BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, FEROZEPUR.
C.C. No.179 of 2014 Date of Institution: 05.05.2014 Date of Decision:29.1.2016
Savita wife of Satish Kumar son of Murari Lal, resident of House No.56-A, Bazaar No.3, Ferozepur Cantt.
....... Complainant
Versus
1. Nicer Green Housing and Infrastructure Limited, 133-B, Ekta Enclave, Near Peergarhi Metro Station, Rohtak Road, New Delhi, through its authorized signatory.
2. Nicer Green Housing and Infrastructure Limited, Registered Office, GuruRam Dass Nagar, Ferozepur City, through its M.D. Pippal Singh authorized signatory.
........ Opposite parties
Complaint under Section 12 of the Consumer Protection Act, 1986.
* * * * * *
PRESENT :
For the complainant : Sh. Karan Garg, Advocate
For the opposite parties : Sh Vipan Gupta Advocate
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QUORUM
S. Gurpartap Singh Brar, President
Smt. Inderjeet Kaur, Member
ORDER
GURPARTAP SINGH BRAR, PRESIDENT:-
This complaint case has been remanded back from the Hon’ble State Commission, Punjab, Chandigarh vide which the Hon’ble State Commission, Punjab Chandigarh has set aside the order of this Forum and has been directed to this Forum to decide the same afresh.
2. Brief facts of the complaint are that the opposite parties are dealing under name and style of Nicer Green Housing and Infrastructure Limited, having its Head Office at Delhi and Registered Office at Ferozepur City. The opposite parties introduced various policies/schemes in the market and also broadcasted the same on websites. Opposite party No.2, being registered office at Ferozepur City, introduced various policies/schemes to general public including the present complainant in area of District Ferozepur. The complainant invested Rs.4,000/-with them vide policy on her own name. At that time, the representative of opposite party No.1 assured the complainant that after 3 years, she will get Rs.12,000/-. The complainant purchased following policy of the opposite parties, through its authorized representative i.e. opposite party No. 2 by paying requisite amounts in its registered office at Ferozepur City on his own name:-
Name of policy holder | Policy No. | Amount | Period | Maturity amount |
Savita | 018/23/008554 | 4,000/- | 3 years | 12,000/- |
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Further it has been pleaded that at the time of purchase of policy, opposite party No.2 also gave assurance to the complainant that she will get all the benefits time to time and also assured the complainant that after the maturity of the policy, she will get her payment on the spot. After 3 years, the complainant approached opposite parties No.2 to get her payment back, which was invested, but the opposite parties put up the matter one pretext or the other. Thereafter, the complainant again approached opposite party No.2 many a times and requested to make the payment of the above said amount along with interest, but the opposite parties have failed to make the payment along with interest to the complainant. Pleading deficiency in service and unfair trade practice on the part of the opposite parties, the complainant has prayed that the opposite parties be directed to the amount of Rs.12,000/- in respect of above said policy along with interest @ 2% per annum along with all other policy benefits. Further a sum of Rs.50,000/- has been claimed as compensation and Rs.5500/- as litigation expenses.
3. The opposite parties have appeared through their counsel and filed their joint written reply to the complaint. In their joint written reply, the opposite parties took some preliminary objections interalia that the present complaint is bad for mis-joinder of necessary parties as the complainant alleged to have invested money and purchased a policy from Nicer Green Housing and Infrastructure Developer Limited, whereas, she had filed the present complaint against Nicer Green Housing and Infrastructure Limited; that the present complaint is false, frivolous and vexatious; that the present complaint is pre-mature and as such this Forum has no jurisdiction to entertain and decide the present complaint; that the complainant is bound by the terms and conditions of the policy. The policy issued
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to the complainant was for ten years commencing from 16.03.2010 payable yearly installments of Rs.4,000/- for ten years by the complainant. The complainant has only paid first three installments of Rs.4,000/ each vide receipts dated 16.03.2010, 30.09.2011 and 07.05.2012 and committed breach of the terms and conditions of the contract by not paying the further installments; that the present complaint is nothing, but an abuse of process of law and that the complainant has not come to this Forum with clean hands. On merits, it has been pleaded that the complainant has withheld the copy of the agreement, which was executed between the complainant and the Nicer Green Housing and Infrastructure Developers Limited. Further it has been pleaded that the perusal of the terms and conditions of the agreement, in case of any breach by the customer by not making the payment of the installments for a period of 12 consecutive months, it was to be treated as breach of the agreement and in that eventuality, the complainant was got the amount after deduction @6.25% towards various costs and other incidental expenses incurred by the company without any interest and the said amount was to be paid at the end of the term. Complainant has not deposited any amount after 2012 and as such she has committed a breach of agreement and the amount is to be refunded after deduction of 6.25% and that too at the end of the term. Other allegations of the complaint have been denied and a prayer for dismissal of the complaint has been made.
4. Learned counsel for complainant tendered into evidence Ex. C-1 to Ex. C-22 and closed evidence on behalf of the complainant. On the other hand, the learned counsel for opposite party Nos.1 & 2 has tendered into evidence Ex O.P-1&2/1 to Ex O.P1 & 2/4 and closed evidence on behalf of opposite party Nos.1 & 2.
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5. We have heard the learned counsel for the complainant and have also gone through the file.
6. We have carefully gone through the file. A perusal of the second page of the written statement filed by the opposite parties reveals that the they have received from the complainant 3 yearly installments of Rs.4000/- each amounting to Rs.12,000/- under policy No.018/23/008554. So, the opposite parties No.1 and 2 have received a sum of Rs.12,000/- in under the policy in question as per the pleading of the opposite parties No.1 and 2.
7. The SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) has passed an order dated November 09, 2015 in case no.WTM/PS/86/CIS-NRO/NOV/2015 in respect of Nicer Green Housing and Infrastructure Developers Limited (PAN: AACCN5652N) and its directors, Mr. Pipal Singh Sidhu (PAN:BVEPS9613M), Mr. Ranjit Singh (PAN:BZWPS3360K), Ms. Surinder Kaur (PAN:ASGPK7961G) and Mr. Karanjit Singh (PAN:CRCPS3999H) to the following effect:-
Para 16. In view of the observation made in this order, I, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(1), 11B and 11(4) thereof and Regulation 65 of the SEBI (Collective Investment Schemes) Regulations, 1999, hereby issue the following directions:
- Nicer Green Housing and Infrastructure Developers Limited (CIN U45200PB2007PLC030879) and its directors, namely Mr. Pipal Singh Sidhu (DIN-00751858), Mr. Ranjit Singh (DIN-00922498), Ms. Surinder Kaur (DIN-00922478) AND Mr. Karanjit Singh(DIN-
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02986346) shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the scheme which have been identified as a Collective investment Scheme in this order.
- Nicer Green Housing and Infrastructure Developers Limited and its directors, namely Mr. Pipal Singh Sidhu, Mr. Ranjit Singh, Ms. Surinder Kaur, Mr. Karanjit Singh shall wind up the existing Collective Investment Schemes and refund the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of this order and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.
- Nicer Green Housing and Infrastructure Developers Limited and its directors, namely Mr. Pipal Singh Sidhu, Mr. Ranjit Singh, Ms. Surinder Kaur, Mr. Karanjit Singh shall not alienate or dispose off or sell any of the assets of Nicer Green Housing and Infrastructure Developers Limited except for the purpose of making refunds to its investors as directed above.
- Nicer Green Housing and Infrastructure Developers Limited and its directors, namely Mr. Pipal Singh Sidhu, Mr. Ranjit Singh, Ms. Surinder Kaur, Mr. Karanjit Singh are also directed to provide a full inventory of all their assets and properties and details of all their bank
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accounts, demat accounts and holdings of shares/securities, if held in physical form.
- Nicer Green Housing and Infrastructure Developers Limited and its directors, namely Mr. Pipal Singh Sidhu, Mr. Ranjit Singh, Ms. Surinder Kaur, Mr. Karanjit Singh are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market, directly or indirectly, in any manner and launching any scheme for mobilization of funds in any manner for a period of four (4) years.
So, SEBI vide the above said order dated November 09,2015 has directed the opposite party Nos.1 and 2 to wind up the existing Collective Investment Schemes and refund the money collected by the said company under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of this order and thereafter within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refund but the opposite parties have failed to refund the amount collected from the investor/complainant. The question of maturity date of the policy and the terms and conditions of the policy becomes immaterial as the opposite parties have been ordered to be wound up by SEBI and has been directed to refund the amount charged from the investors. Accordingly, the complainant is entitled to a sum of Rs.12.000/- invested by her under the policy in question as per the admitted pleading of opposite parties No.1and 2 detailed above.
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8. In view of what has been discussed above, the present complaint of the complainant succeeds against the opposite parties and the opposite parties are jointly and severally held liable to pay to the complainant a sum of Rs.12,000/- alongwith interest @9% per annum from the date of order of SEBI i.e. November 09,2015 till realization. The complainant is also held entitled to a sum of Rs.3,000/- as compensation for harassment and mental agony and a sum of Rs.2,000/- as litigation expenses. The order is directed to be complied with within a period of thirty days from the date of receipt of its copy. File be consigned to the record room.
Announced (Gurpartap Singh Brar)
29.01/2016 President
(Inderjeet Kaur) Member
