ORDER

No. 11

Date-18/06/2018.

Sri RabidebMukhopadhyay

            This is an application u/s.12 of the C.P. Act, 1986.

              That in   the year 2004, the complainant was persuaded by the agent of SHARA INDIA COMMERCIAL CORPORATION LIMITED for investing into the “ SAHARA T BONDS” with the assurance of timely payment and high return.

              That it is pertinent to be recorded here that while the Complainant was residing at Howrah as aforesaid , had invested a sum of Rs.10, 000/- in 10 bonds (Rs.1, 000/-per bond ) into the said “SAHARA T BOND” in the year 2004 with the local Shibpur Branch at Howrah, being OP No.2 herein.

              That the Complainant was issued a receipt bearing no.10082696763 on 31th March, 2004 in regard to the said investment. (Hereinafter the said Certificate).  A copy of the said Certificate dated 31^st March, 2004 is annexed hereto and marked with letter A.

             That in the meantime, the complainant waited for the Redemption Date which was fixed on 31^st May, 2016 as recorded in the said Certificate.

             That on attainment of the redemption date as aforesaid the complainant had contacted the local Shibpur branch for redemption, but she was denied of payment right at that point of time due to crisis in the company and assured the complainant that the payment of the maturity amount shall be made shortly and further requested his client to keep patience for the refund of maturity amount.

             That the complainant had continued to keep patience and followed up regularly and made several representations before the concerned branch for release of the maturity amount but nothing worth mentioning had been done one behalf of the OPs herein.

              That the OPs had deliberately avoiding the complainant in order to make illegal gains and to cheat the complainant herein.

               That the complainant is a senior citizen and had deposited here hardened money with the OPs and have been cheated by the OPs under the pretext of high return.

               That like other cheat fund companies, the OPs have also taken the course of mal practice and unfair trade practice in order to make illegal gains.

                It noted that the OPs have sufficient funds in hand in order to meet minor claim of the investors but for re3asons best known to them the OPs are deliberately avoiding and/or miss representing the bona fide investors to make illegal gains.

                The complainant herein, at last, having no other alternative issued legal notice dated 28^th October 2017, inter alia, directing the OPs to refund the said sum of Rs.30, 000/- being the red empting amount as assured and committed by the OPs at the time of investment along with other ancillary expenses.  The copy of the said legal notice dated 28^th October 2017 is annexed here to and marked with letter” B”.

                  That the OPs number 1 and 2 have duly received by the OPs number 1 and 2 but, as expected no steps have been taken by the Ops in refunding the said redemption amount to the complainant herein.

                That the complainant says, OPs had been in her good books since the OPs have earlier made timely payment in other investments of the complainant herein.  But, in the present case the Ops have exposed themselves to be a fraud company and has permanently started practicing unfair trade practice in order to cheat the innocent investors and to make unlawful gain.

                 The complainant submits that the complainant was not aware of the mala fide intentions of the OPs to make illegal gains.  The OPs have deliberately failed to comply with its own commitments and assurances has been reflected from the said certificate being annexure A herein.

                The complainant further states and submits that the Modus Operandi on the part of the OPs clearly falls within the scope of the definition of Deficiency of Service and Unfair Trade Practices.

                An order directing the OPs jointly and severally to forthwith release the redemption amount of Rs.30, 000/- together with interest at the rate of12 percent from 31^st May, 2016 till the date of realization and compensation of Rs.5, 00, 000/- for the mental harassment and mental agony and to pay a sum of Rs.2, 00, 000/- for the deficiency of service and unfair trade practice and a further sum of Rs.50, 000/-.

Points for Decision

1. Whether the complainant is a consumer under the OP;
2. Whether the OP is deficient in rendering proper service to the complainant;
3. Whether the complainant deserves relief.

Decision with Reasons

1. We have perused copy of Receipt No.10082696763 dated 31/03/2004 for redemption value of Rs.30, 000/- on 31/05/2016, complainant’s letter to OPs through learned Advocate Abhijit Chakraborty, dated 28/10/2017, asking the OPs to release the redemption value of Rs.30000/-.
2.   It remains the fact as revealed from records at hand that being influenced by the Agent of OPs or not, the complainant invested Rs.10, 000/- for purchasing 10 Sahara T bonds of OPs on 31/05/2004 against the redemption value of Rs.30,000/- on 31/05/2016 ( i.e. after 12 years) as promised in the Receipt No.10082696763.
3. After elapse of the redemption date, the OPs should have performed all formalities towards payment of redemption value to the investor complainant, Gayatri Chakraborty.  But neither had they complied with keeping their promises nor did they respond to complainants repeated requests for the refund.  They reportedly (complaint Para-6) denied payment on ground of financial crisis of the company.
4.     The complainant was compelled to send Advocate’s letter dated 28^th October, 2017 (after waiting and anguishing for 17 months from the date of redemption) but OPs paid yet no heed to such letter and ignored promised payment, in spite of having received the said letter as per postal Track Records filed by the complainant.
5.    The OPs not only acted on the complainant’s letter dated 28/10/2017 but also ignored the summons of the Forum.  In spite of having received the summons, OPs preferred toabstain from the proceedings of the Forum.  They did not intend to assist the Forum in finding the truth and settling the dispute.  OPs intentionally did so because they are seemingly on the default.  It is the settled principle of law that when a party in spite of having the opportunity to defend their case (here the OPs), does not do so, they are the defaulted party and in such case, the legal privileges would go to the other party (here the complainant).  The Evidence on Affidavit affirmed by the complainant also remained unchallenged.

So, the OPs are clearly deficient.

6.      We see, as soon as the complainant invested Rs.10, 000/- as back in 2004 in anticipation of getting back Rs.30, 000/-, the complainant became a consumer under the OPs in terms of section 2 (1) (d) (ii) of the C.P Act, 1986.

Since the OPs failed to keep their promises in rendering proper service including returning of redemption amount, they are deficient in terms of section 2( 1) (g) read with section 2 (1) (o) of the Act.

For OPs’ deficiency, the complainant not only faced financial set back but also suffered physical harassment and mental agony. So, she deserves some relief.

In the circumstances of above observations we are constrained to pass

ORDER

                          That the complaint be and the same is allowed exparte against the OPs in terms of section 13 (2) (b) (ii) of C.P Act, 1986.

                        That OPs are jointly and severally directed to pay back the redemption value of Rs.30, 000/- with 8 percent interest from 01/06/2016 till date of actual payment, Rs.15000/- as compensation for physical harassment and mental agony and Rs.5000/- as litigation cost, to the complainant, within 30 days from the date of this order;

                       That on non-compliance of above orders by the OPs, the complainant shall have the liberty to put the orders into execution, in terms of section 27 of the Act ibid.

                      Copies of the judgement be handed over to the parties when applied for.