MR. PRABODHA KUMAR DASH, PRESIDENT:-
This C.C.Case No. 36/2022 taken up today for order. This Case is arising out of U/S-35 of C.P.Act, 2019.Complainant money fixed two consecutive occasioned without return of maturity value against the law, rule & regulation of RBI, SEBI or State Authorities.
Brief Facts:-
The Complainant being an innocent person on false promises of the Agent of Ops as OpNo.4 deposited before Ops Rs. 29,500/- on first occasion for 24months on receipt No. 438002670146 maturity date dt. 20.10.2020 when the maturity value as per bond was Rs.37,005/- without payment of maturity value the Ops again fixed the same for 24 months under same receipt No. Maturity value Rs. 49307/- that was dt. 20.10.2022, after maturity the Ops are not paying anything for which the Complainant suffer irreparable loss and undergoing mental agony till today. The Complainant having mo alternative efficacious remedies available filed present C.C.Case for redressal of the same.
We gone through the complaint petition, Heard Complainant in person & Ld. Counsel for Ops, perused the material available like bond, receipt, written version etc.
All the activities of Ops are illegal & without due procedure of law. Ops not taken approval of RBI, SEBI & practiced financial irregularities which is a National issue today. Multistate Co-Operative Society can’t accept moneys from public throughout India without permission of Central Financial Institution, it is just a Chit fund case where the depositor taken as a Member of the Society. The Ops without paid the maturity money re-invested in another scheme forcefully. The Ops not only committed deficiency of service but also responsible for unfair contract & unfair trade practice. State of Odisha legislated laws for such financial irregularities like offence against public deposit of money to eradicate like Chit funds, those are committed offences are in custody & not released by Honbl’e High Court of Orissa without following rule, regulation, guideline of RBI,SEBI the Ops practiced illegal financial transactions with unlimited number of innocent people.
The Ld. Counsel for Ops submitted that Humara India Credit Co-Operative Society ltd. is a Multi State Co-Operative Organization and deposited Complainant is a member of Society, he can’t raised the issue as a consumer as a member of Society. The Board of direction of such Society are the authorities to take decision on this matters. The dispute relating to maturity value can be adjudicate by arbitration for which there was a provision under multistate Co-Operative rules. Further Ld. Counsel for Ops referred us decision of Honbl’e National Commission & various SCDRC and also DCDRC which are not applicable to the case in hand, neither partly applicable nor squerly applicable to case in hand. We can’t accept the argument advanced by Ld. Counsel for Ops which devoid of merits and not acceptable to this DCDRC.
The Ld. Counsel for Ops submitted that, the cause of delay for payment of maturity value because of dispute in Honbl’e Supreme Court between Ops & SEBI wherein there was a interim order at the same time could not able to produce the case No and order of the Honbl’e Supreme Court, only verbal submission made by Ops which have no legal effect without any ratio decided by Honbl’e Supreme Court. We are unable to accept the validity of SCDRC, DCDRC order mentioned by Ops We are after gone through the referred cases found no such authoritative ratio to followed, therefore the case gone in favour of Complainant in toto.
O R D E R
It is directed that, the Ops shall pay Rs. 49,307/- the maturity value from dt. 20.10.2022 at @18% P.A till its realization failing which the Ops are liable for execution proceeding as per C.P.Act,2019.The above order shall be complied within a period of 45 days from the date of receipt of the order. The C.C.Case is allowed.
Issue extract of the order to the parties for compliance.
Pronounced in the open Commission, on this the 24th day of January,2023.
I, agree
Sd/- Sd/-
MEMBER PRESIDENT
