Presented by Miss R.Pattanaik, President.
The Complainants namely Smt. Sanjulata Biswal, Biswa Ranjan Sahu, Kamakshya Bag, Niranjan Sanyasi, Basanta Kumar Kar, Ajaya Kumar Kar and Gyanendra Kumar Sahoo 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 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 Complaint No.1(one), Smt. Sanjulata Biswal invested a sum of Rs. 30,000/- (Rupees thirty thousand) on 02.01.2010 for a period of two years and the Maturity date was 02.01.2012. The Opposite Party has also issued Cheque of Rs. 55,200/-(Rupees fifty five thousand two hundred)only in favour of the complainant bearing no.312305 dated 02.01.2012 of State Bank of India, Sambalpur Branch, but the said cheque was not honored by the concerned Bank. The Complainant No.1(one), Smt. Sanjulata Biswal again deposited Rs. 25,000/- (Rupees twenty five thousand)only vide agreement Dt.05/10/2009 and the date of maturity was Dt.05/10/2011. The Complainant has received dividend of Rs. 3,750/- (Rupees three thousand seven hundred fifty)only @ of Rs. 1,250/- (Rupees one thousand two hundred fifty)only per month but did not pay the rest dividend. The Opposite Party had given a cheque of Rs. 25,000/- (Rupees twenty five thousand)only infavour of the Complainant bearing No.211584 Dt. 05/10/2011 of State Bank of India, but the said cheque was also not honored by the concerned Bank. So the Complainant approached to the Opposite Party, regarding dishonour of both the Cheque and the Opposite Party assured to make payment in cash but did not make any payment. So the complainant filed this case.
The Complainant No.2(two), Biswa Ranjan Sahu also invested Rs. 1, 00,000/-(Rupees one lakh) on Dt.03.01.2010 and Matured on Dt. 03.01.2012. The Complainant has received Rs. 10,000/- (Rupees ten thousand)only towards dividend @ Rs. 5,000/- (Rupees five thousand)only per month, but did not pay the rest dividend and violated the contract. The Opposite Party had given a Cheque of Rs. 1,00,000(Rupees one lakh)only dated 03.01.2012 of State Bank of India in favour of the Complainant bearing No.312313 but the said Cheque was dishonoured. So 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.3(three), Kamakshya Bag had invested Rs. 1,00,000/-(Rupees one lakh) only with the Opposite Party vide agreement on Dt.21.10.2009 and it was matured on Dt.21.10.2011. The Complainant has received Rs. 20,000/- (Rupees twenty thousand)only towards dividend @ Rs. 5,000/- (Rupees five thousand)only for four months, but did not pay the rest dividend and violated the contract. The Opposite Party issued a Cheque of State Bank of India, Sambalpur Branch bearing No.211647 Dt. 21.10.2011 in favour of Kamakshya Bag, Complainant No.3 (three) for Rs. 1,00,000/-(Rupees one lakh)only but the said Cheque was also dishonoured. So this Complainants filed the case for refund of his money with interest.
The Complainant No. 4(four) Niranjan Sanyasi also invested Rs. 50,000/-(Rupees fifty thousand) with the Opposite Party vide agreement dated 02.02.2010 and the Maturity date was 02.02.2015. The Opposite Party issued the Cheque of Rs. 8,00,000/-(Rupees eight lakh)only on Dt. 02.02.2015 of State Bank of India, Sambalpur bearing No. 360310 towards maturity amount. The said Cheque was also dishonoured. So the Complainant No.4 (four) filed this case to get back his money.
The Complainant No.5(five), Basanta Kumar Kar also invested Rs. 25,000/-(Rupees twenty five thousand)only vide agreement Dt. 02.02.2010 and the maturity date was 02.02.2015 The Opposite Party issued the Cheque of Rs. 4,00,000/-(Rupees four lakh)only on Dt. 02.02.2015 of State Bank of India, Sambalpur bearing No. 312330 towards maturity amount. The said Cheque was also dishonoured. So the Complainant No.4 (four) filed this case to get back his money.
The Complainant No.6(six), Ajaya Kumar Kar invested a sum of Rs. 25,000/-(Rupees twenty five thousand)only on Dt.30.07.2009 and he received acknowledgment slip No.26342 dated 30.07.2009 from the Opposite Party. But the Opposite Party had not supplied agreement. The Complainant has received Rs. 6,500/-(Rupees six thousand five hundred)only as dividend for five months and thereafter the Opposite Party failed to pay the dividend and violated the contract hence Complainant No.6(six) has filed this case.
The Complainant No.7(seven), Gyanendra Kumar Sahoo also invested Rs. 30,000/-(Rupees thirty thousand)only vide agreement Dt. 12.10.2009 and Rs. 25,000/-(Rupees twenty five thousand)only vide agreement Dt.19.10.2009 with the condition that the Opposite Party will pay Rs. 1,500/-(Rupees one thousand five hundred)only per month till the day of maturity and the maturity amount was Rs. 4,00,000/-(Rupees four lakh)only. The Opposite Party issued the post dated Cheque of Rs. 4,00,000/-(Rupees four lakh)only on Dt. 19.12.2014 bearing No. 312103 and Cheque of Rs. 30,000/-(Rupees thirty thousand)only of State Bank of India, Sambalpur bearing No.211623 but said Cheques were also dishonored. So the Complainant No.7 (seven) 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 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) Cheque No.312305 Dt.02/01/2012, S.B.I., Sambalpur
(ii) Agreement dated 02/02/2010 infavour of Sanjulata Biswal
(iii) Cheque No. 211584 Dt.05/10/2011 S.B.I., Sambalpur.
(iv) Agreement dated 05/10/2009 in favour of Sanjulata Biswal.
(v) Cheque No.312313 Dt.03/01/2012, S.B.I., Sambalpur.
(vi) Agreement dated 03/01/2010 in favour of Biswa Ranjan Sahu.
(vii) Agreement Dt.21.10.2009 infavour of Kamaksya Bag.
(viii) Cheque No. 211647 Dt.21.10.2011, S.B.I., Sambalpur
(ix) Agreement dated 02.02.2010 infavour of Niranjan Sanyasi
(x) Cheque No.360310 Dt.02/02/2015, S.B.I., Sambalpur.
(xi) Agreement dated 02/02/2010 infavour of Basanta Ku. Kar.
(xii) Cheque No. 312330 Dt.02/02/2015, S.B.I., Sambalpur.
(xiii) Acknowledgment slip of Basanta Ku. Kar.
(xiv) Acknowledgment slip No.263342 Dt.30/07/2009 of Ajay Kumar Kar.
(xv) Agreement dated 12/10/2009 in favour of Gyanendra Ku. Sahu.
(xvi) Cheque No. 211623 dated 12/10/2011.
(xvii) Cheque No.312103 dated 19/12/2014.
(xviii) Agreement dated 19/12/2009.
12) The Opposite Party received notice and 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. 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) Smt. Sanjulata Biswal is entitled to get Rs. 30,000/-(Rupees thirty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.02.01.2010 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.05.10.2009 till the date of realization.
The Complainant No.2(two), Biswa Ranjan Sahu 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.03.01.2010 till the date of realization
The Complainant No.3(three), Kamakshya 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. 21.10.2009 till the date of realization.
The Complainant No.4(four), Niranjan Sanyasi is entitled to get Rs. 50,000/-(Rupees fifty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.02.02.2010 till the date of realization.
The Complainant No.5(five), Basanta Kumar Kar is entitled to get Rs. 25,000/-(Rupees twenty five thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.02.02.2010 till the date of realization.
The Complainant No.6(six), Ajaya Kumar Kar is entitled to get Rs. 25,000/-(Rupees twenty five thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.30.07.2009 till the date of realization.
Similarly, the Complainant No.7(seven), Gyanendra Kumar Sahu is entitled to get Rs. 30,000/-(Rupees thirty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.12.10.2009 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.19.10.2009 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.
