Kerala High Court
Poonithura Service Cooperative Bank ... vs The Post Master on 13 August, 2010
Author: S.Siri Jagan
Bench: S.Siri Jagan
IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 20200 of 2010(Y)
1. POONITHURA SERVICE COOPERATIVE BANK LTD,
... Petitioner
Vs
1. THE POST MASTER,
... Respondent
2. THE SENIOR SUPERINTENDENT OF POST
3. UNION OF INDIA,
For Petitioner :SRI.VIVEK VARGHESE P.J.
For Respondent :SRI.T.P.M.IBRAHIM KHAN,ASST.S.G OF INDI
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :13/08/2010
O R D E R
S.SIRI JAGAN, J.
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W.P.(C).No.20200 of 2010
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Dated this the 13th day of August, 2010
J U D G M E N T
The petitioner is a co-operative society. They have invested money in the Kisan Vikas Patras (KVPs) for a face value of Rs.2,01,500/-. Their grievance in this writ petition is that even after the date of maturity, the amounts due to the petitioner under the KVPs are not being disbursed to the petitioner.
2. The learned Assistant Solicitor General submits that the petitioner being a co-operative society is not entitled to hold KVPs as per the rules applicable and since the issue of the KVPs itself is illegal, the petitioner is entitled to only the face value and not the maturity value.
3. I have considered the rival contentions in detail.
4. I do not think that the respondents can take such a contention at this point of time. If, as per the rules, a co-operative society is not eligible to hold KVPs, the respondents could very well have refused to issue the same to the petitioner. But having issued the KVPs and having used the money of the petitioner for themselves depriving the petitioner of the use of their money, I do not think that the respondents can now take a contention that they will pay only the face value and not the maturity value. In fact they have held on to the w.p.c.20200/10 2 money for the entire period of deposit without even taking any attempt to return the money to the petitioner. Therefore, even assuming that the petitioner is not entitled to hold KVPs, since the respondents have used the petitioner's money, the respondents are bound to compensate the petitioner for the same. Therefore, I am satisfied that the petitioner is entitled to full maturity value of the certificates including interest. This shall be paid to the petitioner as expeditiously as possible, at any rate, within one month from the date of receipt of a certified copy of this judgment.
The writ petition is disposed of as above.
Sd/-
sdk+ S.SIRI JAGAN, JUDGE
///True copy///
P.A. to Judge