Presented by Miss R.Pattanaik, President.
1) The Complainants namely Dhansingh Bag, Bansidhar Padhan, Tejraj Sahu and Pradip Kumar Das, have filed jointly the above mentioned Consumer Case on dated 31.05.2011 having their common interest against the Opposite Party namely ‘’A.M.FINANCIAL’’ for redressal as per the provision of law. They have filed an application to decide the matter jointly as they have same interest and seek for permission of this forum and it was allowed on dated 09.06.2011.
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 Complaint No.1(one), Dhansingh Bag invested a sum of Rs. 1,00,000/- (Rupees One Lakh) on 07.09.2009 for a period of two years and the Maturity date was 07.09.2011. The Complainant has received Rs. 35, 000/- (Rupees thirty five thousand)only towards dividend at the rate of Rs. 5,000/-(Rupees five thousand)only per month for seven month and thereafter, the Opposite Party failed to pay the dividend and violated the agreement. The Opposite Party had given a cheque of Rs. 1,00,000/-(Rupees one lakh)only dated 07/09/2011 of State Bank of India, Sambalpur Branch, but the said cheque was not honoured by the concerned Bank. So the Complainant approached to the Opposite Party regarding dishonour of cheque and the Opposite Party assured to make payment in cash but did not make any payment. So the Complainant filed this case.
Again the Opposite Party has received Rs. 5, 00,000/-(Rupees five lakh)only from Complainant No.1(one), Dhansing Bag in his DEMAT account log in I.D., AM 155 PMS, under the broker India Infoline Ltd. From commencement dated 22/02/2010, vide agreement dated 03/03/2010 and agreed to pay Rs. 1, 50,000/-(Rupees one lakh fifty thousand)only to the Complainant No.1(one), in every six months but violated the agreement. So the filed this case to get back, his money with interest.
The Complainant No.2(two), Bansidhar Padhan also invested Rs.1,00,000/-(Rupees one lakh) on Dt.05.02.2010 and Matured on Dt. 05.02.2012. The Opposite Party agreed to pay monthly dividend amount of Rs.5,000/-(Rupees five thousand)only but the Opposite Party violated the agreement. The Opposite Party had given a cheque of Rs.1,00,000/-(Rupees one lakh)only dated05/02/2012 of State Bank of India, Sambalpur branch, but the said cheque was not honoured by the concerned Bank. So, the Complainant approached to the Opposite Parties regarding dishonour of cheque& the Opposite Party assured to make payment in cash but did not make any payment. So this Complainant filed the case for refund of his deposited money with interest.
The Complainant No.3(three), Tejraj Sahu had invested Rs. 1,00,000/-(Rupees one lakh)only with the Opposite Party vide agreement on Dt.06.02.2010 and it was matured on Dt.01.02.2012. The Opposite Party did not pay the dividend and issued a post dated Cheque of State Bank of India, Sambalpur Branch bearing No.360260 Dt. 01.02.2012 in favour of Tejraj Sahu, Complainant No.3 (three) for Rs. 1,50,000/-(Rupees one lakh fifty thousand)only. So this Complainant filed the case for refund of his money with interest.
The Complainant No. 4(four) Pradip Kumar Das also invested Rs.25,000/-(Rupees twenty five thousand)only with the Opposite Party vide agreement dated 14.09.2009 and the Matured date was 14.09.2012. The Opposite Party issued the Cheque of Rs. 1,37,500/-(Rupees one lakh thirty seven thousand five hundred)only on Dt. 14.9.2012 of State Bank of India, Sambalpur bearing No. 211522. The said Cheque was also dishonoured. So the Complainant No.4 (four) filed this case to get back his money.
The Complainant No.4(four), Pradip Kumar Das again invested Rs.1,00,000/-(Rupees one lakhs)only with the Opposite Party vide agreement Dt. 14.09.2009 and the maturity date was 14/09/2011. The Opposite Party has issued the Cheque of Rs. 1,00,000/-(Rupees one lakhs)only on Dt. 14.9.2011 of State Bank of India, Sambalpur bearing No. 211521 towards principal amount. The Complainant has received dividend of Rs.20,000/-(Rupees twenty thousand)only for four months at the rate of of Rs. 5,000/-(Rupees five thousand)only per month.
The Complainant No.4(four), Pradip Kumar Das also invested Rs. 2,00,000/-(Rupees two lakhs)only with the Opposite Party vide agreement dated 27/10/2009 and the maturity date was 27/10/2011. The Opposite Party has issued the cheque of Rs.3,68,000/-(Rupees three lakhs sixty eight thousand)only on Dt.27/10/2011 of State Bank of India, Sambalpur, bearing No. 211684 infavour of Pradip Kumar Das, but the said cheque was dishonoured. So this Complainant filed the case for refund of his money with interest.
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.
The complainants have filed following documents to prove their case.
(i) Agreement dated 07.09.2009 of Dhansingh Bag
(ii) Agreement dated 03.03.2010 of Dhansingh Bag
(iii) Cheque No.211516 dated 07.09.2011.
(iv) Agreement dated 05.02.2010 of Banshidhar Padhan
(v) Cheque No.360515 Dt.05/02/2012.
(vi) Agreement dated 06/02/2010 of Tejraj Sahu.
(vii) Cheque No. 360260 dated 01/02/2012
(viii) Agreement dated 14/09/2009 of Pradip Kumar Das.
(ix) Cheque No.211521 dated 14/09/2011.
(x) Agreement dated 27/10/2009 of Pradip Kumar Das.
(xi) Cheque No. 211684 dated 27/10/2011.
(xii) Agreement dated 14/09/2009 of Pradip Kumar Das.
(xiii) Cheque No. 211522 dated 14/09/2012.
12) The Opposite Party received notice on 05/10/2011 and the S.R back after service. Inspite of that, he did not appear on Dt.27.10.2011, Dt.17.11.2011 and Dt. 02.12.2011. 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) Dhansingh Bag is entitled to get Rs.1, 00,000/-(Rupees one lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.07.09.2009 till the date of realization. He is also entitled to get Rs. 5,00, 000/-(Rupees five lakhs)only along with interest @ 10% (ten percent) per annum with effect from Dt.22.02.2010 till the date of realization.
The Complainant No.2(two), Bansildhar Pradhan 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.05.02.2010 till the date of realization
The Complainant No.3(three), Tejaraj Sahu is entitled to get Rs. 1,50,000/-(Rupees one lakh fifty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt. 06.02.2010 till the date of realization.
The Complainant No.4(four), Pradip Kumar Das is entitled to get Rs. 1,00,000/-(Rupees one lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.14.09.2009 till the date of realization. He is also entitled to get Rs. 25,000/-(Rupees twenty five thousand)only with interest @ 10%(ten percent) per annum with effect from Dt.14/09/2009 till the date of realization. He also entitled to get Rs. 2,00,000/-(Rupees two lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.27/10/2009 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 percent) 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.
