High Court of KeralaWP(C)/7780/2014disposed of

Thalappalam Service Co-Operative Bank Ltd.No.3937 v. Kerala State Co-Operative Rubber Marketing Federation Ltd.

2015-01-05Honourable Mr.Justice V.Chitambaresh4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR.JUSTICE V.CHITAMBARESH MONDAY, THE 5TH DAY OF JANUARY 2015/15TH POUSHA, 1936 WP(C).No. 7780 of 2014 (V) ----------------------------------- PETITIONER:

-------------------------- THALAPPALAM SERVICE CO-OPERATIVE BANK LTD.NO.3937 PLASSANAL, KOTTAYAM DISTRICT RERPESENTED BY ITS SECRETARY, MOLY KURIAN BY ADVS.SRI.P.V.BABY SRI.A.N.SANTHOSH RESPONDENTS:

---------------------------- 1.

KERALA STATE CO-OPERATIVE RUBBER MARKETING FEDERATION LTD.

P.B NO.15, GHANDHI NAGAR, KOCHI 682020 2.

THE REGISTRAR OF CO-OPERAITVE SOCIETIES, TRIVANDRUM 695001 R1 BY ADVS. SRI.JAGAN ABRAHAM M. GEORGE SRI.P.JAYABAL MENON R2 BY GOVERNMENT PLEADER SRI. T.R. RAJESH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05-01-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 7780 of 2014 (V) --------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS :- ---------------------------------------- EXHIBIT P1 TRUE PHOTOCOPY OF THE STATEMENT SHOWING THE DATE OF DEPOSIT AMOUNT RATE OF INTEREST, INTEREST DUE AND DUE DATE OF THE PETITIONER WITH THE IST RESPONDENT EXHIBIT P2 TRUE PHOTOCOPY OF THE COVERING LETTER DATED 31-10-2013 ISSUED BY THE IST RESPONDENT TO THE PETITIONER EXHIBIT P3 TRUE PHOTOCOPY OF THE LETTER DATED 07.06.2008 SENT BY THE PETITIONER TO THE 1ST RESPONDENT EXHIBIT P4 TRUE PHOTOCOPY OF THE LETTER DATED 14.05.2009 SENT BY THE PETITIONER TO THE 1ST RESPONDENT RESPONDENT(S)' EXHIBITS:- --------------------------------------- EXHIBIT R1(a) TRUE COPY OF THE JUDGMENT IN W.A. NO. 1202/2007 DATED 24.05.2007 EXHIBIT R1(b) COPY OF THE MINUTES OF THE MEETING CONVENED BY THE HON'BLE MINISTER OF CO-OPERATIVE SOCIETIES ON 11.03.2014 /TRUE COPY/ P.A. TO JUDGE

V. CHITAMBARESH, J --------------------------------------- W.P.(C). NO. 7780 OF 2014 ---------------------------------------- Dated this the 05th day of January, 2015

JUDGMENT

The limited prayer put forth is for a direction to pay the amount due under three fixed deposits which have matured. The following are the details of the fixed deposits made by the petitioner with the first respondent Federation:- i) F.D. No. 04349 - Rs. 10 Lakhs ii) F.D. No. 04324 - Rs. 10 Lakhs iii) F.D. No. 04859 - Rs. 30 Lakhs 2.

Ext. P3 letter reflects that the fixed deposit receipts have been surrendered by the petitioner to the first respondent as early as on 07.06.2008. There is no justification in not disbursing the amount even after the expiry of about six years thereafter. The acceptance of the fixed deposits from the petitioner and the liability of the first respondent is not seriously disputed. The first respondent has a case that the fixed deposits made by the petitioner have been renewed time and again. There cannot be any unilateral renewal of fixed deposits after the same is surrendered as evident by Exts. P3 and P4 letters.

The writ petition is disposed of directing the first respondent to release the principal amount due under the

W.P.(C). NO. 7780 OF 2014 2 fixed deposit receipts referred to above within a period of three months. There is however a serious dispute with regard to the amount liable to be paid to the petitioner by way of interest. The petitioner is free to invoke the remedy under Section 69 of the Kerala Co-operative Societies Act for realisation of the amount due as interest on the fixed deposit receipts referred to above.

V. CHITAMBARESH JUDGE