) Smt N. Tripura Sundari)
This complaint is filed under Section 12 of the Consumer Protection Act, 1986.
The averments of the complaint are in brief
1. The complainant made three fixed deposits worth Rs.1,00,000/-, Rs.1,50,000/- and Rs.1,10,355/- with the opposite parties in the year 2006-2007. The opposite parties issued deposit receipts by mentioning the rate of interest, maturity date and amount. Subsequently the said deposits were matured and the same were again renewed upto December, 2011. After the date of maturity the complainant approached the opposite parties and requested to pay the maturity amount. But the opposite parties failed to pay the same inspite of repeated requests made by the complainant which amounts to deficiency in service. Hence the complainant is constrained to file this complaint against the opposite parties praying the Forum to direct the opposite parties to pay Rs.1,84,243/- Rs.2,76,365/- and Rs.2,03,312/- towards the maturity amounts along with interest there on by the date of complaint, to pay subsequent interest at 24% per annum from the date of complaint till realization to pay Rs.1,00,000/- towards damages for mental agony and costs.
2. Notices of opposite parties 1 to 7 returned unserved and summons were issued by way of substitute service (paper publication). Opposite parties 1 to 7 remained absent.
3. The complainant gave his affidavit and got marked Ex.A.1 to Ex.A.3.
4. Heard and perused.
5. Now the points that arise for consideration in this complaint are:
1. Whether there is any deficiency in service on the part of the opposite parties in not refunding the deposit amounts on the maturity date with interest to the complainant?
2. If so is the complainant entitled for any relief?
3. To what relief the complainant is entitled?
POINTS 1 AND 2:-
6. On perusing Ex.A.1 we noted that the complainant made deposit of Rs.1,10,355/- on 18.1.2007 for two years with rate of interest at 13% per annum under deposit receipt No.FD009661 and the maturity date is 18.1.2009 and the maturity amount is Rs.1,40,912/- and it was renewed on 18.1.2009 for further period of three years upto 18.1.2012 with the maturity value of Rs.2,03,312/-. The complainant again deposited an amount of Rs.1,00,000/- on 17.12.2006 for one year with interest at 13% per annum under receipt No.FD009549. The maturity date is 17.12.2007 and the maturity value is Rs.1,13,000/- and it was again renewed on 17.12.2007 for further period of four years i.e., upto 17.12.2011. The maturity value is Rs.1,84,243/-. Again the complainant deposited an amount of Rs.1,50,000/- on 17.12.2006 for one year with interest at 13% per annum under receipt No.FD009550. The maturity value is Rs.1,69,500/- and the same was renewed on 17.12.2007 for further period of four years upto 17.12.2011. the maturity value is Rs.2,76,365/-. The complainant filed a document relating to Vijaya Krishna Mutually Aided Cooperative Thrift Society Limited with the names of Board of Directors, Auditors and Bankers with official address which relates to the opposite parties. The complainant gave paper publication as issuance of summons to opposite parties as ordered by the Forum in Praja Sakthi Daily News Paper published on 21.5.2014 and he filed the same along with receipt dated 3.6.2014 for Rs.500/-. But the opposite parties failed to attend before the Forum or refund the deposit amounts with maturity value to the complainant. Therefore we conclude that there is clear deficiency in service on the part of the opposite parties towards the complainant in not refunding the deposit amounts with maturity value on maturity date. Hence they are liable to pay the maturity amounts of the deposits to the complainant. The complainant is entitled to get refund of his deposit amounts with maturity value. Accordingly these points are answered.
POINT No.3:-
7. In the result, the complaint is allowed in part and the opposite parties 1 to 7 jointly and severally are directed to pay the maturity amount of Rs.8,44,917/- under three deposits including accrued interest by the date of complaint; i.e., 16.12.2013 and to pay the said amount with interest at the rate of 9% per annum from the date of complaint till realization, to pay Rs.5,000/- as compensation for mental agony and to pay costs of Rs.1,500/- including the paper publication charges to the complainant. Rest of the claims of the complainant are rejected. Time for compliance one month.
Dictated to the Stenographer K.Sivaram Prasad, transcribed by him, corrected by me and pronounced by us in the open Forum, this the 16th day of July, 2014.
PRESIDENT(FAC) MEMBER
APPENDIX OF EVIDENCE
WITNESSES EXAMINED
For the complainant: For the opposite parties:-
P.W.1 Sri N.V.Alwaru, None.
Complainant
(by affidavit)
DOCUMENTS MARKED
On behalf of the Complainant:-
Ex.A.1 18.07.2007 Photocopy of Deposit Certificate for Rs.1,10,355/-.
Ex.A.2 17.12.2006 Photocopy of Deposit Certificate for Rs.1,00,000/-.
Ex.A.3 17.12.2006 Photocopy of Deposit Certificate for Rs.1,50,000/-.
For the opposite parties:-
Nil.
PRESIDENT(FAC)
