Order-7.
Date-31/05/2017.
Shri Kamal De, President.
This is an application u/s.12 of the C.P. Act, 1986.
Complainants’ case in short is that OP1 is a multi-faceted and muti-disciplined organization having it core strength in education, food processing, finance, sports, real-estate and entertainment. OP launched a Deposit Scheme to the Public at large for investment through its agents. The complainant deposited a sum of Rs.5 lakhs with OP1 Company being financed by the representative of OP2, agent of OP1 on 14-06-2013.
It is also the case of the complainant that the amount of Rs.5 lakhs was divided into two separate parts – one of Rs.2,90,000/- and the other amounting to Rs.2,10,000/- against two certificates being No.TA01065701, I.D. No.TL00011221 and Certificate No.TA00341940 I.D. No. TL00011222. Both the deposits were for a period of 42 months. The complainant made payment of the deposit amounts vide cheque drawn on Indian Overseas Bank, Bagha Jatin Branch, Kolkata, cheque No.959966 and also on Bank of India, Bagha Jatin Branch, Cheque No.268644. The matured amount of both the certificates was Rs.4,35,000/- and Rs.3,15,000/- respectively, matured date of both the deposit was 22-12-2016. Complainant has alleged that after the date of maturity he did not get the amount from the OP. The complainant sent claim letter to different addresses of the Alchemist Township Group but the OPs neglected to respond. The cause of action arose from the date of maturity of the certificates i.e. 22-12-2016. It is alleged that the OPs have not disbursed the matured amount to the complainant. The complainant has alleged deficiency in service and unfair means of trade practice against the OPs. The complainant has prayed for refund of the deposit amount along with other reliefs in terms of the prayers of the complaint.
OP1 has not contested the case and the case has proceeded ex parte against the OP1.
OP2, however, has filed a written version. It is stated that M/s. Alchemist Township India Ltd. having its registered office at SCO 17, Park Avenue, Talwandi – 151 302, Punjab, India became the owner of the property of S.B. Township India Ltd. on 29-11-2012 the name of the said Company is changed to Alchemist Township India Ltd. It is stated that the property was acquired for the purpose of construction of new township and for this deposits were required. M/s. Alchemist Township India Ltd. subsequently offered land-cum-villa–cum-flat against the deposit of money. It is also stated OP2 deposited an amount to the tune of Rs.50,000/-, Rs.70,000/-, Rs.20,000/-, Rs.25,000/- during the period March to September, 2013. Complainant Mr. Krishna Das Sarkar has also invested Rs.2,90,000/- and Rs.2,10,000/- during period June after verifying the credential of the project. It is stated that M/s. Alchemist Township India Ltd. is very much in process of refunding the deposits at the earliest as per SEBI Guideline. This OP has prayed for sympathetic consideration of the matter.
It is worthy to point out that OP2 subsequent to filing written version has not appeared and did not adduce any evidence in this case and the case proceeded ex parte against the OP2 accordingly.
Point for Decision
- Whether the OPs are deficient in rendering services to the complainant?
- Whether the OPs have indulged in unfair trade practice?
- Whether the complainant is entitled to get the relief as prayed for?
Decision with Reasons
We have perused the documents on record i.e. Xerox copy of letter of complainant dated 19-12-2016 addressed to Director, Alchemist Township Group for refund of money, Xerox copy of letter dated 02-01-2017 for refund of money, Xerox copy of offer letter dated 13-07-2013 by Alchemist Township India Ltd. to the complainant, Xerox copy of receipt of Rs.2,90,000/-, Xerox copy of receipt of Rs.2,10,000/-, Xerox copy of Savings Account Pass Book and other documents on record.
We find that the complainant has two investments with OP Company and maturity date was 22-12-2016. The said two investments being Customer I.D. TL00011221 and TL00011222 cost him Rs.5 lakhs and the maturity amount is Rs.7,50,000/-. It also appears that OP Company failed and neglected to refund either the principal or the matured amount to the complainant even after the lapse of maturity date. It also appears that the complainant sent several letters/mails to the OP Company but to no good. It also appears that OP2 filed a written version and subsequently failed to turn up before us. We observe that OP Company has withheld the amount deposited by the complainant even after the date of maturity and has been utilizing the same for its own ulterior gain. The written version filed by the OP2 does not also hold good as the OPs have failed and neglected to pay the matured amount of the respective certificates to the complainant. We also observe with anxious thought that the OP is holding the public money for their own benefit and expansion of business and thus harassing the public inviting investment from their hard-earned income. We think that OPs are deficient in rendering services to the complainant. OPs have also indulged in unfair trade practice by extracting money from the public at large for their own benefit and ulterior gain. The Evidence-on-Affidavit filed by the complainant also remains unchallenged and uncontroverted from the side of the OP.
As a logical corollary of the discussion as made above and having regard to the documents and evidences on record we think that complainant is entitled to get the relief as prayed for.
Consequently the case merits success.
Hence,
Ordered
That the instant case be and the same is allowed ex parte against the OPs.
OP1 is directed to make payment of Rs.7,50,000/- along with interest at the rate of9 percent p.a. since the date of maturity till compliance apart from litigation cost of Rs.10,000/- to the complainant within one month from the date of this order.
OP1 is also directed to pay an amount of Rs.2 lakhs – 50 percent of which to be paid to the complainant and 50 percent of this to be paid to this Forum for indulging in unfair trade practice.
We make no order as against OP2.
Failure to comply with the order will entitle the complainant to put the order into execution u/s.25 read with Section 27 of the C.P. Act.
