For the Complainant - Miss Asha Ghosh, Advocate
FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
This is an application u/s.12 of the C.P. Act, 1986.
The complainant case, in brief; is as follows:-
The complainant purchased 100 numbers of shares of Rs.10/- each against Distinctive Nos.139 145151 to 139145250 on 31.03.2008 and also deposited Rs.3000/- each against two certificates of property being allotment Nos. AIRL/ARB0009764 dated 20.03.2009 & ARA0108803 dated 30.06.2009. The OPs issued certificates to that effect. The tenure of those allotment letter and certificates were 24.03.2017, 27.07.2017 and 25.11.2017. In spite of expiry of redemption period the OPs failed and neglected to refund the redemption amount of Rs.63000/-. Finding no other alternative, complainant vide letter dated 17.07.2019 requested the OPs to refund Rs.63000/- along with interest at the rate of10 percent p.a. from the date of redemption till actual payment within a period of 15 days from the date of receipt of the said letter. Such notice was unattended. The activities and the conduct of the OPs constitute a clear-cut case of deficiency of service and unfair trade practice. Hence, the consumer complaint.
Opposite parties despite service of notice of the complaint has failed to file written version within the limitation provided u/s 13(2) of the Consumer Protection Act, 1986. No request for condonation of delay or extension of time for filing written version was made. Therefore, right of the OPs to file written version was closed.
Complainant Smt. Chaitali Dey Mukherjee has filed her evidence by way of affidavit supporting the allegations made in the complaint. Ld. Advocate for the complainant has taken us through the consumer complaint as also the evidence adduced in support of complaint. On perusal of the letter of allotment and certificate of property, it is clear that vide said allotment letter and certificate of property complainant purchased 100 numbers of shares against distinctive No. 139145151 to 139145250 and also invested Rs.3000/- each against allotment Nos. AIRL/ARB0009764 and ARA0108803. From the above documents, it is also clear that the redemption value of the allotment of shares is Rs.3000/- and the value of the certificate of property are Rs.30000/- each. It is also clear from those allotment letter and certificate of property the tenure of allotment letter and certificate of property were 24.03.2017, 27.07.2017 and 25.11.2017 respectively. In spite of expiry of redemption period the OPs failed and neglected to refund the invested amount to the complainant for which she was compelled to issue a notice to the OPs requesting them to refund the redemption value totalling Rs.63000/- along with interest at the rate of10 percent p.a. from the date of redemption till actual payment. Such notice was unattended.
We do not find any reason why the OPs collected the amount from the depositors by issuing allotment letter and certificate of property and also hold the amount as per their own discretion. As the OPs have opted not to file written version despite service of notice of complaint, the above allegations of the complainant is deemed to have been admitted as correct. In order to prove said allegations, complainant Smt. Chaitali Dey Mukherjee has filed her affidavit reaffirming the allegations. Thus, it stands proved that despite redemption period the OPs have failed to refund the redemption value to the complainant. In absence of any explanation for failure to comply with the terms and conditions of the allotment letter and certificate of property, we have no hesitation in concluding that the OPs have committed deficiency in service and has also indulged in unfair trade practice.
Now, the question is as to what should be the amount of compensation to be granted to the complainant? Ld. Advocate for the complainant, however, pressed for 18 percent interest on the redemption amount. In our opinion, the interest has claimed is too much excessive. Thus, in our view, OPs are liable to refund the redemption value of Rs.63000/- against letter of allotment and certificate of property to the complainant with interest at the rate of10 percent p.a. on the amount of Rs.63000/- w.e.f 24.03.2017, 27.07.2017 and 25.11.2017 respectively.
In view of the foregoing discussion, the consumer complaint is allowed exparte against the OPs with following directions:-
- The OPs shall refund Rs.63000/ (Rupees Sixty Three Thousand) only to the complainant within 30 day from today along with compensation of simple interest at the rate of10 percent p.a from the date of redemption of the allotment letter and certificate of property till the realization of the amount.
- The OPs shall pay a sum of Rs.5000/- (Rupees Five Thousand) only as cost of litigation to the complainant.
If the OPs transgress to comply the order within the stipulated period of 30 days in that event the complainant may put the order in execution by filing application u/ss 25 & 27 of the CP Act 1986 against the OPs.
Order be communicated as per rules.
