Judgment : Dt.31.10.2017

Shri S. K. Verma, President.

            This is a complaint made by one Mrs. Swapna Biswas, daughter of late Phanindra Nath Biswas, residing at Vill-Singa, P.O.-Dighalgram, P.S.-Haringhata, Dist.-Nadia, PIN-741 257 against M/s Basil International Limited, having its registered officer at Mini Shop No.12, Main Market, Satyaniketan (near Nanakpura, Gurudware), Motibag-2, New Delhi, PIN-110 021, OP No.1, M/s Basil International Limited, having its branch office premises being No.27/2, Suren Tagore Road, Ballygunge, P.S.-Gariahat, Kolkata-700 019, OP No.2, praying for a direction upon the O.P. to pay the  matured amount to the tune of Rs.1,31,700/- and compensation of Rs.1,00,000/-.

            Facts in brief are that OPs are chit fund Company. They launched a deposit scheme to the public for investment. Complainant deposited Rs.20,000/- thrice  the total being Rs.60,000/- on 4.5.2012 and the maturity values are of Rs.43,900/- each for 72 months. The date of maturity of the certificates is on 4.5.2018 and total maturity value is Rs.1,31,700/-. Though the date of maturity is 4.5.2018 but the OPs are directed by the SEBI to refund all collected/deposited money which was received by OPs against redeemable preference share certificate with the interest as committed by the OPs. But the OPs intentionally ignored the SEBI order. Complainant further has stated that the SEBI vide its order being WTM/PS/70/NRO/FEB/2015 dt.6.2.2015 directed the OPs to refund the money collected through issuance of redeemable preference share. But OPs did not return the money. Complainant served legal notice through her Ld. Advocate Anindya Chakraborty, demanding the value of the said certificates along with interest. The notice was duly served. But OPs did not return the money. So, Complainant filed this case praying for return of Rs.1,31,700/-.

            OP No.1 did not contest the case by filing written version and so the case is heard ex-parte.

Decision with reasons

            Complainant filed affidavit-in-chief and brief notes of argument.

            Main point for determination is whether Complainant is entitled to the reliefs as prayed for.

            On perusal of the prayer portion, it appears that Complainant has sought for a direction upon the OPs to pay the matured amount of Rs.1,31,700/-. Ld. Advocate at the time of argument submitted that the maturity of the deposited amount is on 4.5.2018 and his client filed this case in terms of the SEBI’s direction wherein SEBI has directed that the maturity money be refunded. Complainant has filed original certificates which reveal that the maturity is in the month of April, 2018, which is yet to arrive. Ld. Advocate submitted that in terms of the SEBI’s direction the maturity has to be paid. But, we are of the view that since maturity has not arrived, the question of paying interest or maturity amount do not arise. At best, this Forum can direct the OP to pay the principal amount with interest as stipulated in the certificate till the date of this order.

            Complainant has prayed for compensation of Rs.1,00,000 and litigation cost. Considering the facts and circumstances, we are of the view that if compensation of Rs.10,000/- and litigation cost of Rs.5,000/- is awarded the object of justice would be served.

            Hence,

ordered

            CC/238/2017 and the same is allowed ex-parte. OP is directed to pay Rs.60,000/- the deposited money with interest @ 10% upto the date of realization to the Complainant within two months of this order. In addition OPs are directed to pay Rs.15,000/- as compensation and litigation cost, in default, this amount shall carry interest @ 10% p.a. till realization.