Date of Filing : 02/05/2017

Order No.  9  dt.  02/02/2018

       The case of the complainant in brief is that the complainant being approached by the o.ps purchased some certificates from Alchemist Infra Reality Limited previously known as Tourbo Holding Limited, the license of the o.p. was cancelled on 26.06.2014. The complainant in the petition of complaint mentioned the number of shares as well as redemption value. But after the redemption period of those certificates the complainant submitted the original certificate at the branch office of the o.p. but the o.p. did not pay the amount as per the redemption value. On the basis of the said fact the complainant filed the case praying for direction upon the o.p. for refund of the amount of Rs.1,05,000/- and compensation of Rs.1,00,000/- along with litigation cost of Rs.2,00,000/-.

            O.p. did not contest the case as such the case has proceeded ex-parte against the o.p.

            The complainants in order to substantiate their claim filed an affidavit of evidence whereby they stated that they paid the amount to the o.p. and the certificate was issued by the o.p. and after the period of redemption, amount was not paid for which the complainant filed this case. The complainant in order to substantiate the claim that the o.p. had no right to collect the money from different persons filed the the documents including the order passed by SEBI. Since the evidence of the complainant has remained unchallenged therefore we hold that the complainant will be entitled to get the refund of the amount in respect of the redemption value of the certificates i.e. the complainant will be entitled to get the amount of Rs.1,00,000/-. The complainant will also be entitled to get compensation of Rs.25,000/- along with litigation cost of Rs.5,000/-.

            Hence, it is ordered,

            that the cc.no.157/2017 is allowed ex-parte against the o.p. with cost. O.p. is directed to refund the amount of Rs.1,00,000/-( Rupees One lakh) only to the complainant along with compensation of Rs.20,000/- (Rupees twenty thousand) only as well as litigation cost of Rs.5,000/- (Rupees five thousand only) within 30 days from the date of communication of this order, i.d. an interest @ 8% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.

            Supply certified copy of this order to the parties free of cost.