Order-13.

Date-08/06/2016.

This is an application u/s.12 of the C.P. Act, 1986.

          Complainant by filing this complaint has submitted that complainant being allured by the company’s advertisement invested Rs.6 lakhs by three certificates of Rs.2 lakh each on 12-12-2011, 03-12-2011 and 03-12-2012 and maturity date was on 03-12-2014, 12-12-2014 and 03-12-2015 and to that effect certificate being allotment No.AIRL/RXX0024145, RX00016930 and RXX0113871 and even after maturity Rs.4 lakhs has been reinvested for another 6 months without consent of the complainant.

          In fact, as per certificate complainant had been receiving 12 percent interest p.a. every month from the certificate and that had bee  sent by cheques and for 12 months 12 cheques of Rs.2,000/- each were dishonoured by the banker of the complainant due to insufficient fund of the OP.  Subsequently, a cheque of Rs.6 lakhs also sent by the OP to the complainant and that was also dishonoured on the ground insufficient fund.

          Soon after dishonour of the cheques as stated above complainant personally visited the office of the OP and complainant was requested by the OP that not to represent the cheque without further intimation and complainant only to honour the request of the OP did not represent the cheque but till date no intimation has been served by the OP to the complainant even after repeated requests.

          Finding the conduct of the OP and their attitude not to refund the entire amount with interest in respect of the dishonour cheques com plianant was compelled to send a demand notice on 18-01-2016 thorough his Ld. Lawyer asking the OP to pay the entire amount but even after receipt of demand notice OP did not satisfy the claim of the complainant and, in fact, entire maturity amount including the interest are lying in the custody of the OP and no doubt OP has no desire to pay the same which is no doubt deficiency and negligent manner of service on the part of the OP and at the same time it is an unfair means of trade and practice and in such a manner OP has deceived the complainant and at the same OP adopted a deceitful manner of trade to deprive the complainant including other huge customers(consumers).

          In the above situation complainant by filing this complaint prayed for redressal and by directing the OP to pay the entire amount of Rs.6,24,000/- along with interest with effect from January, 2015and till its full payment and at the same time prayed for compensation, litigation cost etc.

          On the other hand OP by filing written statement specifically mentioned that complainant submitted her allotment to the OP and said for refund of money which she paid to the OP and OP without deducting any tax and deduction and along with compensation and interest sent cheques to her.  So, there is no deficiency on the part of the OP.

          It is further submitted that the dispute relating to dishonour of cheques should be decided by proper authority or the proper Forum and not this Forum and this Forum has no jurisdiction to decide the case and therefore, complainant is not a consumer and for which this complaint is not maintainable and complainant is not entitled to get any relief and prayed for dismissal of the case.

Decision with Reasons

On proper consideration of the entire materials on record including the complaint, written version it is undisputed fact that complainant deposited Rs.6 lakhs against monthly investment scheme and OP has admitted that he issued certificates as mentioned in the complaint but OP subsequently surrendered her allotment to the OPs and sought for refund of money and thereafter, OP issued several cheques without deducting tax etc. along with compensation amount but they subsequently, has not stated whether the cheques were encashed or not but most interesting factor is that admittedly OP indirectly confessed that cheques were dishonoured and for that OP has alleged that such sort of proceeding must be entertainable by the Criminal Court and this Forum has no jurisdiction but fact remains, in fact, OP launched a deposit scheme to the public at large for investment and complainant admittedly deposited Rs.6 lakhs i.e. Rs.2 lakhs each for each certificate for three certificates and that is also admitted by the OP.  Complainant surrendered the certificate for refund of the amount with interest and that is also admitted by the OP but OP’s plea is that he issued cheques but OP is silent about encashment or satisfaction of the entire dues made by the OP to the complainant and, in fact, after considering the copy of the certificate it is clear that it is a deposited scheme against which complainant offered 12 percent interest per month and for per month interest OP issued cheques for Rs.4,000/- each and that were also dishonoured subsequently for refund of the entire deposit amount of Rs.6 lakhs.  Cheques were issued but also dishonoured.  Then it is clear that there is a contract in between the complainant and the OP and OP was bound to refund the entire amount including intest as per said certificates.  So, the entire fact about deposit, non-encashment of the refund amount through cheque due to insufficient fund of the OP etc. and admitted position.

          Peculiar factor is that OP Alchemist have not shown their interest to refund the same even after receipt of notice sent by the complainant but not only that SEBI has already directed the Alchemist Authority to refund the entire maturity amount and other amounts with interest to the depositors because they have already grabbed crores of rupees from market and have not refunded the maturity amount and SEBI has also taken step against Alchemist which is proved and if the conduct of the OPs are considered it is found that only for the purpose of deceiving the depositors and to avoid the order of the SEBI they issued some fake cheques having no fund in their account and such an act of the OP is found unfair trade practice that has been detected by the SEBI and SEBI directed to refund but even then OP adopted such deceitful and unfair trade practice by issuing fake cheques because against that account OP has no fund.

          In the above situation it is proved that this Company after receipt of the SEBI’s letter and order has close down their business and has been avoiding to repay the amount collected from the complainant and also from other depositors and ultimately failed to pay Rs.6,24,000/- to the complainant as yet even after maturity of the said certificate by the end of December, 2014.  Even then, OP filed a written statement which is nothing but a dishonest practice on the part of the OP.

          Truth is that complainant has proved beyond any manner of doubt that he has not received Rs.6,24,000/- from the OP as yet and the cheques which was sent by the OPs for clearing the dues are admittedly dishonoured and truth is that there is no fund in the account of the OP which is also proved.  So, the entire conduct and business practice is no doubt unfair trade practice and deceitful manner of trade and for which complainant has suffered mentally, physically and also suffered financial loss.

          In view of the above findings complainant is entitled to get refund of Rs.6,24,000/- from the OP and also 12 percent over the same with effect from January, 2015 and till its full payment and further for causing mental pain and harassment and for adopting unfair trade practice complainant shall have to get such compensation and litigation cost etc.

          In the result, the complaint succeeds.

Hence,

Ordered

That the case be and the same is allowed on contest against the OPs with a cost of Rs.10,000/-.

          OPs 1 to 3 jointly and severally directed to refund the entire amount of Rs.6,24,000/- along with interest  at the rate of12 percent p.a. with effect from January, 2015 and till its full payment to the complainant.

          For harassing the complainant and for adopting the unfair trade practice and deceitful manner of trade and for causing mental pain and sufferings to the complainant OPs 1 to 3 jointly and severally shall have to pay a compensation of Rs.50,000/- to the complainant.

          For adopting unfair trade practice and also not to abide by the SEBI and further for avoiding the other customers from paying their dues and at the same time to file such sort of written version before this Forum and to check such sort of unfair practice OPs 1 to 3 jointly and severally imposed penal damages of Rs.50,000/- to protect the interest of the depositors at large and if it is collected it shall be deposited to this Forum by the OPs 1 to 3 jointly and severally.

Entire decretal amount shall be paid by the OPs 1 to 3 jointly and severally within one month from the date of this order failing which for non-compliance of the Forum’s order and also for disobeyance of the Forum’s order penal action u/s.25 read with Section 27 of the C.P. Act shall be started against them for which further penalty and fine shall be imposed.