M.C. Philipose vs State Of Kerala And Ors

The petitioners are senior citizens and they are near relatives as well. The petitioners state that being lured by the fanciful campaign and assurances made by the respondents 5 and 6, they have deposited their hard-earned life savings in the Mavelikkara Taluk Co-operative Bank Ltd. According to the 1st petitioner, he had deposited a sum of Rs. One Lakh in a Cumulative Deposit Account and a further sum of Rs.One lakh in a Fixed Deposit Account. This fact would be evident from Exts.P1 and P1(a). In addition, a sum of Rs.99,064/- is lying in the Saving Bank Account vide No.1237. According to the 2nd petitioner, he has deposited a sum of Rs.6.5 Lakhs in three fixed deposit accounts, which fact is evident from Exhibit P2 to P2 (b). A sum of Rs.36,634/- is lying in the savings bank account vide No.1210 of the 2nd petitioner. The petitioners state that they have approached the respondents 5 and 6 and sought for withdrawing the amount. However, their request was rejected by the respondents on untenable grounds. It is in the afore circumstances that the petitioners are before this Court seeking a direction to the respondents 5 and 6 to release the amounts covered under Ext.P1, P1(a) & P1(b) and Exts.P2, P2(a), P2(b) & P2(c) deposit receipts.

I have heard Smt. Gisa Susan Thomas, the learned counsel appearing for the petitioners and Sri.K.C.Santhosh Kumar, the learned Standing Counsel for respondents 5 and 6.

The learned standing counsel appearing for the bank submitted that members of the previous managing committee with the assistance of certain employees had committed falsification of accounts and had misappropriated a sum of about Rs.38 Crores. He submitted that genuineness of the fixed deposits/cumulative deposit receipts issued to the customers are being verified. Criminal cases and vigilance enquiry are also pending against the persons responsible. It is contended that the records have been seized by the police and also the Vigilance and Anti-Corruption Bureau. The genuineness of the deposit receipts relied on by the petitioners can only be resolved by a full-fledged enquiry.

In response, Smt Gisa, the learned counsel appearing for the petitioners, submitted that insofar as the amounts lying in the savings bank account are concerned, there cannot be any objection. She contended that the petitioners shall move the statutory forum for realisation of the amount covered under the Cumulative Deposit as well as the Fixed Deposits.

I have considered the submissions and have perused the records. The objection raised by the respondents concerns the amount lying in the fixed deposit accounts. There is no claim of any lien or attachment over the amounts covered under the Saving Bank accounts.

In that view of the matter this petition is disposed of directing the respondents 5 and 6 to release the amount covered under the Saving Bank accounts of the respective petitioners within a period of two weeks from the date of receipt of a copy of this judgment. For realising the amounts covered under the Fixed Deposit/Cumulative Deposit the petitioners shall exhaust their remedies under Section 69 of the Co-operative Societies Act.