IN THE CONSUMER DISPUTES REDRESSAL FORUM, ALAPPUZHA
Wednesday the 29th day of September, 2021
Filed on 31.12.2020
Present
1. Sri.S.Santhosh Kumar.BSc. LLB(President)
2. Smt. C.K.Lekhamma.LLB(Member)
In
CC/No.348/2020
Between
Complainant:- Opposite parties:-
Sri. Pushpachandran 1. Kerala Housing Finance Ltd.
S/o Mahilamani (Reg.No.09-06417 of 1992)
Puthenpurayil House 2nd Floor, Pan African Plaza
Prayar South, Alumpeedika.P.O M.G.Road, Trivandrum-695001
Kollam Rep. by its Managiing Director
(Adv. Devi.R.Raj) (Exparte)
2. Kerala Housing Finance Ltd
Mamoottil building,
Mitchel Junction
Mavelikkara-690101
Rep. by its Manager
(Exparte)
O R D E R
SMT. C.K.LEKHAMMA(MEMBER)
The facts of complaint’s in short are as follows:-
The complainant has deposited an amount of Rs. 7,00,000/- (Rupees Seven lakhs only), before the 2nd opposite party on the basis of the assurance by the 1st opposite party. The 1st opposite party is a financial institution. The amount provided by the complainant to the 2nd opposite party on the assurance of the 1st opposite party were issued to the complainant in the form of “Secured Redeemable Non Convertible Bonds” of Rs.1000/- each. Thus, the complainant was issued with 700 bonds of Rs.1000/- each by the opposite party(for the total amount of 7 lakhs rupees received from the complainant by the opposite party) at the rate of interest of 12% per annum and the maturity date for the same was 6/9/2019, whereas the allotment date as well as the redemption date of the said bond was on 6/6/2016 ie, for a period of 39 months. The opposite parties on the basis of bond No. 7117MVKRA has promised to pay the complainant an amount of Rs. 10,28,300/- (Rupees Ten lakhs twenty eight thousand and three hundred only) being the maturity bond value therein for the value received from the complainant. That, on the basis of the said bond, the complainant was also provided with an option to redeem the bond on any date after 12 months, after the date of allotment. But the opposite parties has failed to provide the same to the complainant, the opposite parties are bound to pay interest.
2. The Board of Directors of the opposite party on the basis of the resolution passed by the shareholders on 5/3/2014, has decided for the issuance of bonds of Rs. 1000/- each. Thus, the complainant believed the promise and assurance given by the 1st opposite party. The opposite parties being a financial institution incorporated as per the provisions of the Companies Act of 1956 is bound to abide by the terms and conditions assured by them. That, for the breach of promise, as well as for the deficiency in service, committed by the opposite parties towards the complainant, the opposite parties are jointly and severally liable for the loss incurred thereon to the complainant. Hence the complainant approached in this Commission for following reliefs sought against the opposite parties.
i. To realize an amount of Rs. 10,28,300/- (Rupees Ten lakhs twenty eight thousand and Three hundred only) with interest @ 12% per annum from 6/9/2019 onwards till realization, from the opposite parties and out of its assets and to realize the cost of the proceedings from them also.
3. The following points raised for consideration are that:-
1. Whether the complainant is entitled to the relief sought for?
2. Relief and cost.?
4. The Power of Attorney holder of the complainant filed chief affidavit along with one document and it was marked as Ext.A1. The opposite parties remained absent after receipt of notice from this Commission. Hence we declared them exparte. We have heard the complainant.
5. Point No.1:-
On perusal of Ext.A1 dated.6/6/2016, Bond Certificate issued by 1st opposite party and its maturity date is on 6/9/2019. As per Ext.A1 opposite party promised to pay Rs.10,28,300/- (Rupees Ten lakhs Twenty eight thousand and Three hundred only) on the date of maturity. If they failed to pay the said, the complainant is entitled to get interest @ 12% per annum for the maturity amount. According to the complainant, opposite parties have failed to abide the promise as they assured and committed default in the payment of maturity amount to the complainant. The complainant’s case stands well sustained by the evidence put on record by the complainant. The opposite parties remained absent even after the receipt of Notice from this Commission. In the absence of contrary evidence we are of the view that the case of the complainant is believable and he is entitled to get Rs.10,28,300/-(Rupees Ten lakhs Twenty eight thousand and Three hundred only) along with interest from the opposite parties and of its assets. The opposite parties are liable to pay litigation cost to the complainant.
6. Point No.2:-
In the result, we allow the complaint and direct as follows:-
1. The opposite parties are jointly and severally liable to pay the maturity amount of Rs.10,28,300/- (Rupees Ten lakh Twenty eight thousand and Three hundred only) with interest @ 12% per annum from 6/9/2019 ie, the date of maturity till realization and Rs.1,000/-(Rupees Thousand only) as litigation cost to the complainant. Failing which the complainant is at a liberty to recover the said amounts both from the moveable and immovable asset of the opposite parties assets. The order shall be complied within one month from the date of receipt of this order.
Dictated to the Confidential Assistant, transcribed by her corrected by me and pronounced in open Commission on this the 29th day of September, 2021.
Sd/-Smt. C.K.Lekhamma(Member)
Sd/-Sri.S.Santhosh Kumar(President)
Appendix:-Evidence of the complainant:-
Ext.A1 - Original Bond Certificate issued by KHFL Ltd.
Evidence of the opposite parties:- Nil
// True Copy //
To
Complainant/Oppo. party/S.F.
By Order
Senior Superintendent
Typed by:- Br/-
Compared by:-
