Order-14.
Date-28/07/2015.
This is an application u/s.12 of the C.P. Act, 1986.
Complainants Arun Kumar Das and Arindam Das by filing this complaint has submitted that OPs run a business under Amazan Group and OPs 2 to 7 are the members of the Board of Directors of the OP1 and OP2 is the Director of OP1.
In fact that complainant invested a sum of Rs.2,20,000/- in Secured non-Convertible Redeemable Debenture of Amazan vide details of Certificate No are as follows :
Sl No. | | Certificate No. & Date & no. of preference share | Amount Invest -
| Rate of Div. | | Redemption date and Value |
-
| Arun Kumar Das & Arindam Das | CPS A 0000000219 Dt.03-09-2010 -
| -
| -
| -
(Qtly Intt) | 17-08-2013 1,50,000/- plus Bal, Intt. 21,000/- |
-
| Arun Kumar Das & Arindam Das | CPS A 0000000220 Dt.03-09-2010 -
| -
| -
| -
-
| 18-08-2013 50,000/- plus Bal, Intt. 22,500/- |
-
| Arindam Das | CPS A 0000000218 Dt.03-09-2010 -
| -
| -
| -
(Qtly Intt) | 18-08-2013 20,000/- plus Bal, Intt. 2800/- |
After maturity of the certificate complainants surrendered the original certificates to the Office of the OP1 on 10-12-2013 and same was acknowledged by the OP1 and by letter dated 06-12-2013 complainant requested the OP1 to refund the redemption value but despite receipt of letter OP remained silent and OPs 1 to 7 even after repeated reminders deliberately negligent to pay the maturity value and as a result complainant suffered monetary loss and mental pain and agony and in fact they adopted unfair trade practice and getting no relief from the OPs, complainant filed this complaint for redressal and for further relief if any, though in the month of August, 2012 OPs assured to pay dividend including redemption value.
Fact remains that in this case notices were served upon the OPs. 2,3,4 & 6 and they are the Directors of the OP Company, but they did not turn up for which ultimately notices were served by wide publication in Sambad Pratidin dated 11.05.2015.But even after service of the said notice widely, OPs did not turn up.In the above circumstances, the complaint is disposed of finally in ex parte.
Decision with Reasons
On proper consideration of the complaint including materials on record it is found that complainant invested an amount of Rs.2,20,000/- in MIP3 REG3 Plan and complainant admitted that he has received the dividend in respect CPS No.A0000000218 to 219 upto 17-08-2012 up to the date of maturity.No doubt date of redemption was on 17-08-2013 and 18-08-2013 and thereafter, complainant submitted the certificate to the OP for refund of the redeemed amount on 10-12-2013 and same was acknowledged by the OP1 but that amount was not refunded for which complainant sent a letter on 06-12-2013 to the OP which were received by the OP1 on 19-12-2013 and 27-12-2013 but despite receipt of the said letter OP remained silent.Though complainant visited the office of the OP many times up to March, 2014, requested them to refund but ultimately redeemed amount with balance dividend has not been refunded.
Subsequently, meeting was held in August, 2012 on the registered office of the OP when Managing Director of the OP assured that same shall be refunded very soon with interest but assurances are nothing but hoax for which for the negligent and deficient manner of service and also for deceiving the complainant in such a manner and for adopting unfair trade practice then complaint is filed.
OP got every chance to contest the case when the notice was served upon some of the Directors.Subsequently, publication was made that was also within their knowledge but they did not turn up and, in fact, the evidence on record including the materials as produced by the complainant simply prove that OPs have nothing to say for which they did not appear to contest the case and it is also proved that maturity amount of Rs.30,000/- has not yet been paid by the OPs but the documents simply proves that complainant purchased the said product of OPs which supports that OP received the original debenture certificate on 10-12-2013 but that has not been refunded.At the same time it is found that OPs have shifted their office, OP received notices but did not take any steps.Subsequently, complainant sent copy of the e-chief to the Directors that was also received but they did not pay any heed.Truth is that OPs closed their office and they are residing in their respective addresses and out of 7 OPs, OPs. 2, 3, 4 & 6 have received same notices of this case which were duly served.But subsequently by a wide publication in Sambad Pratidin dated 11.05.2015 notices were duly widely served but even after that OPs did not turn up.
So, considering that fact, it is clear that the OPs opened a bank business for the purpose of grabbing money from the poorer section of people and ultimately they did it by wide advertisement and alluring the people and it is no doubt a misleading advertisement and the product which were sold with an intention to grab money and they as non-banking financial institution adopted unfair trade practice and deceive the customers at large and in this case it is proved that complainant has been deceived by the OPs.
In this context, it is to be mentioned that M/s. Amazon and their Directors, deceived so many doctors also and out of that one renowned Professor Dr. Santra was also deceived and Amazan Group filed appeal against the said doctor from district Forum, Barasat to State Commission and but failed.But they are now loitering for payment by installment and only for the purpose not to pay the amount which was received by the OPs from the public, they shifted their head office, houses, offices and ultimately the office of the Amazon has been closed at Salt Lake area because warrant was sent to the ops from some other Fora and Barasat Forum.
So, it is clear that the ops adopted unfair trade practice, deceived the complainant and complainant proved that he has been deceived by the OPs and OPs have adopted unfair trade practice and no doubt for their unfair trade practice and for negligent and deficient manner of service and also for their deceitful manner of trade, complainant has not only suffered financial loss but at the same time he has been harassed mentally and physically by the present OPs for which this complaint succeeds ex parte also on the ground OPs got every scope to contest this case.They are contesting the case at Barasat Forum, State Commission, High Court, but they have not appeared before this Forum.
In fact they have now loitering from one place to another.So, that the consumers cannot any way trace out and it is no doubt also a crime what they have committed it and it is reported Enforcement Directorate (ED), has also taken cognizance to arrest for which they have taken such policy.
In the above circumstances and observation complainant is entitled to relief as prayed for.
Hence, it is
That the complaint be and the same is allowed ex parte against OPs with cost of Rs.5,000/-.
OPs jointly and severally are hereby directed to pay the entire claimed amount of the complainant along with balance dividend i.e. an amount of Rs.2,20,000/- with balance upto date dividend and further pay compensation of Rs.20,000/- for causing mental pain and suffering to the complainant within one month from the date of this order failing which for non-compliance of the Forum’s order and for adopting unfair trade practice, OPs shall have to pay penal damages at the rate of Rs. 200/- per day till full satisfaction of the decree and if it is collected, it shall be deposited to this Forum.
Ops are directed jointly and severally to comply the order failing which penal action shall be started against them u/s 25/27 of C.P. Act 1986 for which further penalty and fine shall be imposed upon them.
