Presented by Miss R.Pattnayak, President.
1) The Complainants namely Smt. Sanjulata Behera, Ashok Kumar Behera, Rabindranath Pattanik, Lalit Kumar Srivastav, Sudhir Kumar Dash and Ananda Rao, have filed jointly the above mentioned Consumer Case on dated 01.7.2011 having their common interest against the Opposite Party namely ‘’A.M.FINANCIAL’’ for redressal as per the provision of law. They have submitted before this Forum to decide the matter jointly as they have same interest and seek for permission of this forum and it was allowed.
The Case of the Complainants are that, the Opposite Party has formed a Financial institution/Company namely “A.M.FINANCIAL’’ having its Registered Head office at Bhutapara Chowk, Sambalpur-768001 (Odisha) and invited the public to deposit money with his financial company to get more profit within short period. Accordingly on the advertisement of the Opposite Party Company, the Complainants have invested different sums in different schemes out of their hard earnings with the said Financial Company, as detail given below.
The Complainant No.1(one), namely, Smt. Sanjulata Behera invested a sum of Rs. 3,00,000/-(Rupees three lakh)only on Dt.14/08/2008 for a period of two years and the Maturity date was 14/08/2010. The Opposite Party agreed to pay dividend @ Rs.18,000/-(Rupees eighteen thousand)only per month till the date of Maturity, but violated the contract by not paying the dividend for eight months. Only the Complainant received Rs. 2,88,000/- (Rupees two lakh eighty eight thousand)only towards dividend for 16(sixteen) months, but did not get the principal amount & rest dividend. The Complainant approached to the Opposite Party for payment, but in vain. So, the Complainant No.1(one) filed this case to get back his principal amount along with interest.
The Complainant No.2(two), Ashok Kumalr Behera invested Rs. 1,00,000/-(Rupees one lakh) vide agreement Dt.30/06/2009 and it was Matured on Dt.30/06/2011. The Opposite Party paid Rs. 30,000/-(Rupees thirty thousand)only towards interest @ Rs. 5,000/-(Rupees five thousand)only per month for six months but did not pay the rest dividend and the principal amount. Therefore, the Complainant No.2(two) filed this case to get back his amount with interest, since the Opposite Party refused to pay the claim.
The Complainant No.2(two), Ashok Kumar Behera again deposited Rs. 25,000/-(Rupees twenty five thousand)only on 06/03/2010 and it was matured on 06/03/2015. The Opposite Party agreed to pay Rs. 4,00,000/-(Rupees four lakh)only on the day of Maturity but issue a cheque infavour of Ashok Kumar Behera which was not honoured by the concerned Bank. So this Complainant filed the case for refund of his money with interest.
The Complainant No.3(three), Rabindranath Pattanik had invested Rs. 2,00,000/-(Rupees two lakhs)only with the Opposite Party vide agreement on Dt.25/12/2009 and it was matured on Dt.25/12/2011. The Complainant received Rs. 20,000/-(Rupees twenty thousand)only towards interest @ Rs. 10,000/-(Rupees ten thousand)only per month for two months but not get the rest interest and the principle amount & as such violated the contract. So this Complainant filed the case for refund of his money with interest.
The Complainant No. 3(three) Ashok Kumar Behera again deposited Rs. 50,000/-(Rupees fifty thousand)only on 25/12/2009 and it was matured on 25/12/2014 and the maturity value was Rs. 8,00,000/-(Rupees eight lakhs)only. The Opposite Party issued two cheque of Rs. 2,00,000/-(Rupees two lakhs)only and Rs. 8,00,000/-(Rupees eight lakhs)only on Dt.25/12/2011 and 25/12/2014 of State Bank of India, Sambalpur bearing No.360350 and N.312115 respectively towards principal amount. Both the cheque were dishonoured. So the Complainant No.3(three) filed this case to get back his money.
The Complainant No.4(four), Lalit Kumar Srivastav also invested Rs. 30,000/-(Rupees thirty thousand)only with the Opposite Party vide agreement dated 20/12/2009 and the Matured date was 29/12/2009. The Opposite Party did not pay the principal amount and interest. The Complainant approached to the Opposite Party for payment. The Opposite Party issued the cheque of Rs. 30,000/-(Rupees thirty thousand)only towards principal amount. The said cheque was also dishonored. So the Complainant No.4(four) filed this case to get back his money.
The Complainant No.4(four) again deposited 1,00,000/-(Rupees one lakh)only with the Opposite Party vide agreement dated 29/03/2010 and it was matured on 29/03/2012. The Opposite Party did not pay the interest and issued a cheque of Rs. 1,00,000/-(Rupees one lakh)only infavour of Complainant No.4(four) but the said cheque was also dishonored. So the Complainant filed the case for refund of his money with interest.
The Complainant No.5(five), Sudhir Kumar Dash invested Rs. 1,00,000/-(Rupees one lakh)only vide agreement Dt.10/04/2010 and matured on Dt.10/04/2012. The Opposite Party did not pay the interest and agreement paper and issued a cheque of Rs. 1,00,000/-(Rupees one lakh)only infavour of the Complainant No.5(five) but the said cheque was dishonored by the concerned Bank. Since the Complainant has not received any amount from the Opposite Party and the Opposite Party has violated the contract, he has filed this case to get back his principal amount along with interest.
The Complainant No.6(six), namely Ananda Rao had invested Rs. 25,000/-(Rupees twenty five thousand)only with the Opposite Party vide agreement on Dt.07/08/2009 and it was matured on Dt.09/10/2011. The Complainant received Rs. 1,250/-(Rupees one thousand two hundred fifty)only towards dividend for three months but did not get the rest dividend and principal amount. The Complainant approached to the Opposite Party for payment. The Opposite Party issued the cheque of Rs. 25,000/-(Rupees twenty five thousand)only on Dt.09/10/2011 of State Bank of India, Sambalpur bearing No.211457 towards principal amount. The said cheque was dishonoured. So the Complainant No.6(six) filed this case to get back his money.
The Complainant No.6(six) again deposited Rs. 25,000/-(Rupees twenty five thousand)only vide agreement, dated 09/10/2009 and it was Matured on Dt.01/08/2011. The Opposite Party issued the cheque of Rs. 46,000/-(Rupees forty six thousand)only on Dt.01/08/2011 of State Bank of India, Sambalpur bearing No.187419 but the said cheque was also dishonored. Since the Opposite Party failed to pay the monthly dividend and left his office at Bargarh, the Complainant has filed this case to get back his money.
The Complainants further claim that, they have deposited the cash with the Opposite Party and as such they are the consumers and for the deficiency in service of the Opposite Party, they are passing through mental tension, harassed by the Opposite Party and their investment became blocked and due to violation of the contract, they have sustained heavy loss. Hence they preferred justice by filling this consumer case.
Being aggrieved by the performance of the Opposite Party, the Complainants have filed this dispute praying for the following reliefs:
(a) To direct the Opposite Party to refund the invested amount and consented dividend/Maturity value with future interest till realization.
(b) To direct the Opposite Party to pay Rs. 10,000/-(Rupees ten thousand)only to each complainant towards harassment, deficiency in service, the cost of the litigation and for mental agony.
(c ) Any other reliefs.
11) The complainants have filed following documents to prove their case.
(i) Agreement dated 14.08.2009 of Smt. Sanjulata Behera.
(ii) Agreement dated 30.06.2009 of Ashok Kumar Behera.
(iii) Agreement dated 06.03.2010 of Ashok Kumar Behera.
(iv) Agreement dated 25.10.2009 of Rabindra Nath Pattanaik.
(v) Agreement dated 25.12.2009 of Rabindra Nath Pattanaik.
(vi) Cheque No.312115 Dt.25.12.2014.
(vii) Cheque No.360350 Dt.25.12.2011.
(viii) Acknowledgment slip in favour of Rabindra Nath Pattanaik.
(ix) Acknowledgment slip in favour of Lalit Kishore Srivastava.
(x) Acknowledgment slip in favour of Sudhir Kumar Dash.
(xi) Agreement dated 07.08.2009 of Anand Rao.
(xii) Agreement dated 09.10.2009 of Anand Rao.
(xiii) Acknowledgment slip and cheque issued in favour of Anand Rao.
12) The Opposite Party received notice on Dt.05/10/2011and the S.R back on Dt. 27.10.2011 after service. Inspite of that, he did not appear on Dt.27.10.2011, Dt.17.11.2011 and Dt.03.12.2011. So due to willful disobedience of order of the court the Opposite Party was finally set ex-parte on Dt.02.12.2011 and decided to issue order on merit of the case.
Going through the Proceedings and on perusal of documents available on record the court found that, the Opposite Party has ill intention to grab away the money deposited by the Complainants and has completely disobeyed the order of this forum and stand defaulted in attending either in person or through his counsel which proves his willful disobedience to courts order. The above facts clearly demonstrate that, the scheme was floated by the Opposite Party Company with a purpose of collecting money dishonestly from the public from its very inception and was not intended to honour the commitments and obligations that arose out of the said scheme. Even after the complainants were deposited the whole amount honestly, the Opposite Party has unjustifiably denied to them the matured money which clearly amounts to fraud and cheating to the complainants and the members of public in general. Such conduct of the Opposite Party would clearly amounts to Unfair Trade Practice.
Further it clears from the documents filed by the Complainants are that, in response to an invitation, the Complainants had made deposits with the Opposite Party and the deposits so made by the Complainant with the Opposite Parties were to carry interest at the agreed rate and after the date of maturity, the same were payable by the Opposite Party to the Complainant together with interest. Therefore such default in payment of principal amount and interest clearly shows deficiency in service in part of the Opposite Party.
On this point we have gone through the decision of Hon’ble National Consumer Disputes Redressal Commission Reported in 1 (1996) CPJ 43 (NC) - K. Kasi Annapurna VRS (Smt) Vemuri Bharathi. It reveals from the Placitum , which reads as follow :
‘’The failure to refund the amounts deposits with any financial institution on maturity will amount to Deficiency in Service.’’
So, the Opposite Party stands for adopting Unfair Trade Practice and Deficiency in Service.
Hence it is ordered.
O R D E R
The Opposite Party is fully liable for payment of deposited/Invested amount along with interest at the rate of 10%(ten percent) per annum from the date of deposit.
The Complainant No.1(one) Sanjulata Behera is entitled to get Rs. 3, 00,000/-(Rupees three lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.14.08.2008 till the date of realization.
The Complainant No.2(two), Ashok Kumar Behera is also entitled to get Rs. 1,00,000/-(Rupees one lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.30.06.2009 till the date of realization. He is also entitled to get Rs. 25,000/-(Rupees twenty five thousand)only along with interest @ 10% (ten percent) per annum with effect from Dt.06/03/2010 till the date of realization.
The Complainant No.3(three), Rabindra nath Pattnaik is entitled to get Rs. 2,00,000/-(Rupees two lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt. 25.12.2009 till the date of realization. He is also entitled to get Rs. 50,000/-(Rupees fifty thousand)only along with interest @ 10% (ten percent) per annum with effect from 25/12/2009 till the date of realization.
The Complainant No.4(four), Lalit Kumar Srivastava is entitled to get Rs. 30,000/-(Rupees thirty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.20.12.2009 till the date of realization. He is also entitled to get Rs. 1,00,000/-(Rupees one lakh)only along with interest @ 10% (ten percent) per annum with effect from 29/03/2010 till the date of realization.
The Complainant No.5(five), Sudhir Kumar Dash is entitled to get Rs. 1,00,000/-(Rupees one lakh)only along with interest @ 10% (ten percent) per annum with effect from Dt. 10.04.2010 till the date of realization.
The Complainant No.6(six), Ananda Rao is entitled to get Rs. 25,000/-(Rupees twenty five thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.07.08.2009 till the date of realization. He is also entitled to get Rs. 25,000/-(Rupees twenty five thousand)only along with interest @ 10% (ten percent) per annum with effect from 09/10/2009 till the date of realization.
Besides the principal amount and interest, the Opposite Party is also liable to pay Rs. 5,000/-(Rupees five thousand) to each of the Complainant towards litigation expenses, harassment and deficiency in service within 30(thirty) days from the date of receipt of this order, failing which 18%(eighteen thousand) interest per annum shall be charge on the total awarded amount till the date of payment, the Complainants are at liberty to realize the same in due process of law.
The case is allowed accordingly.
Typed to my dictation
and corrected by me.
I agree, I agree,
(Miss. Rajlaxmi Pattanaik) (Smt. Anjali Behera)
P r e s i d e n t. Member.
