Judgment : 4.4.2017

                        This petition of complaint is filed under Sec.12 of C.P.Act, 1986 by  (1) Bholanath Ghosh, (2) Ms. Debasri Ghosh, (3) Ms. Ananya Ghosh, (4) Ms. Anindita Ghosh alleging unfair trade practice and deficiency in providing service on the part of the OP No.1, Alchemist Infra Realty Limited and the OP No.2 Alchemist Township India Limited.

            Case of the Complainants, in brief, is that the Complainant No.1 had made an investment to the OP No.1 in the form of Monthly Income Scheme @ 12% p.a. in the name of (i) Complainant No.2 jointly with Complainant No.1 for Rs.20,000/, (ii) another amount of Rs.10,000/- in favour of the same on 4.4.2012 which was to have been matured on 4.4.2015. The Complainants further stated that subsequently, the OP No.2 expressed its interest for the purpose to acquire plot/villa/apartment in their housing project at Park Avenue, Talwandi, Bhai, Tehsil: Zeera, Dist.-Firozpur Punjab and converted the MIS documents of Rs.3,00,000/- into investment for the said township project in Punjab under certain terms and conditions with effect of maturity on 4.10.2015. The Complainant have stated that the interest on the invested amount of Rs.3,00,000/- was to have been accrued as Rs.1,00,000/- as in March, 2015, but, no amount has been paid toward interest by the OPs. The Complainant further made an investment of Rs.2,00,000/- on 21.01.2012 towards fixed deposits in favour of the Complainant No.2 and the Complainant No.4 under terms that the same amount will be double in five years and on maturity the matured amount would be handed over to the said Complainants.

            The Complainants have further invested Rs.5,000/- on 10.01.2012 with the OP No.2 but till date no return has been received therefrom.

            The Complainant again invested Rs.50,000/- on 21.01.2012 with the OP No.2 in favour of the Complainant No.3 & 4, which is going to be matured on 21.07.2020.

            The Complainant further invested an amount of Rs.5,000/- with the OP No.2 in favour of the Complainant Nos.3 & 4 with a locking period of 6 years and the same is going to be matured on 10.01.2018. According to the Complainants that in this way they have invested Rs.5.6 lakhs with the OPs.

            The Complainants have stated that as per terms of the investments an amount of interest @ 12% p.a. was agreed to be accrued on the principle.

            The Complainants have specifically stated that they made several correspondences to the OPs for crediting the interest amount  in their bank account but to no effect.

            Accordingly, the Complainant have prayed for direction upon the OPs to refund Rs.5.6 lakhs as soon as possible, to pay compensation of Rs.2,00,000/- for causing physical harassment, mental agony etc. and to pay Rs.50,000/- towards cost of litigation.

            Notices were served upon the OPs but they did not turn up. Hence, the case was proceeded ex-parte vide order No.6 dt.14.3.2017.

            The Complainants have adduced evidence-on-affidavit.

            In course of hearing Ld. Advocate for the complaint has narrated the facts in the petition of complaint.

            On perusal of petition of complaint and the unchallenged evidence on affidavit adduced by the Complainants, it appears that the Complainants have invested an amount of Rs.5.6 lacs with the OPs. It is stated by the Complainants that an amount of Rs.50,000/- invested on 21.01.2012 will be matured on 21.7.2020. Further, an amount of Rs.5,000/- invested on 10.01.2012 will be matured on 10.9.2018. Both amounts are under locking period still now. Therefore, the OPs are not under obligation to refund the principal amount which are under locking period. However, the OPs are to refund the balance amount deducting the said amount of Rs.55,000/- (Rs.50,000/- + Rs.5,000/-) from the total invested amount i.e. Rs.5,60,000/- which means the OPs are to refund Rs.5,05,000/- to the Complainant since the said amount has been matured and not under locking period. Evidently the OPs have caused harassment to the Complainants by not giving them matured amount on time and, therefore, are liable to compensate them by paying Rs1,00,000/-. The OPs are also to pay cost of Rs.10,000/- to the Complainants since they have compelled the Complainants to file the instant case by not giving them the amount payable to them.

            In the result, the petition of complaint succeeds.

            Hence,

ordered

            That the CC/23/2017 and the same is allowed in part ex-parte against the OPs with cost.

            The OPs are directed to refund Rs.5,05,000/- to the Complainants within two months from the date of communication of this order to them.

            OPs are further directed to pay Rs.1,00,000/- towards compensation and Rs.10,000/- towards cost of litigation to the Complainants within the aforesaid period. In default, the entire amount shall carry interest @ 10% p.a. for the default period.