Order-11.
Date-19/08/2015.
This is an application u/s.12 of the C.P. Act, 1986.
Complainant by filing this complaint has submitted that OP1, Asian Electronics Ltd. having its registered office at D-11, Road No.26, Wagle Industrial Estate,Thane – 400 604 published in the Newspaper for Fixed Deposit Scheme for its Company upon giving interest at the rate of 12 percent p.a. over the Fixed Deposit and complainant being interested to invest money with the OP and as such contacted its registered office at Thane over phone, wherefrom the Manager of the OP1 instructed the complainant to contact its Kolkata Regional/Broker office namely SMS Global Securities Ltd., i.e. OP2 for further details in the matter including deposit of money for the said scheme. Accordingly, complainant personally contacted the said SMS Global Securities Ltd. at Kolkata in the early part of the month of November, 2010 and collected the application form for fixed deposit along with its other connected papers for information of the depositors and after duly filled up the said application form for fixed deposit for Rs.50,000/- along with an A/c payee cheque being no.631347 of Rs.50,000/- drawn on Bank of Baroda, India Exchange Branch, Kolkata and deposited the same as Fixed Deposit for a period of 36 months jointly with her mother Sunita Devi Sarad on 19-11-2010 in the OP’s said Kolkata Regional/Broker office SMS Global Securities Ltd. against proper receipt. That the said amount of Rs.50,000/- has been duly transferred in the account of the OP1 through clearance from the account of the complainant on 20-11-2010 and after receiving the said total amount of Rs.540,000/- OP sent the Fixed deposit receipt being no.50768 dated 13-12-2010 to the complainant.
No doubt the amount covered under the said fixed deposit receipt would mature on 20-11-2013 with cumulative interest on the same and after maturity the complainant would be paid a total amount of Rs.71,290/- and immediate after maturity the complainant deposited the said fixed deposit receipt in original to OP2 the Regional/Broker office of OP1 but even after receipt of the said fixed deposit receipt in original the OPs failed and neglected to pay the total sum of Rs.71,290/- as covered under the said Fixed Deposit Receipt to the complainant and complainant since December, 2013 till middle of March, 2014 at least 5 to 6 times went to the said Kolkata Regional/Broker Office of the OP1 for realization of the amount covered under the said FD receipt but every time the reply has been given to the complainant that money has not been sent to them by the Registered office of the OP and as such they are not in a position to refund the said amount to the complainant. Complainant, thereafter, sent a letter dated 26-03-2014 to the Manager of the OPs thereby annexing the copy of the said FD receipt for payment of the amount covered under the said FD Receipt and sent it by registered post with A/D, but the same has been returned back to the complainant with the postal remark .left.. That upon information the copy of the said letter again sent to the Manager of the OP in another address at 107, 1st Floor, Sumer Kendra Building, P B Marg Behind Mahendra Towers, Worli, Mumbai – 400 018 thereby annexing the copy of the said FD receipt for payment of the amount covered under the said FD receipt by Registered Post with A/D on 11-04-2014 and the same has been received by putting with seal and signature on the A/D Card on 15-04-2014 and the complainant received back the said A/D Card. In spite of receiving the said letter OP have not returned the said maturity amount and including further amount of interest which is sheer negligence and deficient manner of service and for adopting unfair practice complainant has filed this compliant for redressal.
On the other hand, OP2 by filing written statement has submitted that they have their no role in the issuance of Fixed Deposit Scheme but they are only the registered transfer agent to the fixed deposit scheme launched by the OP1 Asian Electronics Ltd. and they only simply forwarded/routed the application of interested investors to the issuer company and the complainant has filed the consumer complaint against OP1 and the role of the OP2 is very limited and confined only as register transfer agent to the fixed deposit scheme and complainant knowing fully well of the fact wrongly included them in this case. In the above premises the complaint should be dismissed against SMS Global Securities Ltd. and entire liability and allegation is against of Asian Electronics Ltd. who issued such fixed deposit and to whom the complainant sent all letters including the documents of FD in original for realization of the maturity amount.
But anyhow, Asian Electronics did not appear to contest the case though the notice was served upon them.
Decision with Reasons
After proper study of the complaint and the written version of the SMC Global Securities Ltd. it is admitted fact that SMC Global Securities Ltd. acted as registered transfer agent of the OP1 i.e. Asian Electronics Ltd. It is also admitted by the OP2 SMC Global Securities Ltd. that the form etc. was supplied by them as registered transfer agent that was filled up by the complainant, complainant deposited Rs.50,000/- by cheque and that was transferred to the OP1. OP1 received it and fixed deposit was signed by the OP1 and it was handed over to the complainant. Complainant received it and thereafter certain complication was faced by the complainant and that matter was reported to the OP2 and that OP2 informed the complainant that they have no liability because they are only the transfer agent of the OP1. OP2 is not the service provider of the complainant nor they had received any money or issued any fixed deposit but anyhow it is proved from other documents filed by the complainant that complainant purchased the said fixed deposit scheme for Rs.50,000/- for 3 years term and the amount was deposited with Asian Electronics Ltd, and fixed deposit paper was supplied by Asian Electronics Ltd. i.e. OP1 and thereafter on maturity complainant submitted all materials paper in original and sent it to the OP1 but subsequently OP1 did not respond or did not refund the said amount. From annexure-D it is found that OP1 changed their address to 107, 1st Floor, Sumer Kendra Building, P.B. Marg, behind Mahindra Tower, Worli, Mumbai – 400 018 and that letter was received by the OP1 but OP1 did not repay or refund the maturity amount as yet and truth is that the maturity date was on 20-04-2013 and forthwith complainant sent all documents and that was received by the OP1 but OP1 did not repay that amount. So, the complainant is being harassed since 20-11-2013 and fact remains as per said Fixed Deposit Scheme interest rate was 12 percent p.a. and also further addition interest to the extent of 25 percent would be paid in respect of amount but nothing has been paid is proved beyond any manner of doubt and in this regard after considering the entire materials on record we have gathered that OP1 is being a company has floated the said scheme and collected the amount from the complainant and did not repay the amount as yet which is no doubt an unfair trade practice and by that act complainant is deceived by the OP1 but fact remains complainant has suffered much mentally, physically and financially. In the above circumstances, we are inclined to hold that the complainant is deceived by the OP1 in all respect and no doubt complainant proved the allegation against the OP1.
About OP2 we find that OP2 acted as registered transfer agent of the OP1 but fact remains they did not receive any money, only they worked for the company as broker/agent which is evident from the document as produced by the complainant and in the advertisement it is specifically mentioned that SMC Global Securities Ltd. is the broker and advisor of the Fixed Deposit Scheme and for which directly OP2 cannot be liable for such payment but there is a link in between Asian Electronics Ltd. and SMC Global Securities Ltd. and fact remains SMC Global Securities Ltd. OP2, acted on behalf of the Company OP1 so, he has his certain liability to help the complainant in all respect but that has not been done by the OP2 and it is no doubt an unfair practice on the part of the OP2 as broker and advisor of the OP1.
In view of the above fact the complaint succeeds.
Hence,
Ordered
That the case be and the same is allowed on contest against OP2 and same is allowed ex parte against OP1 with a cost of Rs.10,000/- and OP1 shall have to pay the cost.
OP1 is hereby directed to pay entire maturity amount of Rs.71,290/- against that Fixed Deposit along with 12 percent interest over the said amount with effect from 21-11-2013 till its full payment by the OP1 along with litigation cost.
OP2 directed to pay penal cost of Rs.10,000/- to the complainant for not giving such proper service and also for not giving any communication about the fate of that matured Fixed Deposit and said Rs.10,000/- shall be paid to the complainant for negligent and deficient manner of service and it must be paid within one month from the date of this order even if it is found that OPs are reluctant to comply the order in that case penal proceeding shall be started against u/s.25 read with Section 27 of the C.P. Act for which further penalty and fine shall be imposed.
