GODAVARI VALLEY INDUSTRIAL DEVELOPMENT TRUST Vs. NIMMALA VIJAYA

JUDGEMENT

(1.) This is an appeal preferred by the opposite parties against the order of the Dist. Forum directing them to refund Rs. 14,000/- with interest @ 9% p.a., from the date of complaint till the date of realization with costs of Rs. 1,000/-.

(2.) These three appeals arise against the order of the Dist. Forum in three complaints filed by husband, wife and their son claiming the amounts covered under the fixed deposit receipts. Though separate orders were passed in an identical facts, we are of the opinion that all the three appeals which arise from the said orders could be conveniently disposed of by a common order for which both parties agreed.

(3.) The case of the complainants in brief is that opposite parties 2 to 4 constituted first appellant trust by name Godavari Vally Industrial Development Trust and introduced fixed deposit receipt (FDR. scheme attracting the general public to deposit certain amounts and undertaking to refund the same with interest. The wife and husband deposited Rs. 14,000/- each on 30.12.1997 while their son deposited Rs. 50,000/- on 20.12.1996. When they could know that the appellants had closed the scheme in the middle they approached them on 20.12.2003 for which they agreed to pay on 25.6.2004. However, when they claimed the amount they did not pay and on that they filed the complaint for recovery of the amount together with interest, compensation and costs.