Order-13.

Date-08/06/2016.

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

            In short, complainant’s case is that she deposited Rs.2 lakhs against a deposit scheme launched by the OP to the public at large on 20-07-2013 for a period of 24 months having maturity date on 28-09-2015 having No.TAO1509407 would be paid at the rate of Rs.2,000/- per month and to that effect five cheques of Rs.2,000/- were issued dishonoured due to insufficient fund and thereafter a cheques of Rs.2 lakhs being the pri8ncipal amount was also received by the complainant from the OP but same was also dishonoured when complainant was perplexed and asked the OP about such fact when OP requested the complainant not to present it at that stage without their instruction and so complainant did not resubmit it but even after repeated requests OP did not arrange for payment of that amount when she sent a demand notice on 1.8-01-2016 asking OP to refund the said amount but OP neglected to refund or to respond and for which for such deficient and negligent manner of service complainant is compelled to file this complaint for redressal.

            On the other hand, OP by filing written version submitted that there is no contract in between the parties and it is dispute related to dishonour of cheque so this forum has got no jurisdiction to decide and it is not consumer dispute and there is no deficiency of service and entire claim is vexatious and frivolous and so the complaint should be dismissed when complainant is not a consumer in the eye of law.

Decision with Reasons

On careful consideration of the complaint including the documents filed it is found that complainant deposited Rs.2 lakhs and OP company on receipt of the said amount allotted Customer certificate No.RXX0102666 on 28-09-2012 they also assured that in the event of non-accepting allotment offered by them by the complainant they shall have to refund Rs.2 lakhs and that amount shall be kept in their deposit for 24 months.

Fact remains no amount is yet paid and so after expiry of the said period on 28-09-2015 complainant submitted all the documents before the OP for refund of said amount. Anyhow, the said amount has not been refunded to the complainant so it is proved that OPs have violated the terms and conditions of the said investment. Further, complainant submitted a letter of the SEBI wherefrom it is found that SEBI is verifying the non-payment of maturity amount to the investor and such a letter is also received by the complainant and the said letter was received by the complainant through E-Mail. Complainant reported that he has not received any amount and from that letter of SEBI it is cleared that OP received a cheque of Rs. 2 lakhs on 19-10-2012.  So it is cleared that present company has closed down business and has been avoiding to repay the amount collected from complainant and also failed to pay matured amount of Rs. 2 lakhs and also interest per month of Rs.2,000/- till 28-09-2015.

Peculiar fact is that OPs 1 to 3 Alchemist Township India Ltd. have not shown their interest to refund the same even after receipt of notice sent by complainant and SEBI has already pointed out that Alchemist Township India Ltd. has already grabbed crores of rupees from market and have not refunded the maturity amount and SEBI also has taken step against Alchemist Township India Ltd.  In fact conduct of the OP1 to 3 are deficient in service and by deceitful manner they have grabbed Rs.2 lakhs from the complainant, but have not refunded the same, which is no doubt an unfair trade practice and at this stage complainant has been loosing daily interest on maturity amount. So complainant is entitled to get 12 percent interest p.a. w.e.f. 28-09-2015 and till its full payment.

Further complainant is entitled to get compensation for causing  physical and mental agony and further for adopting unfair trade practice and deceitful manner of trade OPs1 to 3 shall have to pay penal damages of Rs. 50,000/- and it is imposed only to check any further unfair trade practice and deceitful manner of trade on the part of OPs.  

In the result complaint succeeds.

Hence,

Ordered

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

OPs1 to 3 jointly and severally directed to repay the matured amount of Rs. 2 lakh (as the date of maturity was on 28-09-2015) and further to pay interest  at the rate of12 percent p.a. over the said amount w.e.f. 19-10-2012 till its full payment to the complainant.  

OPs1 to 3 jointly and severally further directed to pay compensation of Rs.25,000/- to the complainant for deceiving the complainant.

Moreover, OPs1 to 3 jointly and severally shall pay penal damages of Rs.20,000/- for adopting unfair trade practice and for deceitful manner of service and it is imposed to check such manner of unfair trade practice and if it is collected to deposit to Forum.

Further OPs-1 to 3 are directed to comply the order within 1 month from the date of this order failing which for non-compliance  of order penal interest  at the rate of Rs.4000/- per month shall be paid by OPs1 to 3 jointly and severally to this Forum.

Even if it is found that OPs1 to 3 are reluctant to comply the order of the Forum in that case 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.