BEFORE THE TELANGANA STATE CONSUMER DISPUTES REDRESSAL COMMISSION: HYDERABAD.

F.A.No.871 OF 2020 AGAINST ORDERS IN C.C.57/2018 DISTRICT CONSUMER COMMISSION, MAHABUBNAGAR Between:

Sri P.Thirupathayya, S/o Venkanna, R/o H.No.1-7-144/4/1, Vivekananda Nagar, Mahaboob Nagar Town and District.

…….Appellant/Complainant And:

1. M/s Kapil Chits (Hyderabad) Pvt., Ltd., Represented by its Foreman, 7-33/8/A, Beside Petrol Bunk, near Srinivasa Colony, Mahaboob Nagar.

2. Mr.Rama Rao, S/o Not known, Age : Major, Occupation : Assistant General Manager, Kapil Chits (Hyderabad) Pvt., Ltd., 7-33/8/A, Beside Petrol Bunk, near Srinivasa Colony, Mahaboob Nagar.

3. Mr.Lakshman, S/o Not Known, Age : Major, Occupation : Branch Manager, Kapil Chits (Hyderabad) Pvt., Ltd., 7-33/8/A, Beside Petrol Bunk, near Srinivasa Colony, Mahaboob Nagar.

4. Valender Reddy, S/o Not known, Age : Major, Occupation : Assistant General Manager, (Legal), Kapil Chits (Hyderabad) Pvt., Ltd., Near Bhav 7-33/8/A, Beside Petrol Bunk, near Srinivasa Colony, Mahaboob Nagar.

5. Vaman Rao, Chairman, Kapil Chits (Hyderabad) Pvt., Ltd., 14th Floor, Kapil Towers, Financial District, Gachibowli, Hyderabad-32.

…..Respondents/Opposite Parties Counsel for the Appellant/Complainant: M/s. B.Rama Rao Counsel for the Respondents/Opposite Parties No.1, 3 & 5 :

Sri K. Vijender Reddy For the Respondents/Opposite Parties No.2 & 4 : Called absent.

:QUORUM :

HON’BLE SMT. MEENA RAMANATHAN, I/c PRESIDENT &

HON’BLE SRI. V.V.SESHUBABU, MEMBER – (JUDICIAL)

WEDNES DAY, THE 26th DAY OF MARCH TWO THOUSAND TWENTY FIVE **********

Order : (PER HON’BLE SRI. V.V.SESHUBABU, MEMBER – JUDICIAL)

1. The appeal is filed by the complainant, aggrieved by the dismissal order of District Consumer Commission, Mahaboobnagar, dated 13.11.2020 in CC 57/2018.

2. The brief averments of the complaint are that the complainant is the subscriber of the opposite parties Chit Fund Company. He has joined as a subscriber, vide Chit Group No. FMNT01T-42 on 31.03.2017 by paying the backlog amounts of Rs.1,65,675/- for the chit which was started on 15.12.2016, worth Rs.25,00,000/-, with monthly installments @ Rs.50,000/- per month for the period of 50 months; that the complainant on his joining date has participated in an auction conducted by the opposite party No.1 Company to get money for his immediate need of funds to meet his personal requirements and he was declared as successful bidder for Rs.15,00,000/-; that the said amount is promised to pay him within one week i.e. by 07.04.2017; that on 06.04.2017, the opposite parties have deducted Rs.1,30,000/- towards the subscription of the complainant for the months of April 2017 to July 2017 after adjustment of dividends and Rs.74,000/- was collected towards subscription for the months of December 2017 and January 2018 on 21.06.2018; that the opposite party No.3 has forced the complainant to subscribe for another chit for Rs.10,00,000/- saying that unless he subscribes for the said chit, they will not release the cheque in the complainant’s for Rs.25,00,000/-; that the complainant has joined another running Chit vide No. FMNT08P-31 and closed it down by deducting Rs.56,150/- towards damages and incidental charges 5% plus GST from out of Rs.25,00,000/-; that in total the opposite parties have deducted the backlogs of 06 months subscriptions for the 2nd chit which amounting to Rs.2,71,225/- for the prized amount of 1st chit i.e. FMNT01T-42; that the dividends for the months of December 2017 to June 2018 amounting to Rs.98,032/- in the 1^st chit was not paid; that the opposite parties have to pay interest on Rs.15,00,000/- from 07.04.2017 to 06.07.2017 @ 18% per month; that the complainant has issued notices asking them to pay the balance amount and even approached the opposite party No.3 in this regard; that the opposite party No.3 paid money of Rs.74,000/-; that the total amount payable by the opposite parties to the complainant is Rs.6,45,981/- with future interest @ 18%

p.m. till repayment; hence, the co