| ORDER | DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BATHINDA CC.No.578 of 10-12-2015 Decided on 04-07-2016 Jagjit Singh Dhillon aged about 33 years S/o Joga Singh R/o # 20784, St.No.25-A Ajit Road, Bathinda, Tehsil & District Bathinda. ........Complainant Versus 1.PACL India Limited, Branch Office: S.C.F No.12 Near Bibiwala Chowk, Bathinda, through its Branch Manager/Authorized Signatory. 2.PACL India Ltd. Corporate Office, 7th Floor, Gopal Dass Bhawan, 29, Barakhamba Road, New Delhi, through its Managing Director Nirmal Singh Bhangu. 3.PACL India Ltd. Registered Office, 22, 3rd Floor, Amber Tower, Sansar Chand Road, Jaipur-302004, through its Director/Authorized Signatory Subrata Bhattyacharya. .......Opposite parties Complaint under Section 12 of the Consumer Protection Act, 1986 QUORUM Sh.M.P Singh Pahwa, President. Smt.Sukhwinder Kaur, Member. Sh.Jarnail Singh, Member. Present:- For complainant: Sh.Jasvir Singh, Advocate. Opposite parties: Ex-parte. ORDER M.P Singh Pahwa, President The complainant Jagjit Singh Dhillon (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 party No.1 is the branch office and opposite party No.2 is the corporate office and opposite party No.3 is the registered office of PACL India Limited. He was approached by opposite parties and offered various investment schemes and assured about his safety of the hard earned money and also assured guaranteed high rate of interest on the deposited money. It is alleged that on assurance given by opposite parties, the complainant accepted the offer and started cash down payment plan. It was agreed between the parties that the plan period is for 5 years 6 months and consideration value of the policy was fixed as Rs.54,550/- and as a security they shall register one plot of 750 sq. yards in his name and at the end of term (after 5 years and 6 months from the date of commencement of plan), he would have an option to take maturity amount of Rs.54,550/-. It was also condition of the agreement that the sale of the plot would be done after having receipt of 50% of the consideration amount of the plot and charges within the period of 270 days. At the time of issuance of the policy, the agent of opposite parties obtained the signatures of the complainant on blank papers and different blank unfilled forms. The terms and conditions of the policy were not read over and explained to him. The plan started on 25.8.2009 and document was issued to him with registration No.U018152036. The date of deposit the form was completed on 25.8.2009 and maturity date of policy was 25.2.2015. He deposited 20 installments as he cannot be able to deposit the full amount as per terms and conditions of policy due to closure of office of opposite parties. It is further alleged that after completion of the term i.e. 5 years 6 months, the complainant approached opposite parties and demanded his money, they asked him to deposit the original policy documents and other receipts etc. with them. Accordingly, he deposited the said documents with them at Bathinda office i.e. opposite party No.1 on 11.3.2015, it issued him acknowledgment/maturity letter on 11.3.2015. He also deposited the signed stamp paper worth Rs.25/-, signed stamp etc. as demanded by opposite party No.1. They assured him that he would receive his money within 10 to 15 days. Despite repeated requests and personal visit to the office of opposite party No.1, 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.54,550/- alongwith interest @18% per annum and also claimed compensation to the tune of Rs.20,000/- and litigation expenses to the tune of Rs.5000/-. 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 affidavits dated 22.3.2016, (Ex.C1); photocopies of payment receipts, (Ex.C2 to Ex.C12); photocopy of policy, (Ex.C13); photocopy of agreement, (Ex.C14) and photocopy of acknowledgment, (Ex.C15). 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. It is further submitted by by learned counsel for complainant that opposite parties did not come forward to contest the claim of the complainant and to rebut the documentary evidence produced by him. The case of the complainant is fully proved from the documents tendered into evidence. At the last limb of arguments, learned counsel for complainant has also submitted that order of Hon'ble Supreme Court rendered in Civil Appeal Nos.13301, 13319, 13394 and 13304 of 2015 titled as Subrata Bhattacharya Vs. Securities & Exchange Board of India, is not bar for passing the order by this Forum. The jurisdiction of this Forum is not ousted by the Hon'ble Apex Court. As per order of Hon'ble Apex Court, SEBI has to constitute a committee for disposing of land purchased by the company, so that the sale proceedings can be paid to investors, who has invested the fund in the company. The complainant has not purchased any property. Therefore, the claim of the complainant is not covered under the order passed by the Hon'ble Apex Court. As such, complaint be accepted. 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 Jagjit Singh Dhillon is one of the investor, who made investment with opposite parties i.e. PACL Limited. The contention of the learned counsel for complainant that the claim of the complainant is not covered under quoted appeal is without merits. In Para No.12 of order, it is categorically mentioned that 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. In this case, prayer of the complainant is regarding refund of amount invested by him alongwith interest. Therefore, this amount of company has already been kept at the disposal of SEBI. As such, this Forum cannot grant relief claimed by the complainant and pass an executable order. 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:- 04-07-2016 (M.P Singh Pahwa) President (Sukhwinder Kaur) Member (Jarnail Singh) Member
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