| Final Order / Judgement | DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BATHINDA CC.No.35 of 05-01-2016 Decided on 08-08-2016 Gurkanwar Singh aged about 30 years S/o Sewa Singh R/o Village Gill Kalan, District Bathinda. ........Complainant Versus 1.PACL India Limited, S.C.F No.12 Near Bibiwala Chowk, Bharat Nagar, Bathinda, through its Branch Manager. 2.PACL India Ltd. having its head office, 7th Floor, Gopal Dass Bhawan, 28, Barakhamba Road, New Delhi-110001, through its Managing Director. .......Opposite parties Complaint under Section 12 of the Consumer Protection Act, 1986 QUORUM Sh.M.P Singh Pahwa, President. Sh.Jarnail Singh, Member. Present:- For complainant: Sh.Shaminder Singh, Advocate. Opposite parties: Ex-parte. ORDER M.P Singh Pahwa, President The complainant Gurkanwar Singh (here-in-after referred to as complainant) has filed complaint U/s 12 of Consumer Protection Act, 1986 against opposite parties PACL India Limited and Others (here-in-after referred to as opposite parties). Briefly stated, the case of the complainant is that opposite parties are collecting deposit from the consumers by promising lucrative high rate of interest. It is alleged that on instigation of agent of opposite parties, the complainant purchased the policies bearing registration No.U-018170601 and U-018170603, commenced on 12.1.2010. At the time of issuance of policy, the said agent obtained his signatures on different blank unfilled forms, which were not read over and explained to him. He has paid an amount of Rs.50,000/- each in shape of CDPP (i.e. in all Rs.1 lac) to opposite parties. The policies were for 63 months and matured on 12.4.2015 with maturity amount of Rs.92,900/- each. It is further alleged that after maturity, the complainant deposited the original policies on 20.4.2015 and receipt alongwith stamp paper worth Rs.25/-, signed stamp with opposite parties, they issued him QRCs. The officials of opposite parties assured him that the maturity amount would be made to him shortly from the date of issuance of QRC that too alongwith interest at the prevailing market rate of 15%. Despite repeated requests to opposite parties, no money was disbursed to him till date. On this backdrop of facts, the complainant has alleged deficiency in service on the part of opposite parties and has prayed for directions to them for payment of maturity amount of Rs.1,85,800/- alongwith interest @15% per annum and also claimed compensation to the tune of Rs.40,000/-. Hence, this complaint. Upon notice, opposite parties appeared through their Authorized Representative. Subsequently, none appeared on behalf of opposite parties. As such, ex-parte proceedings were taken against them. Complainant was afforded opportunities to produce evidence. In support of his claim, the complainant has tendered into evidence his own affidavit dated 23.12.2016, (Ex.C1); photocopies of acknowledgments, (Ex.C2 and Ex.C3) and closed the evidence. We have heard learned counsel for complainant and gone through the file carefully. Learned counsel for complainant has reiterated his averments as taken in the complaint and detailed above. We have given careful consideration to these submissions. From the contents of the complaint and relief claimed by the complainant, it is apparent that the complainant has claimed investor of opposite parties. Civil Appeal Nos.13301, 13319, 13394 and 13304 of 2015 titled as Subrata Bhattacharya Vs. Securities & Exchange Board of India relates to some investors who invested their money with PACL Limited (opposite party). Hon'ble Apex Court has passed the order vide which SEBI shall constitute committee for disposing of land purchased by company so that the sale proceedings can be paid to investors, who have invested the amount in the company for purchase of land. It is further ordered that the decision with regard to sale of property of company by committee is not to be interfered by any court. The Paras No.3, 7, 12 and 13 of the order passed in the abovesaid Civil Appeal are relevant and extracted as under:- “3) The SEBI shall constitute a Committee for disposing of the land purchased by the Company so that the sale proceeds can be paid to the investors, who have invested their funds in the Company for purchase of the land. Hon'ble Mr. Justice R.M. Lodha, the former Chief Justice of India, would be the Chairman of the said Committee. It would be open to the Hon'ble Chairman of the Committee to appoint such experts or other persons, as he might think it necessary, in consultation with the SEBI, .so as to enable the Committee to sell the land and pay to the investors in a manner that might be decided by the said Committee. 7) The methodology with regard to recovery of amount by sale of the land and disbursement of the amount to the investors shall be overseen by the Members of the Committee. 12) The amount, which is lying in the bank accounts of the Company and other cash belonging to the Company shall be released in favour of SEBI so that it can be used either for disbursement in favour of the investors or for incurring necessary expenditure. If any amount has been deposited by the Company or by its Directors or by any other person on behalf of the Company in any Court, the same shall be released in favour of the SEBI, who shall have a separate account so as to deal with the same. The Committee shall also decide as to whether the staff of the Company should be continued or relieved. 13) The decision with regard to sale of property of the company by the Committee shall not be inferred with by any Court.” The Hon'ble Committee under the orders of the Hon'ble Apex Court has already seized of the matter in question. In this complaint, it is not disputed that the complainant namely Gurkanwar Singh is one of the investor, who made investment with opposite parties i.e. PACL Limited. In view of aforesaid directions of Hon'ble Apex Court, we are of the opinion that this Forum cannot pass an executable order against opposite parties. Therefore, this complaint is disposed off accordingly. However, the complainant is at liberty to approach the Hon'ble Committee to seek his claim. The complaint could not be decided within the statutory period due to heavy pendency of cases. Copy of order be sent to the parties concerned free of cost and file be consigned to the record. Announced:- 08-08-2016 (M.P Singh Pahwa) President (Jarnail Singh) Member
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