BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, SIRSA.
Complaint Case No.: 142 of 2016. Date of Instt.: 02.06.2016.
Date of Order: 21.10.2016.
Rajender Sharma, aged 39 years, son of Shri Hari Singh, resident of House No.968, near Vikas High School, Aggarsain Colony, Tehsil and District Sirsa.
…Complainant.
Versus
1. PACL India Ltd., SCF No.39, CC-II, Near Stadium, Anaj Mandi, Sirsa, District Sirsa, through its C.S.C. Incharge.
2. PACL India Ltd., Corporate Office: 7th Floor, Gopal Dass Bhawan, 28 Barakhamba Road, New Delhi-110001 through its authorized signatory/ Manager.
...Opposite Parties.
Complaint U/s 12 of the Consumer Protection Act, 1986.
Before: Sh. S.B. Lohia, President.
Sh. Ranbir Singh Panghal, Member
Present: Sh. JBL Garg, Advocate for complainant.
Ops not served.
ORDER:-
In brief, the case of the complainant is that in the year 2009, he purchased a policy from op no.1 for which a sum of Rs.10,000/- per annum was to be deposited for a period of five years. The complainant deposited a sum of Rs.50,000/- with the ops and its maturity value was Rs.75,000/-. The policy has been matured in the year 2014 but the ops have not made the payment of above said amount to the complainant despite his requests. Hence, this complaint.
2. Notice issued to op no.1 received back unserved for want of correct address whereas notice issued to op no.2 not received back.
3. Heard. The Hon’ble Supreme Court in Civil Appeal Nos.13301/2015 titled as Subrata Bhattacharya & Vs. Securities & Exchange Board of India with civil appeals Nos. 13319, 13394 and 13410 of 2015 has passed following order on 2.2.2016:-
“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 interfered with by any Court.”
4. From the order dated 2.2.2016 passed by the Hon’ble Supreme Court, it emerges out that matters pending adjudication before the Hon’ble High Court of Delhi relating to PACL were transferred to the Hon’ble Supreme Court. The Hon'ble Committee under the orders of the Hon'ble Apex Court has already seized of the matter in question. In view of the above order of the Hon’ble Supreme Court of India, it is clear that the complainant has filed the present complaint being an investor, as such, we are of the opinion that it would not be proper to direct the company to pay to the complainant/ investor, the amount so deposited with the company, more so when the Hon’ble Supreme Court has directed to constitute a committee, who will refund the amount to the investors after getting the sale proceeds of the property of the company. So, this Forum is unable to pass an executable order against the ops. In such circumstances, we dispose of the complaint accordingly, with liberty to the complainant to file/seek claim/relief before the competent committee as constituted by the Hon’ble Supreme Court. A copy of this order be supplied to the complainant free of cost. File be consigned to the record room after due compliance.
Announced in open Forum. President,
Dated:21.10.2016. Member. District Consumer Disputes
Redressal Forum, Sirsa.
