Versus
- Saharayn Universal Multipurpose Society Limited, Branch Office Situated at B-1/367, Guru Nanakpura, Kailash Chownk, Civil Line, Ludhiana, through its Branch Manager/Authorized person.
- Saharayn Universal Multipurpose Society Limited, Regd. Office at 195, Zone-1, in front of D.B. Mall, M.P. Nagar, Bhopal, Madhya Pradesh-462011, through its Managing Director/Authorized person. …..Opposite parties
Complaint Under Section 35 of the Consumer Protection Act.
QUORUM:
SH. SANJEEV BATRA, PRESIDENT
MS. MONIKA BHAGAT, MEMBER
COUNSEL FOR THE PARTIES:
For complainant : Sh. P.S. Chawla, Advocate.
For OPs : None (Right of the OPs to file written statement already extinguished vide order dated 19.01.2024)
ORDER
PER MONIKA BHAGAT, MEMBER
1. Briefly stated, the facts of the case are that the opposite parties are duly registered financial institution under Multistate Co-operative Society Act, 2002. The agent of opposite party No.1 met and apprised the complainant to invest in their plan to get benefits, upon which the complainant vide membership No.927037000388 took SUPER BB plan of the opposite parties, vide which the amount was to be invested minimum for 36 months and after expiry of 36 months from date of contribution, the amount shall be disbursed by the OPs not exceeding Rs.53,600/- on a contribution of Rs.1,00,000/- in the form of cash or cash equivalent as decided by the Board of Directors of the Society. The complainant further stated that under the SUPER BB plan, he invested Rs.1,00,000/- vide receipt No.34019446267 dated 09.11.2017 with OP1 to be matured on 08.11.2020 and a policy No.27036800900 was issued to him. The amount invested by the complainant was to be considered as points and he was enrolled with 954 joining points against his investment, which the member shall be free to redeem his/her accumulated joining points after expiry of 36 months from date of its joining based on conversion rates in the form of cash/cash equivalent services to be decided by Board of Directors of the society. On the completion of the maturity period, the complainant approached the opposite parties to release the agreed maturity amount but they did not respond and dilly delayed the matter on one pretext or the other. The complainant is entitled to get his hard earned money invested with the opposite parties. Therefore, the complainant filed the present complaint asserting that the act and conduct of the opposite parties amounts to deficiency in service and further prayed for directing the OPs to pay an amount of Rs.1,53,600/- along with interest and to pay compensation to the tune of Rs.1,00,000/- on account of mental agony, harassment and distress. The complainant also claimed litigation expenses of Rs.11,000/-.
2. Upon notice, Sh. Sandeep Kumar, Advocate appeared and filed power of attorney on behalf of the opposite parties but thereafter, failed to file written statement affidavit and documents despite grant of sufficient opportunity and as such, the right of the opposite parties to file written statement already extinguished vide order dated 19.01.2024.
3. In evidence, the complainant tendered his affidavit as Ex. CA and reiterated his averments of the complaint. The complainant also placed on record Ex. C1 is the copy of receipt dated 25.10.2017 of Rs.15/-, Ex. C2 is the copy of receipt No.034019446267, Ex. C3 is the copy of certificate No.467000141606, Ex. C4 conditions regarding joining points and closed the evidence.
4. We have heard the counsel for the complainant and also gone through the complaint, affidavit and documents annexed by the complainant.
5. In his affidavit Ex. CA, the complainant has reiterated the entire case as set forth in the complaint. The complainant has further proved on record the copy of certificate No.467000141606 Ex. C3 vide which the complainant deposited Rs.1,00,000/- on 09.11.2017 issued by the opposite parties. Though the evidence has gone unrebutted on the file, the certificate Ex. C3 reveals that the maturity amount has not been mentioned therein with date of maturity. Even rate of interest also not mentioned in the receipt/certificate Ex. C3. It has been claimed that the amount was invested for the maturity period of 36 months with maturity amount of Rs.1,53,600/-. In these circumstances, in our considered view, it would be just and proper if the opposite parties are made to refund the invested amount of Rs.1,00,000/- along with its incidental and consequential benefits with interest @8% per annum from 09.11.2017 till date of actual payment along with composite costs and compensation of Rs.10,000/-.
6. As a result of above discussion, the complaint is partly allowed exparte with an order that the opposite parties shall be jointly and severally liable to refund the invested amount of Rs.1,00,000/- along with its incidental and consequential benefits with interest @8% per annum from 09.11.2017 till date of actual payment. The opposite parties shall further pay a composite compensation of Rs.10,000/- (Rupees Ten Thousand only) to the complainant. Compliance of order be made within 30 days from the date of receipt of copy of the order. Copies of order be supplied to parties free of costs as per rules. File be indexed and consigned to record room.
7. Due to huge pendency of cases, the complaint could not be decided within statutory period.
(Monika Bhagat) (Sanjeev Batra) Member President
Announced in Open Commission.
Dated:26.04.2024.
Gobind Ram.
