P.RAMAKRISHNAM RAJU,PRESIDENT - (1.) THE opposite parties 14 and 15 in C.D. 806/2001 on the file of the District Consumer Forum -II, Hyderabad are the appellants.
(2.) THE case of the complainants is that they deposited moneys with the first opposite party Co -operative Urban Bank and as the amounts were not re -paid with interest as promised they filed the complaint, which was allowed by the District Forum with compensation of Rs. 5,000/ - and costs of Rs. 500/ - for each of the complainants. Hence the appeal.
(3.) EX . A -1 to Ex. A -5, Ex. A -13 and Ex. A -14, Ex. A -20 to Ex. A -23 are the FDRs obtained by the complainants from the first opposite party Bank, of which, the appellants are the Directors. The appellants alongwith some of the opposite parties stated in their written version that they submitted their resignations which were actually accepted in the Board of Directors meeting. It is further stated that the first opposite party Bank is working under the directions of RBI, as per Section 35(AAA) of Banking Regulation Act, 1949. As per the said directions of the RBI, Bank cannot pay more than Rs. 500/ - at a time on a single account and as such the demand of the complainants for withdrawal could not be honoured.;