FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
This is an Application U/s 35 of the CP Act, 2019.
Brief facts of the case are that Complainant applied for purchase of 400 Non-Convertible Redeemable Debenture sat the rate of Rs. 100/- each floated by OP-1/Riju Cement Ltd., a subsidiary of ICORE-E-Services Ltd. against Application No. E-087445. Complainant deposited Rs. 40,000/- in cash through OP-2 on 20.02.2010. OP-1 issued 400 Non-Convertible Redeemable Debenture sat the rate of Rs. 100/- each against Receipt No. 2661542 dated 20.02.2010. Folio No. and Distinctive Nos. of those Non-Convertible Redeemable Debentures are 2662542 and 139779166 to 139779565. The redemption value of those Non-Convertible Redeemable Debentures is Rs. 2,40,000/- and the date of redemption was 20.02.2020. On expiry of redemption period, Complainant sent a letter to the OP-1 under speed post to request to furnish pre-formalities and procedure of Redemption of Debentures but such letter was returned undeliver as the addressee moved. Complainant also sent a letter to the OP-2 through speed post which was duly served.
Finding no other alternative, the Complainant sent an appeal dated 01.02.2020 through speed post to the Appropriate Authority, Director of Economic Offences, 5 Counsel House Street, Kolkata-700001 with a request to intervene the matter so that she may get redemption value of Rs. 2,40,000/-. The Appropriate Authority did not dispose the grievance of the Complainant. Hence, the Complainant approached the Commission by way of Consumer Complaint seeking payment of redemption amount along with damage.
The Complaint is not resisted by the OPs and they did not come forward to file any WV within the specified period from the date of receiving notice. As such, the Consumer case has proceeded against the OPs.
Complainant Smt. Tripati Dey filed her E/chief in the form of affidavit. She also relied documents like photocopies of money receipts, Certificate of Debentures bearing No. 2661542 dated 20.02.2010 and letter dated 01.02.2020 addressed to the Appropriate Authority, Director, Economic Offences, Kolkata-700001.
We have heard argument on merit. Perused the evidence of the Complainant coupled with materials on record.
Upon perusal of the Consumer Complaint, coupled with evidence of the Complainant and photocopy of certificate dated 20.02.2010 issued by OP-1, we find that the Complainant purchased 400 Nos. of secured Non-Convertible Redeemable Debentures bearing Nos. 139779166 to 139779565 and the redemption value of those Debentures is Rs. 2,40,000/-. The maturity date of redemption is 01.02.2020. We have gone through photocopy of letter dated 16.02.2019 of the Complainant. The said letter goes to show that Complainant requested, the OP-1 to release the redemption amount. Such letter was unattended. Despite request the OP-1 did not pay the redemption value and the OP-1 is fully aware that they are liable to pay the redemption amount on its maturity. Complainant invested her hard earn money with the OP-1. The OP-1 is deliberate to make illegal gains and to deprive the Complainant from her lawful rights. In facts, the OP-1 withhold the maturity amount which no doubt deceitful manner of trade.
It is pertinent to note that service of notice of the Complaint, OPs did not put in appearance nor the OPs filed WV in response to the Complaint as the OPs have failed to controvert the allegation in the Complaint by filing WV, the allegation in the Complaint are deemed to have been admitted as correct. It is well settled that the allegations made in the Complaint, if not denied is deemed to be admitted as correct. The Complainant in her E/chief did support the allegations made out in the Complaint.
Therefore, it cannot be said that the Complainant has to failed to prove in deficiency in service.
According to the Consumer Protection Act it is the benevolent piece of legislation to protect the Consumers to exploitation. This spirit of the benevolation of legislation cannot be overlooked and its object is not frustrated. The Complainant purchased 400 Non-Convertible Redeemable Debentures from the OP-1 with the hope to get Rs. 2,40,000/- as redemption value. The act of conduct of the OP-1 is a clear case of deception, which resulted in the injury and loss of opportunity, to the Complainant. Had the Complainant not invested her hard money with the OP-1, she would have invested such amount elsewhere. Complainant can not be waited indefinitely to get the redemption value of Rs. 2,40,000/-. Complainant has suffered mental agony and harassment. It is settled principle of law that the compensation should be commensurate with loss of suffered and it should be just, fair and reasonable and not arbitrary. In these circumstances, the Complainant is entitled to get reliefs as prayed for with compensation. The OP-2 is mere an agent of OP-1 company and she has no responsibility regarding disbursement of redemption amount in the favour of the Complainant. Thus, the Complainant is not entitled to get any reliefs against the OP-2.
On the basis of the above discussion the Consumer Complaint is allowed against the OP-1
- OP-1 and its Directors named Kanika Maity & Swapan Roy are jointly and severally are directed to pay Rs. 2,40,000/- only to the Complainant as Redemption amount against Certificate No. 2661542 dated 20.02.2020.
- OP-1 and its Directors are further directed to pay Rs. 10,000/- as compensation to the Complainant on account of mental agony and physical harassment.
The above directions be complied by the OP-1 and its Directors within a period of 60 days from the date of order in default, the Complainant shall be at liberty to put the order in execution as per law.
Copy of the final order be supplied to the parties as per rules and also be uploaded on the website of the commission forthwith.
