AMARJIT SINGH Vs. GAGANDEEP SINGH & ORS.

JUDGEMENT

(1.) The above noted revision petitions have been referred to the Larger Bench by the orders of Hon'ble President dated 31.05.2013 for answering the following question:

(2.) Above noted revision petitions have arisen from almost identical consumer complaints filed by various depositors who had deposited certain amounts in fixed term deposits with opposite party Sarb Bank Employees Cooperative U.S.E.T. & Credit Society Limited with minor variations. The basic allegations in the respective complaints are almost similar. Allegations of the complainants in their respective complaints are that petitioner / opposite party no.1 Amarjit Singh, the then President of the above noted Cooperative Society approached the respective complainants and represented to them that if they deposit any amount with the cooperative society, they would receive interest @ 15-16% p.a. on their respective fixed deposits. Allegedly, the petitioner / opposite party Amarjit Singh convinced the complainants that the opposite party / cooperative society has been floated by the employees of State Bank of India and there was no risk involved. Being lured by the attractive offer, the complainants deposited specific amounts in fixed deposit with the opposite party / cooperative society. The complainants received interest of their deposit for sometime. Thereafter, remittance on account of interest stopped. On being approached, the petitioner Amarjit Singh informed the complainants that their interest would be duly remitted on clearance of their dues by some loanees. Later, however, the complainants came to know from the newspaper reports that there had been some bungling in the cooperative society. The complainants thus demanded return of their deposits but the opposite parties failed to make payment. This led to the complainants approaching the District Forum concerned and filing their respective complaints.

(3.) The opposite parties on being served with notice of the complaint resisted the respective complaints by filing their written statement.