Delhi

East Delhi

CC/219/2018

CHINU DAS - Complainant(s)

Versus

CAR CAPITAL - Opp.Party(s)

06 Aug 2018

ORDER

DISTRICT CONSUMER DISPUTE REDRESSAL FORUM (EAST)

GOVT. OF NCT OF DELHI

CONVENIENT SHOPPING CENTRE, FIRST FLOOR,

SAINI ENCLAVE, DELHI – 110 092

C.C. NO.219/18

CHINU DAS

W/O SH. P.G. DAS

54-C, POCKET-1, PHASE-1

MAYUR VIHAR

NEW DELHI-110091

•  
•  

CPR CAPITA SERVICES LIMITED,

SS-22-22 & 27, 2^ND FLOOR,

ADITYA MEGA MALL, PLOT NO.9-D,

C.B.D., SHAHDARA, NEW DELHI-110032

382.  

RAJAN CHANDRA (CMD),

VMAARS TRADEX PVT. LTD.,

2/57, 2^ND FLOOR, WHS,

TIMBER MARKET, KIRTI NAGAR,

NEW DELHI-110015

                                                                                                                         ….Opponents

 

Date of Institution: 18.07.2018

Judgment Passed on: 06.08.2018

 

 

CORUM:

Sh. SUKHDEV SINGH                  (PRESIDENT)

Dr. P.N. TIWARI                          (MEMBER)

Ms. HARPREET KAUR CHARYA (MEMBER)

 

ORDER BY: SUKHDEV SINGH (PRESIDENT)

JUDGEMENT

1. The present complaint has been filed by Ms. Chinu Das, against CPR Capital Services Limited, (OP-1) and Rajan Chandra (CMD) V Maars Tradex Pvt. Ltd., (OP-2), with the allegations of deficiency in services.
2. The facts of the present complaint are that the complainant, “Ms. Chinu Das”, opened a trading account on 22^nd September 2010 with M/s CPR Capital Services, Delhi. His portfolio’s total value was to the tune of Rs.12,50,000/- (Rupees Twelve Laks & Fifty Thousand Only). It has been stated that OP-1 and OP-2 on 10^th -11^th of October 2010 without the complainant consent traded in future contracts of FUTSTKIBREALEST in open interest and further sold them at highly downgraded price and thus resulting in heavy losses. The complainant did not get any contract note or account details of trading as her portfolio was siphoned off as a result of the huge loss. When she confronted the OP on the said unfair trading, he falsely replied that the trading was open to them for which no consent given to the dealer or broker. Again on 27.01.2011, on the promise to gain back the entire loss OP-1 & OP-2 bought Rs.6000/- (six thousand) in two spells of Rs.4000/- and Rs.2000/- future contracts of FUTSTKIBREALEST again in open interest and further sold them at highly downgraded price which resulted in heavy loss to the complainant. Thus, he has filed the present complaint for recovery of            Rs. 12,50,000/- with interest @ 18%, “Rs.1,00,000/- towards damages and Rs.50,000/- as litigation charges”.

Heard on admission.

3. On the question of limitation complainant stated that the cause of action was still subsisting as he was having the trading account with the OPs. To appreciate the arguments of Ld. Counsel for the Complainant, a look to the complaint has to be made to ascertain as to when the cause of action has arisen. It is useful to  refer to Para 25 of the complaint where it has been stated that cause of action arose on 10^th & 11^th October, when OP without complainant’s consent traded in futures and bought Rs.12,000/- (Twelve Thousand Only) future contracts of FUTSTKIBREALEST in open interest. It further arose on 27.01.2011 when OP-1 and OP-2 bought Rs.6,000/- in two spells of Rs.4,000/- and Rs.2000/-  future contracts of FUTSTKIBREALEST and siphoned of the complainant’s whole portfolio on around 08.02.2011.

Thus, from this it comes out that the cause of action lastly arose on 08.02.2011. When cause of action have arisen on 08.02.2011 and the period of limitation for filing the complaint under the Consumer Protection Act, is of two years, complaint of the complainant was not within the period of limitation. Thus, the same cannot be admitted on the ground of being barred by limitation and stands rejected. There is no order as to cost.

Copy of this order be sent to both the parties as per law.

File be consigned to R/R.

 

(Dr. P.N. TIWARI)                                                                    (HARPREET KAUR CHARYA)              

      MEMBER                                                                                              MEMBER

 

 

                                                 (SUKHDEV SINGH)

                                                     PRESIDENT