IN THE CONSUMER DISPUTES REDRESSAL FORUM, ALAPPUZHA
Friday the 31st day of March, 2017
Filed on 03.06.2015
Present
- Smt. Elizabeth George (President)
- Sri. Antony Xavier (Member)
- Smt.Jasmine.D. (Member)
in
C.C.No.165/2015
between
Complainants:- Opposite Parties:-
- Sri. T.S. Ravi 1. Sreepadmanabha Vilasom Arayajana
Chembakasseri Veedu Karayogam, AKDS Branch No.54
Kattoor P.O., Kalavoor Village Komana, Amabalappuzha
Alappuzha Represented by its President
- Smt. Rathi Bhai, W/o T.S. Ravi 2. Sreepadmanabha Vilasom Arayajana
-do- -do- Karayogam, AKDS Branch No.54
Komana, Amabalappuzha
- Smt. Ramya, D/o T.S. Ravi Represented by its Secretary
-do- -do- (By Adv. Somanadha Kurup – for
Opposite parties)
- Smt. Reshma, D/o T.S. Ravi
-do- -do-
By Adv. P.V. Thomas – for complainants)
O R D E R
SMT. ELIZABETH GEORGE (PRESIDENT)
The case of the complainants is as follows:-
The complainants are the depositors of opposite parties which is doing finance business. Being influenced by the assurance of the opposite parties first complainant deposited Rs.1 lakh on 4.2.2002 and 2nd complainant deposited Rs.50,000/- on 29.08.2002 and another Rs.50,000/- on 12.05.2004 and 3rd complainant deposited Rs.50,000/- and 4th complainant deposited Rs.50,000/- on 8.10.2003 with the opposite parties. Complainants received interest till 14.03.2005, in spite of the repeated requests opposite parties so far not returned the amount with interest to the complainants. Alleging deficiency in service on the part of the opposite parties, complaint is filed.
2. The version of the opposite parties is as follows:-
Complaint is barred by limitation. Opposite parties returned an amount of Rs.77,000/- to the first complainant till 12.05.2004 and Rs. 49,000/- to the complainant till 12.05.2004 and Rs.33,500/- to the 3rd complainant till 12.12.2005 and Rs.19,500/- to the 4th complainant till 12.05.2005. Since the complaint is barred by limitation, opposite parties are not liable to pay to the complainants. Hence the complainants are not entitled to get any reliefs prayed in the complaint.
3. The first complainant was examined as PW1. The documents produced were marked as Exts.A1 to A13. Opposite party was examined as RW1. One document produced marked as Ext.B1.
4. The points came up for considerations are:-
- Whether there is any deficiency in service on the part of the opposite parties?
- Whether the complainants are entitled to get relief and cost?
5. It is an admitted fact that complainants deposited Rs.3 lakhs with the opposite parties. According to the opposite parties they have paid some amount to the complainants till 12.05.2005 and thereafter the complainants never demanded any amount, hence complaint is barred by limitation. From the documents produced by the complainants it is clear that the first complainant deposited Rs.1 lakh with the opposite parties and he received interest till 14.03.2005 and the 2nd complainant deposited Rs.50,000/- on 29.08.2002 and another Rs.50,000/- on 12.05.2004 and received interest till 14.03.2005 and the 3rd complainant deposited Rs.50,000/- on 7.11.2002 and received interest till 14.03.2005 and the 4th complainant deposited Rs.50,000/- on 8.10.2003 and received interest till 14.03.2005. In a decision reported in 2016(4) CPF Volume Part-12 page No.723 Hon’ble National Commission laid down that, “As per circular of RBI, bank as well as banking companies in event of late production of fixed deposit receipts after date of maturity are supposed to pay interest on agreed terms till date of maturity and for subsequent period, depositors shall attract saving bank rate of interest – On expiry of maturity date, liability of bank / banking company shall not come to an end and depositor shall have a continuous cause of action to seek recovery of said amount.” In said decision Hon’ble Commission opined that, “as per the circular of RBI, the banks as well as banking companies in the event of late production of fixed deposit receipts after the date of maturity are supposed to pay interest on the agreed terms till the date of maturity and for the subsequent period the depositors shall attract saving bank rate of interest.” In the light of the above decision we are of considered opinion that on the date of payment of interest by the opposite parties their liabilities shall not come to an end the depositors shall have a continuous cause of action to seek recovery of the said amount. In the instant case complainant received interest till 14.03.2005. Hence they are entitled to receive the amount deposited by them with saving bank rate of interest.
In the result, complaint is allowed. The opposite parties are directed to pay an amount of Rs.1,00,000/- (Rupees one lakh only) with savings bank rate of interest to the 1st complainant from 14.03.2005 till realization, Rs.1,00,000/- (Rupees one lakh only) with savings bank rate of interest to the 2nd complainant from 14.03.2005 till realization, Rs.50,000/- (Rupees fifty thousand only) with savings bank rate of interest to the 3rd complainant from 14.03.2005 till realization and Rs.50,000/- (Rupees fifty thousand only) with savings bank rate of interest to the 4th complainant from 14.03.2005 till realization. Since the primary relief is granted no further relief as to compensation and cost. The order shall be complied within one month from the date of receipt of this order.
Dictated to the Confidential Assistant transcribed by her corrected by me and
pronounced in open Forum on this the 31st day of March, 2017.
Sd/-Smt. Elizabeth George (President) :
Sd/- Sri. Antony Xavier (Member) :
Sd/-Smt.Jasmine.D. (Member) :
Appendix:-
Evidence of the complainant:-
PW1 - T.S. Ravi (Witness)
Ext.A1 - Receipt dated 7.1.2002 for Rs.1 lakh
Ext.A2 - Passbook of T.S. Ravi
Ext.A3 - Receipt dated 29.8.2002 for Rs.50,000/-
Ext.A4 - Deposit receipt dated 12.5.2004 for Rs.50,000/-
Ext.A5 - Receipt dated 12.5.2004 for Rs.50,000/-
Ext.A6 - Deposit receipt dated 12.5.2004
Ext.A7 - Passbook of Rathi Bhai
Ext.A8 - Receipt dated 7.11.2002 for Rs.50,000/-
Ext.A9 - Deposit receipt dated 7.11.2002
Ext.A10 - Passbook of Ramya
Ext.A11 - Receipt dated 8.10.2003 for Rs.50,000/-
Ext.A12 - Deposit receipt dated 8.10.2003
Ext.A13 - Passbook of Reshma
Evidence of the opposite parties:-
RW1 - P. Babu (Witness)
Ext.B1 - Copy of sale deed
// True Copy //
By Order
Senior Superintendent
To
Complainant/Opposite parties/S.F.
Typed by:- pr/-
Compared by:-
