DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD
Dated this the 24th day of July, 2023.
Present : Sri.Vinay Menon V., President
: Sri.Krishnankutty N.K., Member Date of filing: 27/02/2023
CC/60/2023
A. K. Vijayan,
S/o Late T. P. Achutha Kurup,
213/IV, Aswathy,
Kunnathukad,
Kalladikode, P. O,
Karimba Panchayath
Palakkad -678 596. - Complainant.
(By Adv.G. Abhilash )
V/s
1.C. K. Anilkumar,
Managing Director,
Pooram Finserve Pvt. Ltd.,
25/395/27 1st Floor,
Pathayappura,
Round South, Thrissur -680 001.
2. Pooram Finserve Pvt. Ltd,
25/395/27, 1st Floor,
Pathayappura,
Round South, Thrissur -680 001. - Opposite parties
(Ex-parte)
O R D E R
By Sri.Krishnankutty N.K., Member.
1.Pleadings of the Complainant.
The complainant along with his daughter and grandson jointly deposited on 05/09/2021, Rs. 500,000/- in the secured redeemable non-convertible debentures of the opposite party company. Debenture certificate was issued for 500 debentures each having face value of Rs. 1000/-. and the interest rate offered was 11%pa. The redemption date was 05/09/2022.Though interest was paid on monthly basis, the OP failed to redeem the debentures on the due date. The lawyer notice issued to the OP also didn't create any positive result. Hence this complaint seeking, return of the deposited amount along with interest from the maturity date along with a compensation of Rs. 50000/- and cost.
2. Notices were sent to the OPs. They didn't enter appearance and hence were set ex-parte.
3. The complainant filed proof affidavit and marked Ext. A1-A8 as evidence. Ext. A1 is the debenture bond, A2 &A4 are the legal notices issued to the OPs, A3 &A5 the postal acknowledgement cards for the same, A6 is the letter received from the OPs, A7 is the reply received for the legal notice issued and A8 is the letter of Authority issued by other joint depositors in favour of the complainant.
4. From Exhibits A1 to A7 it is evident that the OP is yet to repay the amount of 5.00 lakhs deposited by the complainant even after a lapse of over 10 months from the due date which amounts to deficiency in service and unfair trade practice and hence the complainant is entitled for the reliefs claimed.
5. Therefore the complaint is allowed ordering the following reliefs.
1. The OPs are directed to repay the face value of the debentures Rs. 500,000/-along with interest @12% pa from 05/09/22 till the date of payment.
2. The complainant is entitled to receive a compensation of Rs. 50000/-from the OP for deficiency in service.
3. The OP is also directed to pay Rs. 25000/- as cost of litigation.
Pronounced in the open court on this the 24th day July, 2023.
Sd/-
Vinay Menon V
President
Sd/-
Krishnankutty N.K.
Member
APPENDIX
Documents marked from the side of the complainant
Ext. A1 : Debenture certificate dt. 05/09/21 for Rs. 500, 000/-
Ext. A2&A4 : Lawyer notices dt. 04/01/23 issued by Adv. G. Abhilash to the OPs.
Ext.A3&A5 : Postal acknowledgement cards for the above notices.
Ext. A6 :Letter dt. 04/0/23 received from OP.
Ext. A7 : The reply to the above legal notices dt. 17/01/23 sent by the
Counsel for OPs.
Ext. A8 : Letter of authority
Documents marked from the side of Opposite party :Nil
Witness examined -Nil
Cost :Rs. 25000/-.
NB: Parties are directed to take back all extra set of documents submitted in the proceedings in accordance with Regulation 20(5) of the Consumer Protection (Consumer Commission Procedure) Regulations, 2020 failing which they will be weeded out.
