Punjab

Faridkot

CC/18/141

Dr. Nikhil Garg - Complainant(s)

Versus

Sahara India Real Estate Corporation Ltd - Opp.Party(s)

Ravinder Kumar goyal

30 Jul 2019

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, FARIDKOT

 

CC No. :                        141 of 2018

Date of Institution:           21.08.2018

Date of Decision :            30.07.2019

 

Dr Nikhil Garg aged about 31 years son of Bimal Garg r/o Near Clock Tower Chowk, Faridkot, Tehsil and District Faridkot.

...Complainant

Versus

1. Sahara India Real Estate Corporation Limited, having its registered office at Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow-226001 through its Managing Director/Chairman.
2.  Sahara Credit Cooperative Society Limited having its registered office at Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow-226001 through its Managing Director/Chairman.
3. Kuldeep Arora, Zonal Manager, Shara India Parivar having Zonal Office in Model Town, Ludhiana.
4. Jatinder Goyal, Branch Manager, Sahara India Parivar having Franchise office at Mandi Ram Ganj, Moga.

                                            ....Opposite parties

Complaint under Section 12 of the

Consumer Protection Act, 1986.

 

Quorum:     Sh  Ajit Aggarwal, President,

Smt Param Pal Kaur, Member.  

 

Present:      Sh Ravinder Goyal, Ld Counsel for Complainant,    

                 Sh Amandeep Singh Virdi, Ld Counsel for OPs.

 

* * * * * * *

 

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ORDER

(Ajit Aggarwal, President)

                             Complainant has filed the present complaint under Section 12 of the Consumer Protection Act, 1986 against Ops seeking directions to them to refund the amount of Rs.10,37,396/- alongwith interest and for further  directing them to pay Rs.5,00,000/- as compensation for mental agony and harassment besides litigation expenses of Rs.55,000/-.

2                                     Briefly stated, the case of the complainant is that OP-3 visited the house of complainant and allured him to invest in the business of their company and on assurance of OP-3 that he would get more than three times in return, complainant invested his amount of Rs. 5 lacs with OPs. Complainant made payment of Rs. 5 lacs through cheque dated 4.01.2010 and got issued the Abode Bond of company against receipt no.603410300054 with maturity value of Rs.15,53,000/-on 4.01.2020. OP-3 also assured for redemption of bonds before the date of maturity. It is submitted that in year 2015, complainant was in need of funds and he requested OP-3 to get redeem the said bonds, but OP-3 kept putting off the matter on one pretext or the other. On several requests by complainant, OP-3 apprised complainant that due to heavy financial crisis, company is not in a position to repay the amount of bonds and further told that company had launched new scheme in the name of Sahara Credit Cooperative Society Limited which is a safe investment and assured complainant that amount invested by him would be safe in this investment. Complainant had no other option except to agree to the proposal offered by OP-3 and then, OPs issued fresh bonds of Sahara Credit Cooperative Society ltd for a sum of Rs.8,92,000/-in the shape of three certificates having receipt no.42001770998, 42002770999 and 42001771000 dated 13.10.2015

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out of which two certificates were of Rs. 3 lacs each and one was of Rs.2,92,000/- and all were having maturity date of 13.04.2017. further submitted that on maturity of these bonds, complainant approached OP-4 and requested them to pay the maturity value, but Op-4 flatly refused to do so saying OP-1 to 3 have cheated him by issuing fresh certificates. Despite repeated requests, OPs did not make payment of maturity value of said bonds to complainant, which amounts to deficiency in service and trade mal practice on the part of OPs. Even legal notice issued by complainant through his counsel to Ops bore no fruit. He has prayed for accepting the present complaint alongwith compensation and litigation expenses besides the main relief.

3                                                         The Counsel for complainant was heard with regard to admission of the complaint and vide order dated 4.09.2018, complaint was admitted and notice was ordered to be issued to the opposite party.

 4                                                                On receipt of notice, OPs appeared in the Forum through counsel and filed reply, wherein asserted that complaint filed by complainant is false and frivolous and asserted that this Forum has no territorial jurisdiction to hear and try the present complaint. It is further averred that complainant is not the consumer of answering Ops and there is no relationship of consumer and service provider between complainant and answering OPs. Ops are Society duly registered under Multi State Cooperative Society Act, 2002 and complainant is member of Society and thus, for any dispute between Society and its member, consumer complaint is not maintainable. It is further averred that complainant has not come to the Forum with clean hands. It is brought before the Forum that complainant has already accepted the maturity value from SIRECL and

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himself decided to invest in other scheme of Sahara Credit Cooperative Society ltd to get handsome return. Moreover, complainant himself approached the office of OP-3 to reinvest the amount in Sahara Credit Cooperative Society Ltd to get good return and expressed his desire to become member of the Society and became member and contributed his amount vide membership no.60341500053 and accounts no.60345600088, 60345600089, 60345600090 dated 13.10.2015 and deposited Rs.8,92,000/-for the period of 18 months, maturity date of which completed on 13.04.2017, but due to demand of enhanced rate of interest upon maturity amount, payment could not be made. It is further averred that due to financial crisis of Company, enhanced amount as sought by complainant is not permissible. However, they are ready to make payment of part amount, but complainant is not ready to accept the same and refused to receive the payment. Moreover, demand raised by complainant is at enhanced rate of interest, which is not permissible and even except maturity amount, complainant is not entitled to receive anything else as sought by him in the form of compensation and litigation expenses. It is further averred that no cause of action arises against them and asserted that there is no deficiency in service on their part and prayed for dismissal of complaint with costs.

 5                                               Parties were given proper opportunities to prove their respective case. The complainant tendered in evidence his affidavit Ex.C-1 and documents Ex C-2 to C-11 and then, closed the evidence.

6                                            In order to rebut the evidence of complainant, ld counsel for OPs tendered in evidence affidavit of Jatinder Goyal Ex OP-1 and document Ex OP-2 and then, closed the same on behalf of OPs.

 

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7                                                   We have heard the learned counsel for the complainant as well as for opposite party and have also very carefully gone through the affidavits and documents placed on the file.

8                                                 From the careful perusal of record and pleadings put forward by respective parties, it is observed that case of the complainant is that on assurance OPs, complainant paid Rs. 5 lacs to Ops on 4.01.2010 and got issued Abode Bond in his name with maturity value of Rs.15,53,000/-for 4.01.2020, but due to some need, complainant requested OPs to redeem the said bonds, but OPs showed inability and proposed to invest the said bonds in new scheme launched by OPs in the name of Sahara Credit Cooperative Society and Ops issued certificates. Having no other option, complainant accepted their proposal and OPs issued fresh bonds in his name for Rs.8,92,000/-in the shape of three certificates: two certificates of Rs. 3 lacs each and one of Rs.2,92,000/- and all were having maturity date of 13.04.2017. On date of maturity, OPs refused to pay the maturity value, which amounts to deficiency in service. On the other hand, plea taken by OPs is that due to financial crisis of Company, enhanced amount on said bonds as sought by complainant is not permissible, but, they are ready to make payment of part amount, to which complainant is not ready and he has refused to receive the payment.

9                                                      To prove his case and pleadings, ld counsel for complainant placed on record copy of Abode Bond Ex C-3 that clearly finds mention that OPs received Rs. 5 lacs from complainant on 4.01.2010. Ex C-5, Ex C-6 and Ex C-7 are copies of certificates dated 13.10.2015 for Rs. 3,00,000/-,

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Rs.3,00,000/-and for Rs.2,92,000/-issued by OPs to complainant in lieu of redemption of abode bond earlier issued by OPs for Rs.5,00,000/-to complainant. further Ex C-8 copy of legal notice, clearly reveals the grievance of complainant that he suffered due to non payment of his hard earned by OPs and even despite repeated requests, Ops did not refund the amount of Rs.10,37,396/-maturity value of certificates Ex C-5 to Ex C-7 and they did not redress his grievance. Through his affidavit Ex C-1, complainant has narrated his grievance and has prayed for directions to Ops to redress the same. On the contrary, plea taken by Ops is that company is going through a period of financial crisis and enhanced amount sought by complainant is not permissible and they are ready to make part payment for the amount deposited by complainant. It is observed that despite repeated request and issuance of legal notice, OPs did not do anything needful and have failed to redress the grievance of complainant. Ld Counsel for complainant has produced sufficient and cogent evidence to prove his case. Documents placed on record by complainant are fully authentic and are beyond any doubt.

11                                            From the above discussion and keeping in view the record placed on file, this Forum is of considered opinion that there is deficiency in service on the part of OPs as they failed in refunding the amount deposited by complainant with them. Therefore, complaint in hand is hereby allowed. Opposite Party is directed to refund the amount of Rs.10,37,396/- as maturity value of certificates Ex C-5 to Ex C-7 to complainant alongwith interest at the rate of 9% from 13.04.2017 i.e from the date of maturity of these certificates till final realization. Opposite Parties are further directed to pay Rs.7,000/-to complainant as consolidated compensation for harassment and mental agony suffered by him

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including litigation expenses. Compliance of this order be made within one month of receipt of the copy of the order, failing which complainant shall be entitled to proceed under Section 25 and 27 of the Consumer Protection Act. Copy of the order be supplied to parties free of costs as per law. File be consigned to record room.

Announced in Open Forum

Dated: 30.07.2019

                                       (Param Pal Kaur)                  (Ajit Aggarwal)  

                                         Member                               President