Order-7.

Date-14/05/2015.

Complainant Sri Manab Das by filing this complaint reported this Forum on 04.03.2015 alleged that op Company represented and promised to give better service by providing gold loan or gold investment etc. by issuing a letter to the complainant on 17.05.2013 and being allured, complainant opened an account bearing No. 12130515008 vide Employee Code No. 01120712001, Scheme No. 1 for 12 months plan for 15 grams of 22 carat Gold in favour of the op and op also issued certificate in the name of the complainant on 15.04.2013.

          Thereafter complainant deposited regularly the monthly investment to the op and op against that issued receipt and complainant completed monthly payment of 12 months month by month and thereafter complainant issued a request letter on 02.04.2014 to the op to disburse the Gold of 15 grams of 22 carat as per the promise of the op by issuing welcome letter.

          But no reply was received and at least on 24.08.2014 op sent apology letter to the complainant confirming that maturity amount shall be made with interest  at the rate 14.25 percent p.a. for delayed payment and also apologized for such inconvenience.  But thereafter no payment was made.  So, complainant ultimately served a letter on 13.01.2015 by Speed Post through his Lawyer asking the op to comply the commitment etc. but on repeated request, op paid no heed and neglect to refund maturity amount etc. or gold as per promise and it is no doubt unfair practice and for such negligent act and deficient manner of service, complainant has suffered much and also suffered financial loss for which this present complaint is filed for redressal.

          Fact remains that notices were served to the op, op received it and it is evident from the Internet-Postal Report.  But op did not turn up to contest this case.  So, the case is heard finally for disposal.

                                                       Decision with reasons

          On proper consideration of the complaint, including the materials as supplied by the complainant, it is clear that from welcome letter dated 20.05.2013 that op sent letter to the complainant asking him to open the present scheme and subject to payment of installment for continuous 12 months having monthly installment amount of Rs. 3,025/- for booking 15 grams of 22 carat of gold and the date of maturity is 15.04.2014 and total paid amount must be paid Rs. 40,335/-.  Thereafter op issued such certificate in the name of the complainant and further certificate was issued by the op that 15 grams of gold of 22 carat with purity of 22 carat shall be delivered to the complainant on the date of maturity.

          Thereafter the maturity date came on 15.04.2014 and for which prior to that complainant submitted the original money receipt, share certificate, certificate of Gold, Xerox copy of identity card etc. on 02.04.2014 against that on 24.08.2014 op sent an apology letter regarding late payment and confirmation regarding date of payment and in the latter op stated that maturity amount will be paid along with interest  at the rate 14.25 percent p.a. within 90 days from the date of their letter dated 24.08.2014.  But even after expiry of that 90 days, nothing was paid by the op.  So, op sent a demand letter on 13.01.2015 to the op and op received it but did not pay any heed and ultimately did not return the entire amount to the complainant.

          Considering the unchallenged testimony of the complainant including the documents issued by the op, it is clear that op even after admitting that they failed to disburse the amount or the gold prayed for waiting for another 90 days from the date of maturity and fact remains the maturity date was 15.04.2014 and op sent letter to the complainant on 24.08.2014 and from 24.08.2014 if 90 days is calculated, in that case, on 24.11.2014 that 90 days period policy will be expired.

          Another factor is that op received notice from this Forum but did not turn op knowing fully well that they have their no defence, they are well aware that they shall not be able to deny the allegation as made by the complainant and in the above situation we have no other alternative but to accept the allegation of the complainant when complainant has proved it by executing documents which was issued but the op and also by this unchallenged testimony and also further considering the conduct of the op we are confirmed that as because op has adopted an unfair trade practice and they have already deceived several customers in so many manner and collected huge capital.  They are not willing to pay and this is the order of the day in respect of such companies.

          In the light of the above observation we are convinced to hold that complainant has proved beyond any manner of doubt, he has been deceived by the op and op has not rendered proper service and has not handed over the gold or the matured amount including the interest as yet.  Though op admitted by their letter dated 24.08.2014 that same shall be paid within 90 days.  But even then they are silent and considering that fact op deceived the complainant and by adopting unfair trade practice, they have not paid the amount or gold to the complainant as yet with intention to deceive the complainant and it is no doubt negligent and deficient manner of service and fact remains that complainant has suffered much and for which this complaint succeeds against the op.

          Hence, it is

                                                            ORDERED

          That the complaint be and the same is allowed exparte with cost of Rs. 10,000/- against the op.

          Ops is hereby directed to deliver 15 grams of gold of 22 carat or total paid up amount of Rs. 40,335/- along with interest  at the rate 14.25 percent p.a. since the date of maturity i.e. from 15.04.2014 and till its full payment to the complainant over the said amount and shall have to pay compensation to the extent of Rs. 20,000/- for harassment of the complainant and for causing mental pain and agony and also for deceiving the complainant in such a manner.

          The above payment that is litigation cost and other awarded amount shall be paid within one month from the date of this order.  For adopting unfair trade practice and for deceiving the complainant, op is imposed penal damages of Rs. 15,000/- to check their such sort of deceitful manner of trade and practice in future and to save the customer from the hands of such traders who are in the market to deceive the customers and the said amount shall be paid to this Forum within one month from the date of this order.

          Op is hereby directed to comply the order very strictly within the stipulated time failing which op shall have to pay penal interest  at the rate Rs. 200/- per day till full satisfaction of the decree and to implement this decree, the penal procedure u/s 27 of C.P. Act 1986 shall be started against the op for which further penalty and fine shall be imposed.