MR. BIBEKANANDA DAS, MEMBER:-
This C.C.Case No. 40/2022 is taken up today for order. Perused the materials available on record. Heard the Ld. Counsels from both the parties.
Brief Fact:-
The Complainant influenced by agent of Ops for higher interest compairing to the interest of other financial institutions deposited in good faith as Fixed deposit in his name & in his minor daughter’s name. The Ops received deposit amount Rs. 21,800/- on dt. 30.07.2018 under certificate No. 438000815018 maturity date dt. 30.07.2020, maturity amount Rs. 27,346/-, another bond vide No. 438000815019 dt. 30.07.2018 amounting to Rs. 21,800/- maturity amount Rs. 27,346/- and 3rd one vide bond No. 438000815014 same maturity date with same amount. All the 3 (three) bonds deposited amount Rs. 21,800/- maturity amount Rs. 27,346/- and date is also dt. 30.07.2020. Though all the 3 bonds matured since dt. 30.07.2020. The Ops are not paying the same till today. Heard Ld. Counsels for both the parties, perused the materials available on record, the Complainant annexed all the 3 bonds provided by the Ops wherein maturity date & maturity value are already mentioned. Therefore there is no iota of doubts of payment of sum of Rs. 21,800/- in all the bonds mentioned above. The Complainant being harassed by the Ops from the year 2020 and absence of efficacious remedies, the Complainant filed the present C.C. Case for adjudication of the said grievances.
Ld. Counsel for the Ops filed written version wherein it is stated that the Ops are multistate Co-Operative Society and they are governed by Multistate Co-Operative Society Act, 2002 & there was provision under the Act to settle the issue within the society itself and the present dispute before this Commission is not maintainable and so also the DCDRC has no jurisdiction to adjudicate the same and referred several decisions of National Commission & State CDR Commission of various states, so also some DCDRC judgements. Further submitted that there was a provision for arbitration to settle the dispute under the Societies Act, 2002. All such reference submitted by the Ops are devoid of merit and not acceptable to a quasi-judicial body established by the Act of Parliament.
In our opinion the DCDRC nowhere prescribed limits its jurisdiction to decide the case in hand but on contrary U/s-100 of C.P.Act, 2019 the provision of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force. Therefore, the DCDRC not restrained by the Legislature while enacting the Act. We have all sorts of jurisdiction to adjudicate because, the Ops without any permission from the RBI and SEBI without following the Rules & Regulation therein accepting Public deposit rampantly with false written assurance of high returns on maturity. How can an institution accept unlimited members with deposit of money like Chitfund for which the state enacted specific law to eradicate the illegal activities and strengthen penal provision in the said Act. The Ops collected Public monies without approval of RBI, Central Govt. even without any permission of state Govt., therefore the Ops are liable to return the deposited amount with penal interest as per the direction of DCDRC to provide speedy justice to the innocent people within the district. Ld. Counsel for Ops submitted that there is a pending litigation in Honbl’e Supreme Court regarding stoppage of payment to the depositors are without any order copy of any High Court or Supreme Court and such submission are bereft of any merit and against the principle of laws the points raised by Ops are not known to any legal system. We therefore, grant reliefs shought for in interest of Justice in Complainant’s favour.
O R D E R
It is directed that the Ops are liable to pay the Complainant maturity value in the three bonds already mention Rs. 82.038/- with interest @18% P.A. from the date of maturity i.e, dt. 30.07.2020 till its realization with Rs. 20,000/- as mental agony undergone and Rs. 5,000/- as litigation cost which is just & proper within a period of one month from the date of receipt of this order, failing which the Ops are liable as Judgement debtor under execution proceeding as per C.P.Act,2019.
Issue extract of the order to the parties for compliance.
Pronounced in the open Commission, on this the 18th day of January,2023.
I agree,
Sd/- Sd/-
PRESIDENT MEMBER
