Dakshina Kannada District Consumer Disputes Redressal Forum has asked South Kanara Agriculturists Co-operative Marketing Society Ltd. to refund the maturity value of deposits in recent judgements along with penal interest and cost of litigation to four complainants.
In one case, T. Krishna Bhat of Silva Road and his wife Vatsala K. Bhat had sued the society’s units in Puttur and Mangaluru saying their fixed deposits had matured but the society had failed to refund them with maturity value under one or other pretext. They were promised 11.5 per cent interest on the deposits.
The forum was of the view that it was the society’s obligation to refund the amount to the complainants on the date of maturity “without any demand”. The forum observed that it had become common in cases of this nature that institutions facing financial difficulties caused problems to the depositors and postponed their payment by giving various excuses.
While deciding the cases ex-parte, the forum pointed out that Section 70 of Karnataka Co-operative Societies Act, 1959, was “not a bar to a complaint seeking relief for loss and injury suffered due to negligence… deficiency in the performance of service (provider)”.
Holding that the complaint is maintainable, it directed the society to pay maturity value of fixed deposit of Rs. 90,000 to Mr. Bhat and of Rs. 2,46,000 to Ms. Bhat along with interest at a rate of 12 per cent per annum from the date of complaint till the date of payment to the complainant. The society was also asked to pay Rs. 2,000 towards the cost of the litigation expenses.
In similar orders, the forum asked the two units of the society to pay to Vasanthi Bhat of Kairangala village the maturity value of deposits of Rs. 1.01 lakh; and the maturity value of deposits of Rs. 3.45 lakh to Leena Pinto of Alape village. In these cases too the opposite parties were asked to pay cost of litigation of Rs. 2,000 and interest at a rate of 12 per cent per annum from the date of complaint till the date of payment to the complainants. The opposite parties were held jointly and severally responsible for the payment.
