Sri Ashoke Kumar Pal, President
The matrix of the instant complaint case in a nut shell is that the complainant purchased 5(five) numbers of bonds on 23.10.2008 being certificate No. 478002065846 and the redemption value was Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only) on the date of maturity. The maturity date of the certificate was 23.10.2018. After the date of maturity, the complainant went to the Office of the O.P. for the maturity amount but the O.P. did not pay anything to the complainant without any rhyme or reason and hence, this case.
The O.P. despite receipt of the notice of the case did not turn up to contest the case by filing W/V and as such by Order No. 4 dated 14.11.2022, the instant complaint case proceeded ex-parte against the O.P.
Points for Consideration:-
- Is the complainant a consumer?
- Is the O.P. guilty of deficiency in service and unfair trade practice?
- Is the complainant entitled to get reliefs as prayed for?
Decision with Reasons :-
Point No. 1 :-
On perusal of the case record along with documents, it appears that the complainant purchased 5(five) numbers of convertible bonds being certificate No. 478002065846 on 23.10.2008 from the O.P. The date of maturity of the said certificate was 23.10.2018 and the redemption value was Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only). Therefore, the complainant is a consumer as defined in Section 2(7) of the Consumer Protection Act, 2019.
As such, Point No.1 is decided in favour of the complainant and against the O.P.
Point No. 2 :-
The complainant purchased 5(five) numbers of convertible bonds being certificate No. 478002065846 on 23.10.2008 from the O.P. The maturity date of the said bonds was on 23.10.2018 and the redemption value was Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only). After maturity of the said 5 (five) bonds when the complainant went to the Office of the O.P. to collect the redemption value, the O.P. failed and neglected to pay the redemption value of Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only) without any rhyme and reason. As such, it appears that the assurance of the O.P. to give the redemption value on the scheduled date was not complied with. Therefore, it is crystal clear that the O.P. adopted unfair trade practice and there is deficiency in service on the part of the O.P. for which the complainant suffered mental agony, harassment and huge financial loss.
As such, the Point No. 2 is also decided in favour of the complainant and against the O.P.
Point No.3 :-
The complainant filed the copy of certificate from which it appears that certificate being No. 478002065846 was purchased on 23.10.2008 from the O.P. The maturity date of the said bonds was on 23.10.2018 and the redemption value was Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only). After the date of maturity, the O.P. failed and neglected to pay the maturity amount to the complainant. The complainant visited the office of the O.P. to collect the maturity amount. But the O.P. failed and neglected to pay maturity amount to the complainant for the reason best known to the O.P. Therefore, it is crystal clear that the complainant is very much entitled to get the reliefs as prayed for in the petition of complaint. As the O.P. failed and neglected to pay the maturity amount to the complainant, the instant case has been filed on the reliefs sought for in the petition of complaint.
As such, Point No. 3 is also decided in favour of the complainant and against the O.P.
In the result, the complaint case succeeds.
Fees paid is correct.
Hence, it is
ORDERED
That the instant case be and the same is hereby allowed ex-parte against the O.P with cost of Rs. 5,000/- (Rupees five thousand only).
The O.P. is liable and directed to pay the maturity amount of Rs. 15,530/-(Rupees fifteen thousand five hundred and thirty only) with simple interest @10% p.a. w.e.f. 23.10.2018 (date of maturity) till the date of final realization of the same within 45 days from the date of passing this order.
The O.P. is liable and directed to pay the compensation to the tune of Rs. 10,000/- (Rupees ten thousand only) for deficiency in service, mental pain and agony and harassment suffered by the complainant within 45 days from the date of passing this order, i.d. it will carry simple interest @10% p.a. after the expiry of 45 days from the date of passing this order till the date of final realization of the same.
The O.P. is liable and directed to pay the litigation cost of Rs. 5,000/- (Rupees five thousand only) as aforesaid within 45 days from the date of passing this order.
The complainant is at liberty to put the order into execution after the expiry of 45 days in case the orders are not complied with by the O.P. within 45 days from the date of passing this order.
Let a copy of the order be supplied free of cost to both the parties as per rules.
The Final order will be made available in www.confonet.nic.in.
Dictated and corrected by me.
President
