DISTRICT CONSUMER DISPUTES REDRESSAL FORUM

SOUTH 24 – PARGANAS , AMANTRAN BAZAR, BARUIPUR, KOLKATA-700 0144

      C.C. CASE NO. _53_ OF ___2017

DATE OF FILING : 27.4.2017                     DATE OF PASSING JUDGEMENT:  _23.5.2018_

Present                        :   President       :   Ananta Kumar Kapri

                                        Member(s)    :    Subrata Sarker  & Jhunu Prasad

COMPLAINANT        :    Smt. Swapna Biswas, daughter of late Phanindra Nath Biswas of Vill. Singa, P.O Dighalgram, P.S Haringhata, Dist. Nadia, Pin-741257.

•  VERSUS  -

O.P/O.Ps                            :   1. M/s Alchemist Infra Realty Limited, 8A, Ballygunge Terrace, Ground Floor, Kolkata – 29.

                                              2.   M/s Alchemist Infra Realty Limited at Padmapukur, 2^nd floor, Kolkata -144.

                                              3.   M/s Alchemist Township India Ltd. at 8A, Ballygunge Terrace, Ground Floor, Kolkata – 29.

                                              4.   M/s Alchemist Township India Limited at Padmapukur, 2^nd floor, Kolkata – 144.

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                                                            J  U  D  G  M  E  N  T

Sri Ananta Kumar  Kapri, President

     The nub of the facts leading to the filing of the instant case by the complainant is that the complainant invested a huge sum of money i.e Rs.5,30,000/-  to purchase Certificates of O.Ps. The certificates are yet to be matured. By this time the SEBI directed the O.Ps to wind up their company and pay all the dues to the investors. But, the O.Ps did not obey the said direction of the SEBI. Therefore, the complainant prays for refund of the said money with its maturity value and for payment of compensation etc. Hence, this case.

     Notice of the case was served upon the O.Ps through paper publication. But, notwithstanding such publication, none of the O.Ps has made any appearance in this case. The case is therefore, heard exparte against them. During exparte hearing, complainant has filed evidence on affidavit and the same is kept in the record.

DECISION WITH REASONS

Now to see whether the O.Ps have committed any deficiency in service by not paying the money to the complainant in accordance with the order of the SEBI. A copy of the order of SEBI is filed herein and on perusal of the said order it is found that the SEBI directed all the Cheat Fund Companies to refund the invested money and also to wind up their company. In the instant case, the O.Ps who also run a cheat fund company should have refunded the said money to the complainant in compliance of the order of the SEBI. But, they have not done that thing. Non-compliance of the order of the SEBI by the O.Ps is nothing but gross deficiency in service for which they are liable .

In the result, the case succeeds.

Hence,

                                ORDERED

That the complaint case be and the same is decreed exparte against the O.Ps with cost of Rs.5000/-

The O.Ps are directed to return the invested money of the complainant i.e Rs.5,30,000/- with agreed interest and also to pay a sum of Rs.50,000/- as compensation for harassment and mental agony suffered by the complainant within a month of this order, failing which they will have to pay interest @10% p.a upon the refund amount, compensation amount and the amount of cost as referred to above till full realization thereof.

     Let a free copy of this order be supplied /sent to the parties concerned at once for taking necessary action.    

                                                                                                                   President

I / We agree

                               Member                                                    Member                                                                                                             

Dictated and corrected by me

                                President