B.JAGATAIAH Vs. B.VENKATESWARLU

JUDGEMENT

(1.) These appeals are preferred by opposite party No.2, 4 and 6 against the orders of the Dist. Forum directing them to pay the amount covered under the FDRs with interest and costs along with respondents 1, 3 and 5.

(2.) Though the Dist. Forum had passed separate orders on the complaints filed by different complainants seeking the amounts covered under the FDRs issued by M/s. Prithvi Financiers, Karimnagar directing the appellants, erstwhile directors of the company to pay the amount along with other respondents, we are of the view that since common questions of fact and law are involved, all these appeals can be disposed of by a common order.

(3.) The case of the complainants in brief is that the appellants and the respondents 1, 3 and 5 have established a finance business under the name and style of M/s. Pruthvi Financiers at Karimnagar inviting deposits from the depositors undertaking to repay the same with attractive rate of interest. The scheme stipulates that each member had to deposit Rs. 6,000/- at a time or Rs. 300/- per month for a period of 24 months and that on maturity it would pay Rs. 15,000/-. Accordingly they joined as members and obtained the following FDRS. S.No. F.A.No. FDR No. Deposit Date & Amount Maturity Date &amount Issued by 1. 207/2008 0198 12.05.1997Rs. 7,200/- 11.05.2003Rs. 15,000/- Prithvi Financiers,Karimnagar 2. 204/2008 0252 12.05.1997Rs. 7,200/- 11.05.2003Rs. 15,000/- Prithvi Financiers,Karimnagar 3. 205/2008 4584 12.05.1997Rs. 7,200/- 11.05.2003Rs. 15,000/- Prithvi Financiers,Karimnagar