Order-10.
Date-06/06/2016.
This is an application u/s.12 of the C.P. Act, 1986.
On proper study of the complaint and also the written statement it is found that it is undisputed fact that complainant purchased the certificate of bond of Rs.1,05,500/- only from the O.P. on 29/03/2013 having its date of return on 28/03/2014 having return on investment value is of Rs.1,16,500/- having monthly interest of Rs.1250/- payable in each month for 12 months which has not been paid by the O.P. even after expiry of maturity period on 28/03/2014.
Admittedly O.P. has confessed that fact in their written statement but O.P. has assessed that they have as because SEBI passed such order on 09/07/2013 that O.P.’s are restrained from buying, selling or otherwise dealing in the securities market and their account is also freezed by the SEBI so O.P. is unable refund the complaint’s claim. Moreover, the disputed claim is applicable under the SEBI Act and O.P. has no legal authority to meet the claim of the complainant. So complaint is not maintainable.
Decision with reasons
On proper evaluation of the entire materials on record and also considering the admission of the O.P. it is fact and also truth that complainant purchased a certificate of bond from the O.P. by depositing Rs.1,01,500/- on 29/03/2013 having its return date on 28/03/2014 having return value of Rs.1,16,500/- and payment of monthly interest of Rs.1250/- for 12 months and it is admitted fact that on maturity O.P. has failed to return the amount including monthly interest as yet and cause of non-payment is shown by O.P. as they are restrained by SEBI being certificate No.672/2015 and as per order dated 9th July-2013 in the matter of O.P. ( Sumangal Industries Ltd. ) O.P. was directed to refund all deposits amount along with interest and that order was passed by whole time Member PrasantSarvan but that order has not been complied with by the O.P. It simply proves that O.P. has no regards about SEBI’s order to refund the depositors legal claim but O.P. is now accusing the SEBI which is no doubt unfair trade practice and fact remains O.P. has not denied the claim of the complainant and further has not denied their liability about payment of the complainant’s claim but even then they have not paid the said amount to the complainant which is not only an unfair trade practice but also a deceitful manner of trade in the eye of Law.
Moreover, for such sort of immoral act of the O.P. no doubt complainant has been suffered from mental pain and agony but also financial loss and further for O.P.’s negligent and deficient manner of service complainant has been facing much inconvenience to get back his own money with interest and truth is that O.P. has no moral desire to pay back the same to the complainant though O.P. has admitted they have their desire to pay but in fact not a single pie is paid as yet.
In view of the above findings we are convinced to hold that complainant has no doubt prove the allegations against the O.P. and for which complainant is entitled to get such redressal when negligent and deficient manner of service and unfair and deceitful manner of trade as practiced by the O.P. is well proved.
Hence,
Ordered
That the complaint be and same is allowed on contest with a cost of Rs.10,000/- against the O.P.
O.P. is directed to refund and pay a sum of Rs.1,16,500/- i.e. Bond amount of Rs.1,01,500/- and interest for 12 months at the rate of Rs.1250/- per month over the above amount with effect from April-2014 and till its full payment by the O.P.
For adopting unfair and deceitful manner of trade and practice and also for causing harassment and mental pain and suffering and financial loss O.P. shall have to pay a sum of Rs.25,000/- as compensation to the complainant.
Further for adopting unfair trade practice and deceitful manner of trade and also for avoiding payment to investors even after standing order of SEBI and to check such sort of practice and to save the consumers from their hands in future O.P. shall have to pay penal damages of Rs.30,000/-.
O.Ps. are directed to comply the order within one month from the date of this order positively failing which O.P. shall have to pay penal cost of Rs.5,000/- per month till full satisfaction of the decree and if it is collected it shall be deposited to this Forum.
Even if O.Ps. are found reluctant to comply the order in that case O.Ps. shall be prosecuted u/s-25/27 of the C. P. Act, 1986 for which further penalty and fine shall be imposed.
