Order-9.
Date-27/12/2017.
Smt. Sangita Paul, Member.
This is an application u/s.12 of the C.P. Act, 1986.
Complainant by filing this case states that he invested his money to the OPs and purchased two bonds from the OPs. Complainant invested a total sum of Rs.7,00,000/- (Rs. Seven Lakh) only before the OPs in the following way .
Sl. No. Policy No. Dt of purchase Invested amount Maturity Amount
(Investment dt)
01. P1110038544 10.07.2012 Rs.3,00,000/- Rs.3,60,000/- to
Rs.6,00,000/-
02 P111005o863 28.09.2012 Rs.4,00,000/- Rs.4,80,000/- to
Rs.8,00,000/-
From the month of maturity, the OPs failed and neglected to make payment of aforesaid agreed return in connection with two bonds vide Policy Nos. P1110038544 and P1110050863.
Immediately after such non-payment of return amount of the said two bonds, Complainant personally contacted with the OPs and demanded his legitimate claims. It was assured by the OPs that all dues will be paid properly within very short span of time from the date of maturity, but at the time of maturity denied to receive the original bonds from complainant showing excuse one after another and lastly on 24th August, 2015, the office staff of the OPs received the original bond from Complainant and also put his signature on Photostat copies of the said two bonds and further assured that the maturity payment will be made within a short period from the date of receiving the original bond i.e. 24th August, 2015. Depending upon such assurance on the part of the OPs Complainant waited for a long period from the date of receiving the original two certificates. In spite of such assurances, the OPs failed to honour the commitment. Complainant requested for several times. Then Complainant again met with the OPs since then all offices of the OP 1 and 2 are lying under lock and key.
Somehow, Complainant arranged the present address of the OP No. 3 and 4, then he personally contacted with them and demanded his maturity amount, but the OPs No.3 and 4 harassed the Complainant which tantamount to unfair trade practice on the part of the OPs.
In a pre planned motive, the OPs induced Complainant to deposit money in their bonds and ultimately, they did not keep their assurances and promises in any way and misappropriated the hard-earned money of the Complainant. Complainant has rushed from pillar to post for getting back his deposited money, but all efforts were in vain with a view to get speedy justice for his invested money, he approached the Ld. Forum. Complainant is in urgent need of fund. Complainant has been harassed and humiliated repeatedly by the OPs. The OPs did not pay any amount to Complainant till the institution of complaint. Main object of the OPs is to cheat Complainant. Complainant also issued letters on 7th July,2017 and claimed the maturity amount, but Complainant did not get any amount. Complainant submits that he is legally entitled to get the maturity amount which is up to Rs.14,00,000/- only from the OPs. Hence Complainant prays for directing to refund Rs.14,00,000/-, the highest maturity amount which is lying to the OPs for investment and banking rate of interest till utilization of the said amount. Complainant also prays for a compensation of Rs.2,00,000/- only for deficiency of service for causing physical and mental harassment of Complainant and Rs.10,000/- only for litigation cost.
Notice was sent to OP 1, 2 and 4 on 29.08.2017, the name of O.P.-3 was expunged as per prayer of Complainant. Other OPs were also absent on call in spite of service of summons. On 10.10.2017 the OPs 1,2 and 4 were absent on call. No Written Version was also filed by the abovementioned OPs. On 27.10.2017, the case was fixed for ex parte hearing. Complainant files BNA and Evidence-in-Chief on 12.11.2017. Argument was heard on 30.11.2017 and we proceeded for giving judgment.
Decision with Reasons
We have travelled over the documents like Complaint petition, Evidence-in-Chief, photocopy of annexures and letters written to the OPs which are lying on record. It appears that Complainant has purchased Potato Bond of Rs.3,00,000/- from the OPs in respect of Flexi Potato, purchased on 10.07.2012. As per the said bond the total purchase price was Rs.3,00,000/- and the date of sale was on 09.10.2013 and the return on investment value was supposed to be between 3,60,000/- to Rs.6,00,00/- only. Complainant purchased Flexi Potato Bond at Rs.4,00,000/- from the OPs in respect of Flexi Potato purchase on 28.09.2012. As per the said bond, the total purchase price was Rs.4,00,000/- and date of sale was 27.12.2013 and the return on investment value was supposed to be between 4,80,000/- to 8,00,000/- only. We have perused that OPs have failed and neglected to repay the final return within stipulated period. So it is clear that OPs are reluctant to return the maturity value to Complainant. Complainant is entitled to get return on investment of Rs.3,00,000/- and Rs.4,00,000/-. Complainant in great anxiety for not getting t he assured return. His bonds have been matured on 09.10.2013 and 27.12.2013. He informed the OP Company that his policies were matured on 09.10.2013 and 27.12.2013 respectively. Complainant was anxious as to whether the OP Company Viz. Ma Bhairabi Himghar Private Limited would be able to refund the invested amount of Rs.7,00,000/- (Two bonds taken together). He wrote a letter to the OPs on 07.07.2017, informing about his investment. He also mentioned that on 24th August, 2015, the OPs received the original bonds and assured Complainant to pay maturity amount within a short period of time. Thereafter Complainant visited the OPs office and residential premises but OPs failed to refund the invested amount and interest sharing lame excuse. At present, they are denying to pay the matured amount. Complainant requested earnestly, but failed to get the matured amount. The OP has collected money by selling Potato Bonds, now they are not in a position to pay the same. Earlier the OPs assured Complainant of assured return of invested amount in the form of Potato Flexi Bond. But the OPs failed to render the adequate service which they are bound to discharge. It was not easy to track the OPs. Somehow, he managed to get an address of the OPs and contacted with them. In spite of several attempts, Complainant failed to track them. The OPs are unable to reimburse the amount. These kind of activities of the OPs, constitute a case of deficiency in service and unfair trade practice. OPs, thus, were holding public money for their own benefit and harassing Complainant who invested hard earned money for earning profit. Complainant, a senior citizen has prayed for redressal against Ma Bhabani Himghar Pvt. Ltd. So the case is governed under the definition of service as envisaged under C.P. Act., 1986. The Company has committed unfair trade practice upon Complainant and public at large. Obviously, they are guilty of deficiency of service. As OPs are absent, did not contest the case, they are deficient in service and OP needs to give compensation for deficiency in service and unfair trade practice for intentional and deliberate negligence. In the result, complaint succeeds
Hence,
Ordered
It is ordered that the case be and the same is allowed ex parte against the OPs. OPs, jointly, severally are directed to pay the maturity amount of Rs.3,60,000/- and Rs.4,80,000/- amounting to Rs.8,40,000/- with interest at the rate of 9 percent p.a. along with litigation cost of Rs.10,000/- till final payment within one month from the date of this order.
OPs are directed to pay compensation of Rs.20,000/- to Complainant within the stipulated period.
OPs are directed to pay Rs.10,000/- for practicing unfair trade to be paid to this Forum.
In case of non-compliance of the order of the Forum, Complainant will be at liberty to put the order into execution and in that case OPs have to pay penalty.
