Nation Current Affairs 24 Apr 2019 Co-operative housing ...

Co-operative housing society directed to refund FD to its member along with fine

DECCAN CHRONICLE.
Published Apr 24, 2019, 7:30 am IST
Updated Apr 24, 2019, 7:30 am IST
In thepetition, she sought direction to the society to pay a compensation along with refund of the FD.
The society informed her that the interest would be credited in a day or two. But the society had not done. (Representational image)
 The society informed her that the interest would be credited in a day or two. But the society had not done. (Representational image)

Chennai: The District Consumer Disputes Redressal Forum Chengalpattu, Kancheepuram district has directed a Co-operative Housing Society to refund a fixed deposit of Rs 2 lakh along with a fine of Rs 25,000 to its member for refusing to return the FD.

In the petition, D.Sujatha of Selaiyur, has submitted that she deposited Rs.2 lakh as fixed deposit with Sembakkam

 

Co-operative Housing Society Limited, Selaiyur, in 2017, for a period of thirteen months with interest payable, every month at 12 per cent per annum.

Interest was credited till December 2017 only. The society not paid the interest to her for the subsequent months. She approached the secretary and enquired about the issue. The society informed her that the interest would be credited in a day or two. But the society had not done.

She visited office on the expiry period of FDR on June 30, 2018, for encashment of the FDR and to return of the principal amount with the balance of interest due from January 2018.

 The society refused to repay the FD and balance of unpaid amount of interest due for the period from January 2018 till the date of maturity.

In thepetition, she sought direction to the society to pay a compensation along with refund of the FD.

 The bench comprising president J. Justin David and member K. Prameela said the society committed deficiency in service and Society is party liable to refund FD amount of Rs 2 lakh and pay a compensation of Rs 25,000.

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