IN THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, MURSHIDABAD AT BERHAMPORE.

             CASE No.  CC/25/2018.

 Date of Filing:                    Date of Admission:                Date of Disposal:

     21.02.18                                      03.05.18                                 07.11.19

Complainant: Basudeb Mandal

S/O Late Janardan Mandal,

242/B Bishnupur Road, Madhupur,

P.O. And P.S. Berhampore,

Dist. Murshidabad, Pin 742101.

-Vs-

Opposite Party: 1.Conquest Industries Limited

Bhatpara, P.O.Cossimbazar,

P.S.Berhampore, Dist. Murshidabad,

Pin 742102.

    2. Company Represented By Samiran Ghosh(Director)

Bhatpara, P.O.Cossimbazar,

 P.S.Berhampore, Dist. Murshidabad,

 Pin 742102.

Agent/Advocate for the Complainant                        : In Person.

Agent/Advocate for the Opposite Party No. 1&2       : None.

                       Present:   Sri Asish  Kumar Senapati………………….......President.                              

                                          Smt. Aloka Bandyopadhyay……………………..Member.

FINAL ORDER

 Aloka Bandyopadhyay, Member.

  This is a complaint under section 12 of the CP Act, 1986.

            One Basudeb Mandal (here in after referred to as the Complainant) filed the case against Conquest Industries Limited and Another (here in after referred to as the OPs) praying for compensation alleging deficiency in service.

   The sum and substance of the complaint case is as follows:-

            The Complainant purchased redeemable Preference Shares from the Conquest Industries Limited (OP) at different points of times. The OP issued certificates after receiving the value of the shares and the redemption value is Rs.70,250/- dated 29.07.14, redemption value is 1,00,000/- dated 29.07.16, redemption value is Rs.1,00,000/- dated 30.04.18. The date of issuance of the certificate was 29.07.11, 29.07.11, 30.04.12 respectively. As per the terms of the preferential share certificate No. S67/12295/111/2210 the OP would pay the interest in 24 installments @3300/- but the O.P paid 10 instalments interest amount and 14 instalments is due regarding the payment of interest. But the Complainant tried to contact the OPs but all went in vain.

            Finding no other alternatives, the Complainant filed the instant case for appropriate relief.

            The OPs after due service of notice did not turn up, so the case proceeded ex-parte against the OPs.

            On the basis of the above version the following points are framed for proper adjudication of the case :

Points for consideration

1. Isthe Complainant a consumer under the provision of the CP Act, 1986?

2. Has this Forum jurisdiction to entertain the complaint?

Decision with reason

The Ld. Advocate for the Complainant submits that the Complainant is a consumer as he purchased share certificates from the OPs for consideration.

On going through the complaint, written version and other materials on record and on a careful consideration over the submission of Complainant, we find that the Complainant is a consumer in terms of section 2 (I )(d) (ii) of the C.P.Act, 1986 as he purchased share certificates from the OPs for consideration.

            Undoubtedly, the Complainant purchased Redeemable Preferential Share from the OP and the OP  issued the certificate bearing certificate No. 100277 dated 29.07.11, certificate No. 100312 dated 29.07.11, certificate No. 102210 dated 30.04.12 face value was Rs.50,000/-, Rs. 50,000/- and Rs.1,00,000/- respectively and redemption value was Rs.70,250/-, Rs. 1,00,000/- and Rs.1,00,000/- along with interest @ Rs. 3,300/- for 24 instalments out of which the OP paid only 10 installment @ Rs.3,300/- i.e. Rs. 33,000/-but 14x3,300= Rs. 46,200/- is due.

            The OPs did not turn up after service of the notice to controvert the plea of the Complainant. So, we have no alternative but to accept the version of the Complainant.

Considering the facts and circumstances of the case and documents filed before us and argument advanced by the Complainant, we are of the opinion that there is deficiency of service on the part of the OPs by not paying the redeemable amount after the redemption date. In our considered opinion the Complainant is entitled to get Rs.70,250/- + Rs.1,00,000/- + (1,00,000+14x 3,300)=Rs. 3,16,450/- as redeem value of the share certificates along with the litigation cost of Rs.2000/-     and Rs. 2000/-    for mental pain and agony against the OPs.

Reasons for delay

The Case was filed on 21.02.18 and admitted on 03.05.18 . This Forum tried its level best to dispose of the case as expeditiously as possible in terms of the provision under section 13(3A) of the CP Act,1986. Delay in disposal of the case has also been explained in the day to day order.

Fees paid are correct.

In the result, the complaint case succeeds.

Hence, it is

                                    ORDERED

that the Consumer Complaint Case No. CC/25/2018 be and the same is hereby allowed ex-parte against the OPs with cost.

            The OPs are directed to pay Rs. Rs.70,250/- + Rs.1,00,000/- + (1,00,000+14x3,300)=3,16,450/- to the Complainant on production of the original documents.

            The OPs are further directed to pay Rs.2,000/- as litigation cost and Rs. 2,000/-   as mental pain and agony to the Complainant.

            All the aforesaid order must be complied within 45 days from the date of this order. If the aforesaid order is not complied within 45 days from the date of this order, it shall carry Rs.50/- per day payable to the Complainant till its realisation.

            Let plain copy of this order  be supplied free of cost, to each of the parties / Ld. Advocate/Agent on record, by hand  /by post under proper acknowledgment  as per rules, for information and necessary action.

The Final Order will also be available in the following Website:

    confonet.nic.in

Dictated & corrected by me.

          Member

  Member                                                                                                   President.