SHIVRAJ M GIRGLANI Vs. TELEGRAPH TRAFFIC EMPLOYEES COOPERATIVE

JUDGEMENT

(1.) COMPLAINANT No. 1, Shivraj M. Girglani was authorized to file this case on behalf of himself and his family members. He submitted that himself and his family members i.e. complainants 2 to 4 deposited their hard earned earning in different denominations in the opposite party co -op. society at varied rates of interest with maturity period of one year each as follows: S. No. Name FD. No. Date Amount Rs. 1. Sri Shivraj M. Girglani 2369 31.12.2003 2,00,000 2. Sri Shivraj M. Girglani 3024 1.6.2003 1,00,000 3. Sri Shivraj M. Girglani 0762 7.11.2005 5,00,000 4. Sri Shivraj M. Girglani 1203 1.2.2006 5,00,000 5. Sri Shivraj M. Girglani 2117 22.5.2006 3,00,000 6. Sri Shivraj M. Girglani 4436 2.11.2007 1,00,000 7. Smt. Gunwanti M. Girglani 2733 5.4.2004 2,00,000 8. Smt. Gunwanti M. Girglani 0761 7.11.2005 5,00,000

(2.) THE first complainant submitted that before depositing his money with the society, he enquired with the Person Incharge/Special Officer of the society whether there is any restriction about accepting of deposits from Non -Members of the society and the officer assured that there is no such rule or restriction and whoever is interested in getting higher rate of interest on their deposits can deposit the money. As promised the opposite party society paid the interest mentioned in the fixed deposits to complainants 1 to 4 on their deposits upto August, 2008 and the same has been noted on the over leaf of each FD deposit. Complainant No. 1 submitted that he went to the opposite party society and requested for payment of the accrued interest but it was postponed time and therefore he complained with other depositors to the Registrar of Co -op. society and also to Deputy Commissioner of Police. The action initiated by the Registrar of the Co -operative Societies is slow and trying to satisfy the depositors by superseding the earlier society and transferring the power and authority into the hands of present body by enacting a special Government Order 1229 dated 8.10.2009. It is the case of the complainant that the Government or police are not taking any effective steps to save the depositors and that they are running from pillar to post and that the opposite party society is liable to pay the following amount: S.No. F.D. No. Principle Rs. Rate of Interest From To Total Amount 1. 2369 2,00,000 15% 1.9.2008 31.1.2010 42,500 2. 3024 1,00,000 15% 1.9.2008 31.1.2010 21,250 3. 0762 5,00,000 13% 1.9.2008 31.1.2010 92,083 4. 1203 5,00,000 13% 1.9.2008 31.1.2010 92,083 5. 2117 3,00,000 13% 1.9.2008 31.1.2010 55,250 6. 4436 1,00,000 14% 1.9.2008 31.1.2010 19,833 7. 2733 2,00,000 15% 1.9.2008 31.1.2010 42,500 8. 0761 5,00,000 13% 1.9.2008 31.1.2010 92,083 9. 1202 5,00,000 13% 1.9.2008 31.1.2010 92,083 10. 0956 2,00,000 13% 1.9.2008 31.1.2010 46,042 11. 4163 2,00,000 12% 1.9.2008 31.1.2010 34,000 Total Rs. 33,50,000 6,29,707 (a) Principal Amount of Rs. 33,50,000 (b) Total interest on all F.Ds. Rs. 6,29,707 (c) Principle + Interest Rs. 39,79,707 (d) Damages Rs. 2,50,000 Total amount of Rs. 42,29,707

(3.) THE complainant No. 1 submitted that In spite of repeated demands for payment of the deposits, opposite party neither refunded principal amount nor the accrued interest thereon and hence approached this Commission for a direction to the opposite party to pay Rs. 42,29,707 together with damages of Rs. 2,00,000 for mental agony and costs of the complaint