Order-13.

Date-01/02/2016.

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

          Complainant by filing this complaint has submitted that OP Amrit Projects Ltd. runs their business being a registered company of selling their project Deep Discount Bonds alluring the public at large to give benefit after maturity and being allured complainant purchased five number of DD Bonds from OP by investing Rs.5,000/- in cash on 11-07-2008 and the value of DD Bond is Rs.1,000/- and OP had issued Amrit Infra Bond Certificate having registered Folio No.80010644, being certificate No.00010644 dated 11-07-2008 and the period or term of the said bond was for 6 years and the maturity date was fixed on 11-07-2014 with maturity amount of Rs.1,000/-.

          On maturity/redemption complainant submitted original Amrit Infra Bond certificate to the OP and OP issued a Internal Warrant No.127581 dated 11-07-2014 for Rs.10,000/-.  Though complainant visited the OPs on several occasions but all his efforts are in vain.  Subsequently complainant vide letter dated 04-05-2015 requested the OP to refund the face value of Rs.10,000/- but despite receipt of the letter through Speed Post dated 05-05-2015 on 06-05-2015 OP remained silent to redress the grievance of the complainant.  In the above circumstances, for deficient and for negligent manner of service and on maturity of redemption amount the complainant has been filed this complaint has he has been harassed and deceived by the OP.

          In the present case copy of the complaint including the documents were duly served upon the OPs by speed post.  OPs received it but did not turn up.  So, ultimately the complaint is heard ex parte.

Decision with Reasons

On proper consideration of the complaint including the copy of the Deep Discount Bond being registered folio no.80010644 distinctive number 00090654 – 00090658 dated 11-07-2008 and on careful consideration of the said Amrit Infra Bond Certificate it is clear that complainant deposited Rs.5,000/- and face value of the said on maturity shall be Rs.10,000/-.  From the document it is clear that complainant on maturity of the same deposited those articles and complainant issued the receipt but that has not been paid as yet.  Fact remains complainant deposited the amount of Rs.5,000/- on 11-07-2008 which is evident from the proper receipt.  Thereafter complainant sent notice for releasing the amount and on receipt of the said notice dated 04-05-2015 OP did not refund the same as yet though maturity date was 11-07-2014 and for last one year and 7 months complainant is being harassed and he has not yet received the said maturity amount.

          Truth is that OP received the notice of the complaint on 06-05-2015 which was served upon them by speed post as evident from record but they did not care to contest or to deny the allegation of the complainant.

          Not only that when the case was fixed for ex parte hearing and complainant submitted his Evidence in Chie and the copy of Evidence in Chief was also served by the OP on 28-12-2015 but even then OP did not turn up and it indicates that OP is wel-conversant of the fact that he has detained the said maturity amount of the said bond and he is no willing to pay the same and by that way they have no doubt deceived the complainant and such sort of conduct on the part of the OP tantamounts to unfair trade practice and at the same time complainant is being harassed by the OP and the negligent and deficient manner of service on the part of the OP is well proved.

In the result, the case succeeds.

Hence,

Ordered

That the case be and the same is allowed ex parte against OP with a cost of Rs.2,000/-.

          OP is hereby directed to refund the entire maturity amount of Rs.10,000/- and also to pay compensation for harassment and interest for last 1 year and 7 months and also for loss of interest over that amount a compensation of Rs.4,000/- to the complainant along with the litigation cost and accordingly OP is directed to pay a total sum of R.16,000/- within one month from the date of this order failing which for non-compliance of the Forum’s order OP shall have to pay penal damages @Rs.1,000/- per month till full satisfaction of the decree and if it is collected it shall be deposited to this Forum.

Even if it is found that OP is reluctant to comply the order in that case OP shall have to face penal consequences as provision 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.