Order-16.
Date-23/04/2015. .
This is an application u/s.12 of the C.P. Act, 1986.
Complainant by filing this complaint has submitted that OP1 is the registered company and runs business under the Industrial Infra Hi Tech Ltd., i.e. OP2 and OP3 is the agent of OP2 and OP4 is the Director of OP2 and Chairman of OP1. Complainant purchased 500 nos. debenture shares from OP1 with a cost of Rs.50,000/- vide cheque no.010484 dated 25-03-2013 for Rs.50,000/- drawn in UCO Bank, Ashoke Nagar Branch, thereafter, OP1 had issued letter of allotment in the name of Moonlaugh Project India Ltd., for 500 nos. debenture shares and thereby mentioned maturity on 29-03-2021 and value Rs.54,000/- and also issued money receipt for above payment from Indus Infra Hi Tech Ltd. dated 20-03-2013, thereafter, OP1 published a public notice on 29-04-2013 wherein OP1 appealed before all customers, depositors, workers and others that the principal amount of all the debtors will be refunded by 31st July, 2013. Accordingly, OP1 had issued a cheque no.729100 dated 18-05-2014 for Rs.50,000/- drawn on SBI, Chittaranjan Avenue Branch and complainant deposited the aforesaid cheque for encashment through UCO Bank, Ashokenagar Branch, but cheque returned with a remark ‘insufficient balance’ and in terms of the notice dated 29-04-2014 OP 1 to 4 failed and neglecte4d to refund to Rs.50,000/- for which complainant suffered monetary loss, mental pain and agony and for deficient and negligent manner of service complainant filed this complaint praying for redressal.
Fact remains notices of the complaint are duly served upon the OP which is evident from the postal reports and all the OPs received the said notice, thereafter, OP4 Debmalya Saha appeared on receipt of the notice and submitted written version to the effect and stated that OP being an incorporated company the redemption of Non-convertible debenture is being essentially governed by the Memorandum of Association and Articles of Association of the company and cannot be redeemed by the purported notification. Furthermore in terms of the said non-convertible debenture the redemption date is 29-03-2021 and by no stretch of imagination it can be construed that the said non-convertible debenture may be redeemed prematurely by the strength of a simple notification as alleged, so, the present complaint is completely not maintained in the eye of law and prayed for dismissal of the complaint.
But other OPs did not appear to contest, accordingly this consumer dispute is taken up for final decision.
Decision with Reasons
Fact remains OP4 Debmalya Saha appeared before this Forum on receipt of the notice and submitted written version and after hearing the Ld. Lawyer of both the parties and also considering the complaint and the written version it is found that OP4 has admitted the entire fact of the complaint but only the OP’s defence is that debenture is scheduled to mature on 29-03-2021 and in respect of non-convertible redeemable debentures bearing distinctive numbers 50495 to 50995 for Rs.50,000/- and it was for Moonlough Project India Ltd. on 29-03-2013 and as because OPs are company so, they are acted by memorandum and article of the association of the company and this complaint is premature because complainant applied for redemption of the said debentures which is not applicable. Now, the question is for what reason the notice was issued by the company for taking back the actual amount as deposited in this regard. There is no denial on the part of the OP. On the other hand, it is found that all these companies are in the market to grab money from the poorer sections of the people and, in fact, in this case complainant no doubt purchased convertible redeemable debentures from the OP1 amounting to Rs.50,000/- that has been admitted by the OP4. Now, the question is why the other OPs have not appeared that means practically in the field this company is nowhere but anyhow they published such notification asking all the depositors to get back the deposit amount and that amount by 31-07-2013 and no doubt complainant went there but thereafter it is found that everything is false. Practically, company is not in the market and their directors or the other board of directors etc. are already collected money and deceived the customers in such a manner. However, actual defence of the OP is accepted in that case OP ought to have deposit a security amount of Rs.50,000/- to the Forum at first to justify their credibility and existence of their company in the business but nothing has been made by the OP4 but after considering the present situation we are confirmed that this OPs are already collected huge amount from the market and deceived huge customers including the present consumer. So, in view of the above facts and circumstances, relying upon the notification of the OP of July, 2013 we are convinced to hold that OPs already closed their business which is mentioned in the said notification but they have not refund the actual amount that is the capital which is invested and complainant is deceived which is proved beyond any manner of doubt for which we are convinced to hold that the complainant is entitled to get relief in respect of the deposited amount including some interest and further for his harassment and mental pain and agony he is also entitled to get compensation and also litigation cost because it is proved that OPs have already closed down their business and deceived the complainant and OP4 is a renowned cheat of the market and practically he is maintaining the entire matter on behalf of the other OPs and tried to convince that as per Companies Act it is not redeemable at this stage but all this defence is completely technical in nature to save their skin and truth is that they have already deceived huge number of customers in such a manner for which complaint succeeds.
Hence,
Ordered
That the case be and the same is allowed on contest against OP4 with a cost of Rs.10,000/- and allowed ex parte against OPs1 to 3 with a cost of Rs.10,000/-.
OPs jointly and severally directed to return the entire deposit amount of Rs.50,000/- within 30 days from the date of this order and also a compensation of Rs.25,000/- to the complainant for causing mental pain and agony and also loss of interest etc. in respect of the deposited amount of the complainant.
OPs are jointly and severally shall have to pay penal interest at the rateRs.5,000/- per month till full satisfaction of the decree and if OP fails to comply this order within the stipulated period of time then OPs shall have to pay penal; damages at the rateRs.3,000/- per month till full satisfaction of the decree and same is imposed for adopting unfair trade practice by the OP in the market for deceiving the customers in such a manner and if it is collected it shall be deposited to this Forum by this OPs, even if it is found OPs are reluctant to comply this order in that case proceeding u/s.27 of the C.P. Act shall be started against them for which further penalty and fine may be imposed.
