B.F. BASTAWALA Vs. TELEGRAGH TRAFFIC EMPLOYEES CO OP.CREDIT SOCIETY LTD

JUDGEMENT

(1.) The brief facts as stated in the complaint are that the complainants deposited certain amounts with opposite party No.1, who has issued the following fixed deposit certificates in the name of the complainants:

(2.) The complainants 1, 2 and 4 are aged more than 75 years and they are dependants on pension and the nominal income from investments made out of pensionary benefits. The complainant no.3 needs money for surgery and all family members want to contribute some amount towards her treatment. Complainant No.5 is a physically handicapped and solely dependent on the income and if any of these sources were blocked, it would be very difficult to meet their and their familys day today expenses and other needs. Inspite of repeated demands by the complainants, opposite party no.1 neither refunded the principal amounts nor paid the interest accrued thereon and due to this the complainants underwent lot of mental agony and suffered hardship for which opposite party No.1 is liable to pay damages of Rs.2,00,000/-. The complainants submitted that pursuant to the complaints to various departments by the complainants, the Registrar of Co-operative Society appointed Special Officer to manage the affairs of opposite party No.1 and the administration of opposite party No.1 has been handed over to the care taker. The complainants further submitted that they came to know that the earlier management failed to maintain proper accounts of the society and any amount mis-managed would definitely lead to losing of the whole or substantial part of the amounts due by the opposite party. The news item with respect to the societys misappropriation of funds was published in local newspapers and the complainants submitted that opposite party No.1 is liable to the following amounts:

(3.) The complainants submitted that the opposite party No.1 failed to pay the amounts due from time to time right from the initial period and failed to comply with the terms of deposit resulting in deficiency in service and hence it is liable to refund the above said amounts i.e. Rs.26,84,778/- to the complainants with interest at 24% p.a. till payment, Rs.2,00,000/- towards mental agony and hardship and costs. Opposite parties 2 and 3 though served remained absent and hence they are set exparte.