Tamil Nadu - Tiruchi   

Depositors get back money

By Our Staff Reporter

TIRUCHI, OCT. 5 . Depositors are happy over getting back the principal amount they had deposited in the Tiruchi Consumer Cooperative Wholesale Stores Limited (TCCWS), generally known as Chinthamani, though no interest accrued on the sum for long.

The refund was effected following an initiative taken by the Consumer Protection Council, Tamil Nadu. According to S. Pushpavanam, secretary of the council, the National Consumer Dispute Redressal Commission had ordered the Registrar of Cooperative Societies and the Special Officer of TCCWS, Tiruchi, to refund the deposits.

With the loan of Rs. 1.2 crore sanctioned by the Tamil Nadu Cooperative Union to repay the principal amount to 157 depositors, the Deputy Registrar of Cooperatives, C. Ravichandran, gave away the cheques to 10 depositors symbolically at a function on Monday.

"I deposited a huge sum in 1999 in the fond hope of getting interest and utilising it for meeting my daughter's marriage expenses. I am happy to get back the principal sum intact", says T.P.V.Ramanujan, who deposited his retirement benefits and other savings with the Chinthamani. His wife, son and daughter, who also operated fixed deposit accounts, received their cheques.

The deposits were made between 1993 and 1999. Even the payment of interest had been dispensed with from early 2000. The TCCWS could neither pay the interest nor refund the deposit thereafter. The Commission, which took up the dispute, in its order passed on August 19, directed the Registrar of Cooperative Societies and the Special Officer of the TCCWS, to refund the deposits within six weeks.

Mr. Pushpavanam said the council secured the deposits of 53 persons. The Government should bale out Chinthamani completely, he said.

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