IN THE CONSUMER DISPUTES REDRESSAL  COMMISSION, KOLLAM

Dated this the   30^th  Day of  July  2022

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

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

                                                    CC.404/2020

Neethu Abraham                                          :         Complainant

W/o Thomas Samuel

Pulimoottil House

Pallimukku, Kundara,

Kollam.

[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

Residing at Indikkattil House

Vakayar P.O, Konni,

                  Pathanamthitta-689698.

2.        Mr.Thomas Daniel@Roy Daniel

Managing Partner

Popular Traders

Popular Towers, Vakayar P.O

                  Pathanamthitta.

3.          Marykutty Daniel

Chairperson, Popular Traders

Popular Towers, Vakayar P.O

                 Pathanamthitta

Now residing at Indikkattil House

Vakayar P.O, Konni

                  Pathanamthitta-689698.

4.       Prabha Thomas

                Partner

               Popular Towers, Vakayar P.O

               Pathanamthitta-689698.

5.           T.Mathunni Panicker

Kaleelil Plavila Raju Bhavan

Ambipoika, Kundara P.O

                  Kollam-691015.

6.         Y.Mathew Panicker

Mathew Bhavan, Punnamukku

Perumpuzha P.O, Kollam-691014.

FINAL    ORDER

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

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

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

          The complainant is an Engineer and now she is permanently residing at the address shown in the complaint.  The 1^st opposite party  is a partnership firm having its registered office at Vakayar, Pathanamthitta and branches at various places including Kundara, Pallimukku, Kollam District.  The 2^nd opposite party is the Managing partner of the 1^st opposite party, the 3^rd opposite party is the chairperson of the 1^st opposite party,  4^th opposite party is the partner of the 1^st opposite party, 5^th opposite party is the present branch manager and 6^th opposite party was the branch manager of the 1^st opposite party’s Kundara Pallimukku branch from the very   inception till December 2019.   The transactions alleged in the complaint took place during the tenure of 6^th opposite party was the Manager of the Kundara, Pallimukku Branch.

          The 6^th opposite party approached the complainant and requested her to make deposits in his branch of the 1^st opposite party at Kundara Pallimukku and he 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 6^th opposite party also assured the complainant they ready and willing to return the deposit amount either on its maturity or on demand.  The 5^th opposite party was discharging his duties as the branch manager as per the direction of the other opposite parties.

          By believing the representation made by 6^th opposite party, the complainant had made several deposits before the 1^st  opposite party’s branch at Kundara Pallimukku which was agreed to pay share of profit/interest @ 12% p.a.

The father in law of the complainant  Sri.Samuel had deposited an amount of Rs.5,00,000/- in 2014 and the same was  periodically renewed.  The last renewal for the said deposit was on 17.07.2020 w.e.f  06.05.2020.  The said Samuel died on 30.09.2019 and the nominee for the said deposit is the complainant herein.  Hence the complainant is entitled to realize the said amount along with her deposits from the opposite parties are legally bound to pay the amount to the complainant with agreed share of profit/interest.

The complainant came to understand that the opposite parties committed gross financial irregularities in respect of the deposits made by the complainant and other depositors.    On 27.08.2020 the complainant went to the office of the 1^st opposite party at Kundara demanding the interest for the entire deposits till date.  Thereupon  it was revealed that the Kundara branch of the 1^st opposite party was closed and 5^th opposite party was found absconding.  On enquiry it was revealed that opposite parties had misappropriated the amounts of the depositors including the complainant and thereafter they absconded by closing all the branches.  As per the terms of the above deposits  the opposite parties are bound to pay the agreed rate of interest/share of profit @ 12% for the amount of Rs.18,00,000/- without fail.  They are also liable to repay the amount deposits either on its maturity or on demand.  The complainant had preferred a complaint in respect of the above matter before the SHO, Kundara police station.  The police had already started investigation in respect of the complaint made by the complainant and other depositors.  The receipts produced  along with complaint are on behalf of the 1^st opposite party.  Hence all the opposite parties are jointly, severally and vicariously for the deposit amount with stipulated share of profit/interest.  The act of the opposite parties amounts to deficiency in service and unfair trade practice and also the complainant had suffered financial loss, mental agony and hardship which cannot be compensated in terms of money.  Hence the complaint.

          Though notice was issued and paper publication was effected all the opposite parties were remained exparte.

          The complainant has filed proof affidavit by re-iterating the averments in the complaint and got marked Ext.A1 to A12 documents.  The unchallenged averments in the complaint coupled with Ext.A1 to A12 documents would establish that on 17.07.2020 the complainant has deposited Rs.5,50,000/- w.e.f 11.05.2020 vide Ext.A1 receipt.  On 04.08.2020 the complainant made as much as 8 deposits of  Rs.1,00,000/-, Rs.50,000/-, Rs.1,00,000/-, Rs.1,00,000/-, Rs.1,00,000/-,Rs.1,00,000/-,  Rs.1,00,000/-,  and Rs.1,00,000/- vide Ext.A2 to A9 documents.  All the above deposits is having the effect of 03.07.2020 and share of profit agreed is 12% p.a.  It is also clear from the available materials that the father in law of the complainant P.O.Samuel had deposited an amount of Rs.5,00,000/- during the year 2014 and the same was periodically renewed.  The last renewal was made on 17.07.2020 w.e.f 06.05.2020 vide Ext.A10 receipt.  As the complainant is the nominee of the above A10 deposit she is entitled to recover the amount.  In short  in view of Ext.A1 to A10 documents the complainant is entitled to recover Rs.18,000,00/- from the opposite parties along with agreed share of profit @ 12% p.a.  Ext.A11 and A12 documents would establish that the complainant approached the 5^th opposite party’s branch of the 1^st opposite  party was closed and Manager of the 1^st, 5^th opposite party and other opposite parties are not available rather absconding without misappropriating the amount deposited.  It is also clear from the available materials that the 5^th opposite party has not paid the agreed share of profit, though the complainant has approached for the same.

          It is also clear from the available materials that the 1^st opposite party is a partnership firm and 2^nd opposite party is the Managing Partner and 3^rd opposite party is the Chairperson of the 1^st opposite party.  4^th opposite party is the partner of the 1^st opposite party.  5^th opposite party was the Manager of the Kundara Branch of the 1^st opposite party and 6^th opposite party was the previous Manager of that branch.

          In view of the facts and circumstances of the case we are of the view that all the opposite parties  are legally bound to pay the amount received as deposited along with agreed share of profit to  the complainant.  It is also clear from the available materials that the act of the opposite parties in closing the institution without paying the amount of deposit or  the agreed share of profit to the complainant has caused much mental agony apart from financial loss.  Therefore the complainant is entitled to get compensation also.

          In the result complaint stands allowed directing the opposite parties No.1 to 6  to pay the amount covered by Ext.A1 to A10 documents along with agreed share of  profit from the date of deposit till today and thereafter interest @ 9% p.a till realization.  The opposite parties No.1 to 6 are also directed to pay Rs.1,00,000/- as compensation for mental agony to the complainant.  They are also directed to pay costs Rs.5000/- to the complainant.

          The opposite parties No.1 to 6 are directed to comply with the above directions within 45 days from today failing which the complainant is entitled to recover the same from opposite party No.1 to 6 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  30^th  day of  July   2022.

E.M.Muhammed Ibrahim:Sd/-

Stanly Harold:Sd/-

Forwarded/by Order

Senior Superintendent

INDEX  

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext A1:         Original  Receipt No.0590433  dated 17.07.2020 for Rs.5,50,000/-

Ext A2:       Original  Receipt No.0593031 dated 04.08.2020  for Rs.1,00,000/-

Ext.A3:       Original Receipt No.0593032 dated 04.08.2020 for Rs.50,000/-

Ext.A4:       Original Receipt No.0593029 dated 04.08.2020  for Rs.1,00,000/-

Ext.A5:       Original Receipt No.0593030 dated 04.08.2020  for Rs.1,00,000/-

Ext.A6:       Original Receipt No.0593027 dated 04.08.2020 for Rs.1,00,000/-

Ext.A7:       Original Receipt No.0593028 dated 04.08.2020  for Rs.1,00,000/-

Ext.A8:       Original Receipt No.0593025 dated 04.08.2020  for Rs.1,00,000/-

Ext.A9:       Original Receipt No.0593026 dated 04.08.2020  for Rs.1,00,000/-

Ext.A10:       Original Receipt No.0590436  dated 17.07.2020  for Rs.5,00,000/-

Ext.A11:     Copy of complaint(SHO, Kundara)

Ext.A12:     Copy of death certificate.

Witnesses Examined for the opposite party:-Nil

E.M.Muhammed Ibrahim:Sd/-

Stanly Harold:Sd/-

Forwarded/by Order

Senior Superintendent