Haryana

Ambala

CC/472/2022

AMIT KUMAR. - Complainant(s)

Versus

SAHARA UNIVERSAL MULTIPURPOSE SOCIETY LTD. - Opp.Party(s)

AMIT, CLERK

21 May 2024

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, AMBALA.

Complaint case no.	:	472 of 2022
Date of Institution	:	22.12.2022
Date of decision	:	21.05.2024

Amit Kumar son of Shri Tilak Raj, aged about 44 years, R/o #6341/5, Ahluwalia Building, Ward No.3 Ambala Cantt.

……. Complainant.

                                                Versus

1. Saharayn Universal Multipurpose Society Limited, through its Managing Director, having Regd. Office at 195, Zone-1, In Front of D.B.Mall, M.P.Nagar, Bhopal, Madhya Pradesh-462011.
2. Saharayn Universal Multipurpose Society Limited, Through its Authorized Signatory Mr. Deepak Dattana Having its Branch office under the name of Sahara Credit Cooperative Society Limited with Sahara India Parivar, 5744-46, 1^st Floor, Nicholson Road, above old Corporation Bank (now Union Bank), Ambala Cantt.-133001.
3. Sahara India Parivar, Region Office, Gohana Road, Opposite Visvakarma Mandir, Panipat through its Authorized Signatory/Official.

 

                                                                                                                                                                .…. Opposite Parties.

 Before:         Smt. Neena Sandhu, President.

                      Smt. Ruby Sharma, Member,

            Shri Vinod Kumar Sharma, Member.           

 

Present:       Shri Pawan Kumar Goel, Advocate, counsel for the complainant.

                    Shri Manish Sharma, Advocate, counsel for the OPs.

 

Order:        Smt. Neena Sandhu, President.

1.                The complainant has filed the present complaint stating therein that OPs allured and induced the complainant to invest money in various saving schemes i.e Star Two & Ors launched by it and offered high rate of interest with safety and security of money. As induced by the OPs, the complainant invested in Star Two & Sahara G. Anokha schemes, the details of scheme are as under:-

DEPOSIT UNDER STAR TWO SCHEME:-

(i)      Certificate No.795001250186, of Rs.15,000/- dated 31.08.2016, which    got matured on 31.12.2021, having maturity amount of Rs.30,000/-.

(ii)     Certificate No.795001250187, of Rs.15,000/- dated 31.08.2016, which    got matured on 31.12.2021, having maturity amount of Rs.30,000/-.

(iii)    Certificate No.795001250188, of Rs.15,000/- dated 31.08.2016,    which got matured on 31.12.2021,having maturity amount of Rs.30,000/-

(iv)    Certificate No.795001250189, of Rs.15,000/- dated 31.08.2016, which    got matured on 31.12.2021, having maturity amount of Rs.30,000/-.

(v)     Certificate No.795001250190, of Rs.15,000/- dated 31.08.2016, which    got matured on 31.12.2021, having maturity amount of Rs.30,000/-.

          Complainant deposited the aforesaid amounts with the OPs through OP No.2 as its office was situated at Ambala and all the certificates were issued by OPs through OP No.2 to the complainant. On the maturity of the certificates issued under Star Two scheme, complainant requested the OPs to pay the maturity amount, but they failed to pay the same. It has been prayed that the complaint may be allowed and OPs may be directed as under:-

                   To pay the maturity amounts of Rs.1,50,000/- alongwith interest @ 20% per annum, from the date of maturity, till its realization.

                   To pay Rs.1,00,000/- as compensation for the mental agony and physical harassment suffered by the complainants and Rs.30,000/- for causing financial loss and for rendering deficiency in service. To pay Rs.30,000/- as cost of litigation. Grant any other relief which this Hon’ble Commission may deems fit.

2.                Upon notice, OPs appeared through counsel and filed written version, raising preliminary objections with regard to maintainability and jurisdiction etc. On merits, it is stated that the Saharayan Universal Multipurpose Society Limited is duly registered under “Multi State Cooperative Society Act, 2002” and complainant is the member of the said society. Complainant became the member of the Society to get benefits of the said scheme and decided to become the member, after reading and signing the bye laws of the society, which are mentioned on the backside of application form, duly signed by the complainant. Thus, relation between the complainant and the OPs is of member and society. The bye laws of the society, clearly indicates that any dispute between the society and its member/account holder should be decided by the arbitrator as per Section 84 of the Multi State Co-operative Society Act, 2002. It is further stated that as per Section 25(5) of the Multi State Co-operative Society Act, 2002, it shall be the duty of every member of the Multi State Co-operative Society to promote and protect the interests and objects of the society. As per Section 55 of the Multi State Co-operative Society Act, 2002, a Multi State Co-operative Society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past or deceased member and on any dividend, bonus or profits payable to a member or past member or the estate of a deceased member to the society and may set-off any sum credited or payable to a member or past member or the estate of deceased member in or towards payment of any such debt. OPs are always ready to make the payment as per the condition of the scheme but due to enhance demand of interest on maturity amount, the payment could not be made to the complainant at that time. There is no deficiency in service on the part of the OPs. Rest of the averments of the complainant were denied by the answering OPs and prayed for dismissal of the present complaint.

3.                 Learned counsel for the complainant tendered affidavit of complainant as Annexure CW1/A alongwith documents as Annexure C-1 to C-5 and closed the evidence on behalf of the complainant.

 

4.                Today, the case was fixed for leading evidence by the OPs.  Heard. However, learned counsel for the OPs while relying upon the case Pinak Pani Mohanty Versus Union of India and Others with W.P.(C)No.6/2023(X),( 29.03.2023 passed in I.A. bearing No.56308 of 2023 in Writ Petition(Civil) No.191 of 2022)  decided by the Hon’ble Supreme Court has submitted that as per the order passed by the Hon’ble Supreme Court, in the said case,  the question of genuineness of the claims of the depositors/investors with the Sahara Group of Cooperative Societies  is to be exclusively determined by the Special Authority and the manner and modalities for making the payment is to be worked out by it in consultation with  Hon’ble Justice R. Subhash Reddy, Former Judge of the Apex Court and Sh. Gaurav Aggarwal, Amicus Curiae and for that purpose an amount of Rs.5000/- Crores has been ordered to be transferred  to the Special Authority out of “Sahara-SEBI Refund Account”  for further disbursal of the same against legitimate dues  of the depositors of the Sahara Group of Cooperative  Societies. As such, in compliance of the directions of the Hon’ble Supreme Court of India, the proceedings of the present complaint may be closed, at this stage only.

5.                 We have gone through the contents of the judgment passed by the Hon’ble Apex Court titled as Pinak Pani Mohant  Vs.  Union of  India &  Ors (supra), which are reproduced hereunder:-

 “3.        Having heard Shri Tushar Mehta, learned Solicitor General appearing on behalf of the Union of India and taking into consideration the facts narrated hereinabove and when it is reported that Rs. 2253 Crores had been taken out of the Sahara Credit Cooperative Society Ltd., i.e., one of the four Sahara Group Multi-State Cooperative Societies and deposited with SEBI in the “Sahara-SEBI Refund Account” and the amount lying in the “Sahara-SEBI Refund Account” is lying unutilized and the genuine depositors of the Sahara Group of Cooperative Societies, which otherwise, shall be entitled to get back their money, the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest / interest of the genuine depositors of the Sahara Group of Cooperative Societies. Therefore, the present application stands disposed of with the following directions:-

Out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly.

The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice R. Subhash Reddy, Former Judge of this Court and Shri Gaurav Agarwal, learned Advocate.

X xxxx xxx xx. Xxxx xxx

We direct that the amount be paid to the respective genuine depositors of the Sahara Group of Cooperative Societies out of the aforesaid amount of Rs. 5,000 Crores at the earliest, but not later than nine months from today. The balance amount thereafter be again transferred to the “Sahara-SEBI Refund Account”.

 

From the aforesaid judgment passed by the Hon’ble Apex Court titled as Pinak Pinak Pan Mohant  Vs.  Union of  India &  Ors (supra), it is clear that the question of genuineness of the claims of the depositors/investors with the Sahara Group of Cooperative Societies  is to be exclusively determined by the Special Authority and the manner and modalities for making the payment is to be worked out by it in consultation with  Hon’ble Justice R. Subhash Reddy, Former Judge of the Apex Court and Sh. Gaurav Aggarwal, Amicus Curiae and for that purpose an amount of Rs.5000/- Crores has been ordered to be transferred  to the Special Authority out of “Sahara-SEBI Refund Account”  for further disbursal of the same against legitimate dues  of the depositors of the Sahara Group of Cooperative  Societies.  Since, in the present case also, the complainant’s claim before this Commission is with regard to non-payment of the amounts deposited with the Sahara Group of Cooperative Societies, therefore, we have no hesitation to hold that no authority including this Commission has the power to decide the genuineness of claim or pass directions for disbursal of the claim except the Special Authority authorized by the Hon’ble Apex Court vide the aforesaid order.

6.                 In view of foregoing discussion and in compliance of the directions of the Hon’ble Supreme Court of India, as aforesaid, the proceedings of the instant complaint is closed, at this stage only with liberty to the complainant to approach the Central Registrar of Cooperative Societies (Special Authority) for determination of his claim and disbursal of the same. Accordingly, the present complaint stands disposed off.  Certified copies of the order be sent to the parties concerned as per rules.  File be annexed and consigned to the record room.    

 Announced:- 21.05.2024

 

(Vinod Kumar Sharma)	(Ruby Sharma)	(Neena Sandhu)
Member	Member	President