IN THE CONSUMER DISPUTES REDRESSAL  COMMISSION, KOLLAM

Dated this the    29^th  Day of  July  2022

  Present: -  Sri. E.M.Muhammed Ibrahim, B.A, LL.M. President

       Smt.S.Sandhya Rani, Bsc, L.L.B,Member

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

                                                    CC.271/2020

1. Sajan Varghese                                   :         Complainants

         Kovoor House

        Vadakkevila P.O, Kollam

       Represented by his

      Power of Attorney Holder Mrs.Nicy Sajan

       W/o Sajan Varghese

      Kovoor House

      Vadakkevila P.O

      Kollam.

2. Nicy Sajan

         W/o Sajan Varghese

         Kovoor House

         Vadakkevila P.O, Kollam-691020.

[By Adv.Saju George&Adv.S.Riyas]

V/s

1. Popular Traders                                      :         Opposite parties

          Popular Towers, Vakayar P.O

          Pathanamthitta

         Represented by its Managing Partner

         Mr.Thomas Daniel@ Roy Daniel-689698.

2. Mr.Thomas Daniel@ Roy Daniel

          Managing Partner

          Popular Traders

          Popular Towers, Vakayar P.O

         Pathanamthitta-689698.

3.   The Manager

            Popular Traders

             Polayathode Branch

            Polayathode, Kollam-691001.

FINAL  ORDER

E.M.MUHAMMED IBRAHIM , B.A, LL.M, President

          The complainants No.1 and 2 are husband and wife respectively.  The 1^st complainant is now working abroad and hence he is represented by the 2^nd complainant as his power of attorney holder.  The 1^st opposite party is a partnership firm having its registered office at Pathanamthitta with branches at various places including Polayathode, Kollam District.  The 2^nd opposite party is the Managing  Partner of the 1^st opposite party and the  3^rd opposite party is the branch manager of the 1^st opposite party’s Polayathode branch. The 3^rd opposite party approached the complainants introducing himself as the branch manager of the 1^st opposite party at Polayathode branch and that his branch is receiving deposits from the public and assured that they would fetch a profit share/interest at the rate of 12% per annum that would be given to the depositors on quarterly basis.  He further assured that on maturity of the said deposits, the deposit amount with profit share would be returned to the depositors without fail.  He further assured that the 1^st opposite party is a highly reputed financial institution having several years experience and that the amount deposited is secured and the maturity amount assured is guaranteed.  The 3^rd opposite party also assured the complainants that they are ready and willing to return the deposit amount either in its maturity or on demand.  Believing the representation made by the 3^rd opposite party, the complainants had jointly made the following deposits with the 1^st opposite party.

1. Rs.50,000/- vide receipt No.0430483(A/c No.ILN000400000013408) 

 dated 14.06.2016 in the joint names of the complainants.

2. Rs.50,000/- vide receipt No.0430480(A/c No.ILN000400000013405) dated 14.06.2016 in the joint names of the complainants.
3. Rs.40,000/- vide receipt No.0430478(A/c No.ILN000400000013403) dated 14.06.2016 in the joint names of the complainants.
4. Rs.40,000/- vide receipt No.0430481(A/c No.ILN000400000013406) dated 14.06.2016 in the joint names of the complainants.
5. Rs.40,000/- vide receipt No.0430482(A/c No.ILN000400000013407) dated 14.06.2016 in the joint names of the complainants.
6. Rs.40,000/- vide receipt No.0430477(A/c No.ILN000400000013402) dated 14.06.2016 in the joint names of the complainants.
7. Rs.40,000/- vide receipt No.0430479 (A/c No.ILN000400000013404) dated 14.06.2016 in the joint names of the complainants.

The above deposits were made for a period of 72 months.While so the complainants came to understand that the opposite parties committed gross financial irregularities in respect of the deposits made by the complainants and other depositors.The 2^nd complainant went to the office of the 3^rd opposite party in July 2020 demanding the interest for the entire deposits till date.Thereupon it was revealed that the opposite parties had misappropriated the amounts of the depositors including the complainants and thereafter they absconded by closing all the branches.Immediately the 2^nd complainant had preferred a complaint in respect of the above matter before the SHO, Eravipuram Police Station, Kollam.The police had already started investigation in respect of the complaint made by the 2^nd complainant and other depositors.Thereceipts herein produced in duly signed by the 2^nd and 3^rd opposite parties on behalf of the 1^st opposite party and hence all the opposite parties are jointly, severally and vicariously liable to indemnify the complainants for the deposit amounts with stipulated profit share/interest.The complainants are legally entitled to get the amount with the agreed interest mentioned in the deposits and the opposite parties are liable to repay the said amount to the complainants.The act of the opposite parties amounts to deficiency inservice and unfair trade practice.Due to the act of the opposite parties, the complainants had suffered financial loss, mental agony and hardship which cannot be compensated in terms of money.The complainant are entitled to get a total deposit amount of Rs.3,00,000/- with agreed profit share/interest till the date of realization as per the deposit receipt and also entitled to realize Rs.2,00,000/- as compensation from the opposite parties.Hence the complaint.

Though notice was issued, opposite parties No.1 to 3 remained absent.Paper publication was effected against opposite parties No.1to 3.Even then they remained absence.Hence they were set exparte and exparte evidence was recorded.2^nd complainant filed proof affidavit and got marked Ext.A1 to A9 document for himself and as power of attorney holder of 1^st complainant.Heard the counsel for the complainants.Perused the records.

Complainants filed proof affidavit by reiterating the averments in the complaint. Ext.A1 is the original power of attorney issued by Sajan Varghese(1^st complainant) in favour of his wife Nicy 2^nd complainant.Ext.A2 would indicate that the complainants No.1&2 have made joint deposit for Rs.50,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A3 would indicate that complainants 1&2 have made another joint deposit for Rs.50,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A4 would indicate that both the complainants have made joint deposit for Rs.40,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A5 would indicate that the complainants have made joint deposit for Rs.40,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A6 would indicate that the complainants have made joint deposit for Rs.40,000/- on 14.06.2016 for a period of 72 months at the rate of 12% per annum. Ext.A7 would indicate that the complainants have jointly made deposit of Rs.40,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A8 would indicate the complainants have jointly deposited Rs.40,000/- on 14.06.2016 for a period of 72 months at the rate of 12% p.a.Ext.A9 is a copy of the complaint made by 2^nd complainant before SHO Eravipuram Police station.

In view of the unchallenged averments coupled with Ext.A2 to A8 documents we are of the view that the complainants No.1&2 are entitled to get the amount covered by each receipt/certificate along with the agreed rate of share of profit with the date of effect of that deposit/contribution.  

  It is clear from the available materials that the complainants No.1&2 have  sustained much mental agony apart from financial loss due to the nonpayment of the amount deposited or contributed along with agreed share of profit.  Hence there is  deficiency in service and unfair trade practice on the part of the opposite parties and therefore the complainants are entitled to get compensation for mental agony also.

          In the result complaint stands allowed in the following terms:-

1. Directing the opposite party No.1 to 3 to return the amount covered by Ext.A2 to A8 documents with the agreed share of profit@12% p.a from the date of deposit/contribution till the date of order and thereafter interest@9% p.a till the date of realization.
2. Directing the opposite party No.1 to 3 to pay Rs.50,000/- to the complainants by way of compensation
3. Directing the opposite party No.1 to 3 to pay Rs.5000/- as  costs of the proceedings.

If the opposite parties failed to comply with the above directions within 45 days from the date of passing the order the complainants are entitled to recover the amount granted under  relief No.a to c from the opposite parties No.1 to 3 jointly and severally and from their assets.

Dictated to the Confidential Assistant  Smt. Deepa.S transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 29^th  day of  July   2022.

E.M.Muhammed Ibrahim:Sd/-

S.Sandhya Rani:Sd/-

Stanly Harold:Sd/-

Forwarded/by Order

Senior Superintendent

INDEX  

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext A1:           Power of attorney.

Ext A2:           Original  Receipt dated 14.06.2016 for Rs.50,000/-

Ext.A3:           Original Receipt dated 14.06.2016 for Rs.50,000/-

Ext.A4:           Original Receipt dated 14.06.2016 for Rs.40,000/-

Ext.A5            :           Original Receipt dated 14.06.2016 for Rs.40,000/-

Ext.A6            :           Original Receipt dated 14.06.2016 for Rs.40,000/-

Ext.A7            :           Original Receipt dated 14.06.2016 for Rs.40,000/-

Ext.A8            :           Original Receipt dated 14.06.2016 for Rs.40,000/-

Ext.A9            :           Copy of complaint to SHO, Eravipuram.

Witnesses Examined for the opposite party:-Nil

E.M.Muhammed Ibrahim:Sd/-

S.Sandhya Rani:Sd/-

Stanly Harold:Sd/-

Forwarded/by Order

Senior Superintendent