M. THANIKACHALAM J. - (1.) The opposite parties are the appellants.
(2.) The respondent/ complainant, invested with the 1st opposite party, under 5 years Kisan Vikas Patras (hereinafter will be mentioned as KVP) scheme, totaling a sum of Rs.25000/- on maturity payable Rs.50000/- on three dates, for Rs.10000/-, Rs.10000/- and Rs.5000/- respectively. The opposite party, in someother case, informed that the investment under KVP scheme, by institution, is irregular and interest could not be paid, for such investment. When the complainant, approached the opposite party, for the payment of principal amount with interest, they were informed, that the investment amount will be returned with interest at the savings bank interest rate, not more than that. The opposite party, having accepted the deposit, under law, duty bound to return the investment, with interest, as agreed, and non-return of the same, amounts to deficiency, as well as negligence. Hence the complainant is constrained to file the case, for the return of the investment amount of Rs.50000/- with subsequent interest.
(3.) The opposite parties, admitting the purchase of KVPs, from the 1st opposite party, by the complainant, would contend, that the said KVPs have been issued, in contravention of rules, thereby it became irregular, and in that case, as per rules, the holders are entitled to only the principal amount, not interest, and the non-payment of the amount with interest as claimed by the complainant, cannot be construed as deficiency in service, thereby praying for the dismissal of the complaint.;