D.O.F:04/05/2023
D.O.O:27/03/2024
IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KASARAGOD
CC.125/2023
Dated this, the 27th day of March 2024
PRESENT:
SRI.KRISHNAN.K : PRESIDENT
SMT.BEENA.K.G : MEMBER
Sasikala, aged 46 years
W/o Sudakaran
R/at 11/265, Charavu House
Poovadka, Mulleria, Mulleria Post
Kasaragod Taluk and District
PIN – 671543.
(Adv: K.K. Mohammed Shafi) : Complainant
And
Amrith Raj N.K.
R/at Nikarthil House
S.Aryad, Avalookunnu P.O.
Alapuzha – 688006. : Opposite Party
ORDER
SMT.BEENA.K.G : MEMBER
The brief facts of the case is that the opposite party is a business firm namely Value Wallet Marketing LLP (65/1600 A) functioning in the following address; 1st Floor, Mathilcherril, Shenoy Road, Kaloor, Kochi -17 and Mr. Amrithraj N.K. is the Managing Director of the above firm and he is representing the above said company. Due to the inducement of opposite party, the complainant invested an amount of Rs. 1,00,000/- (Rupees One lakh only) in the business firm. The opposite party offered that the investment is for a period of one year and profit share will be distributed to the complainant. An agreement by way of consent letter dated 02/11/2021 is also executed between the complainant and the firm. The opposite party collected the investment amount from the complainant on 17/08/2021. The investment period of one year already over by 16/08/2022. After the expiry of one year, the complainant intended to withdraw the amount. She informed the same to the opposite party then and there. At the time of collecting the investment amount, opposite party offered the complainant that an amount of Rs. 20,000/- (Rupees Twenty thousand only) in minimum as the yearly profit and she is entitled for profit share with invested amount will be furnished to her. The complainant is a customer of opposite party and hence she is a consumer. The complainant is alleging deficiency in service on the part of opposite party as he failed to comply the promise that is, return of the invested amount with profit share. The opposite party not returned the said amount inspite of her repeated demands. Since the opposite party not returned the invested amount with profit share, complainant caused to send a registered lawyer notice dated 17/08/2022 to the opposite party. The opposite party accepted the notice and sent a reply notice dated 11/10/2022 to the above letter admitting the delay occurred to return the amount and seeking six months further time for repayment. Even now, the opposite party not returned the invested amount to the complainant. Hence, this complaint for necessary redressal. The complainant seeking return of the invested amount of Rs. 1,00,000/-(Rupees One lakh only) with interest at the rate of 10% per annum from 17/08/2021 till the date of realization with a compensation of Rs. 1,00,000/- along with cost of litigation.
Notice of opposite party returned stating no such addressee.
The complainant filed proof affidavit in lieu of chief examination and the documents produced are marked as Ext.A1 to A5. Heard the complainant. The issues raised for consideration are;
- Whether there is any deficiency of service on the part of opposite party in non-return of the invested amount with profit?
- Whether the complainant is entitled for relief?
- If so, what is the relief?
All the questions can be answered together. The opposite party induced the complainant to invest an amount of Rs. 1,00,000/- in their business firm of Value Wallet Market LLP. The Managing Director of the company Mr. Amrithraj N.K. collected the above said amount from the complainant and offered that the complainant will be entitled for profit share with the invested amount after one year. An agreement was executed between the firm and the complainant, the original document is produced here, which is marked as Ext.A1. After the expiry of one year, the complainant was not intended to retain her investment in the business firm of opposite party. It is informed to opposite party then and there. At the time of collecting investment, the opposite party offered an amount of Rs. 20,000/- in minimum as yearly profit for her investment. After the elapse of one year, the complainant demanded opposite party to return invested amount with profit share. But the opposite party not returned the said amount in spite of repeated demands. There after the complainant caused to sent a registered lawyer notice dated 17/08/2022 to the opposite party, demanding return of the offered amount. The above said notice is produced here and marked as Ext.A2. Postal receipt dated 17/08/2022 before this Commission is marked as Ext.A3. Postal acknowledgement dated 20/08/2022 is marked as Ext.A4. The opposite party sent a reply notice dated 11/10/2022 before this Commission and the same is marked as Ext.A5. In the reply notice, the opposite party is seeking six months further time for repayment. By this, opposite party is admitting the entire allegations levelled against him in the complaint, and admitting his failure to comply his promise.
We perused the affidavit and documents produced before the Commission and in the absence of rebuttal evidence, it is clear that the opposite party is bound to repay the invested amount with profit share as promised. The latches on the part of opposite party in paying the amount caused severe mental agony and financial loss to the complainant. The complainant is entitled for the relief sought in the complaint. The prayer of the complainant is that, refund of the invested amount with profit share along with Rs.1,00,000/- as compensation and cost of litigation. Considering the circumstance of this case, we are of the opinion that an amount of Rs. 50,000/- is a reasonable compensation in this case.
Therefore, the complaint is partly allowed directing opposite party to return the invested amount of Rs. 1,00,000/- (Rupees One lakh only) with interest at the rate of 9% per annum from 17/08/2021 till the date of realization along with a compensation of Rs. 50,000/- (Rupees Fifty thousand only) and Rs. 5,000/- (Rupees Five thousand only) as cost to the complainant within 30 days from the date of receipt of copy of this order.
Sd/- Sd/-
MEMBER PRESIDENT
Exhibits
A1 – Agreement executed between the firm and the complainant
A2 – Lawyer notice
A3 – Postal receipt
A4 – Postal acknowledgement
A5 – Reply notice
Sd/- Sd/-
MEMBER PRESIDENT
Forwarded by Order
Assistant Registrar
JJ/
