Holding non-payment of maturity amount of fixed deposits as deficiency of service, the Dakshina Kannada District Consumer Disputes Redressal Forum has directed South Kanara Agriculturist Cooperative Marketing Society Ltd. (SKACMS) to refund the amount with 9 % interest.
The case relates to 57-year-old V. Krishnaprasad, 59-year-old V. Sathyamurthy and 55-year-old V. Subraya, all from Sullia. All the three had invested ₹ 5,000 each in the fixed deposit scheme of the society.
While Mr. Sathyamurthy invested the amount in December 2008, Mr. Krishnaprasad invested it in April 2009 and Mr. Subraya in December 2010.
The maturity amount had to be paid to Mr. Krishnaprasad by the end of December 16, 2012 and to Mr. Krishnaprasad and Mr. Subraya by April 2, 2013 and December 19, 2012 respectively.
Despite repeated demands by all the three, the society failed to make the payment to them.
Society made ex-parte
All the three filed complaints before the forum. As the society failed to appear before it despite notices, the forum held it ex-parte .
In an order issued on March 8, District Forum president Vishweshwara Bhat and Member Lavanya M. Rai said that the complainants produced fixed deposit receipts before it and these have not been challenged by the bank.
“This is a fit case to direct the opposite party (SKACMS) to return the amount invested with interest at the rate of 9 % interest per annum effective from the last interest payment mentioned on the reverse of fixed deposit receipt in each case,” the forum said.
The Official Liquidator/Assistant Registrar of Cooperative Societies, SKACMS, was also asked to pay ₹ 5,000 as compensation and cost to each one of the three complainants.
