Order-12.
Date-11/07/2017.
Shri Kamal De, President.
This is an application u/s.12 of the C.P. Act, 1986.
Complainant’s case in short is that OP is the multi-faceted and multi-disciplined organization having its core strength in Education, Food Processing, Finance, Sports, Real Estate and Entertainment. The OP launched a Deposit scheme to the public at large for investment through its agents. The father of the Complainant deposited a sum of Rs.4,40,000/- with the OP which was subsequently transferred in the name of the Complainant. The said amount was deposited thereafter in 4 different certificates under the monthly income scheme being convinced and allured by the presentation of the Opposite party. It is also stated that the amount of Rs.4,40,000/- was divided in 4 separate parts amounting to Rs.1,20,000/- + Rs.1,20,000/- + Rs.1,20,000/- + Rs. 80,000/- bearing certificate No.TZZ0024249/-, Certificate No. TYY0011668 and Certificate TZZ0024248 respectively. Thereafter, the OP all on a sudden stopped sending the monthly interest with regard to the said deposit of Rs.4,40,000/- . It is stated that the dues incurred till date with regard to the interest payable to the Complainant amounts to sum of Rs.39,000/-. OP used to send the payment of interest in the name of the Complainant through “Payment Advice”. O.P. also did not pay the maturity value of the certificates of the complainant. The cause of action arose from the date of maturity of the ceerficate i.e. 05.10.2015, 12.07,2016, 26.08.2016 and 31.13.2016 respectively amounting to Rs.4,40,000/- being the principal amount and Rs.39,000/- being the interest lying in the custody of the OP till date. The Complainant has alleged deficiency of service and unfair means of trade practice against the OP as well. It is alleged that OP is holding the public money for their own benefit and extension of business and harassing the public who invested their hard earned money relying on the prospectus and assurances of the OP Company. Complainant has prayed for refund of the maturity amount and the interest along with further interest and other reliefs in terms of the prayers in the petition of complainat.
OP has contested the case and filed w.v. contending inter alia that the petition of complaint is fully misconceived, groundless amd unsustainable. It is also alleged that the complaint is frivolous and vexatious. It is stated that there has been no cause of action to file the case. It is stated that there has been no negligence and / or deficiency in service on the part of the OP. Allegations containing in part 1,2,3,4,5,6 and 7 are denied and disputed. It is denied that the Complainant had deposited any sum under the monthly income scheme as alleged by the Complainant. It is also denied that OP is not making payment of interest as alleged. It is denied that the activities and conduct of the OP amounts to defieiency of service or unfair means of trade practice. It is denied that OP is holding public money for their own benefit and expansion of business. OP has prayed for dismissal of the case.
It is worthy to point out that OP did not adduce any Evidence in this case. OP also did not file any questionnaire as against the Evidence on affidavit of the Complainant.
Point for Decision
- Whether the OPs are deficient in rendering service to the Complainant?
- Whether OPs have indulged in any 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. photocopy of Certificartes dated 13.07.2013, 13.07.2013 and 16.09.2013, photocopies of the payment advices of OP Company and other materials on record.
It appears that the Complainant deposited an amount of Rs.4,40,000/- with the OPs under different scheme viz. allotment of plot / Villa / Apartment. It also appears that the amount of Rs.4,40,000/- was devided in 4 separate parts amounting to Rs.1,20,000/- + Rs.1,20,000/- + Rs.1,20,000/- + Rs. 80,000/- vide certificate No.TZZ0024249/-,Certificate No.TYY0011668 and Certificate No.TZZ0024248 respectively. It is also appears that the OPs used to send payment of interest for the invested amount through ‘payment advice’. Perused the originals of payment advices at the time of final hearing, photocopies of which are filed on record and it is claimed by the Complainant that an amount of Rs.39,000/- is lying due on the score of interest payable to t he Complainant. It also appears that the said certificates attained maturity but OP failed to refund the matured amount also. The Complainant has alleged non payment of the maturity value as well as non payment of interest against the OPs.
None came from the side of the OPs. tocross examine the Complainant by way of filing any questionnaire as against the Evidence on affidavit filed by the Complainant. The Evidence on affidavit filed by the Complainant remains unchallenged and uncontroverted. OP has filed w.v. but subsequently, abstained from adducing any evidence. Evidfence on affidavit filed by the Complainant remains unchallanged and uncontroverted. In absence of any contrary and controverting evidence on record and as the evidence of the Complainant remains unchallenged and uncontroverted, and having regard to the documents on record, we think that the Complainant has been able to establish his case.
It appears that the OP is holding the public money for their own benefit and for ulterior gain. OP has thus indulged in extorting money from public at large. We think the activities of the OP constitute deficiency of service and unfair means of trade practice as well.
Consequently, the case merits success.
Hence,
Ordered
That the instant case be and the same is allowed on contest against the OP. OP is directed to make payment of Rs.4,79,000/-(Rupees 4,40,000 principal amount + Rs.39,000/- monthly interest) along with interest at the rate of 9 percent pa. from the date of maturity till compliance within one month from the date of this order.
OP is also directed to pay litigation cost of Rs.10,000/- to the Complainant within the said stipulated period.
OP is also directed to make payment of Rs.50,000/- for indulging in practice unfair trade as per section 14 (1) (d) in CP Act – 50 percent of which to be paid to the Complainant and 50 percent of which to be deposited to the Welfare Fund of this Forum within the said stipulated period.
Failure to comply with the order will entitle the complainant to put the order into execution under appropriate provision in C.P. Act.
