DATE OF DISPOSAL: 30.04.2024

PER:  SRI SATISH KUMAR PANIGRAHI, PRESIDENT: 

The fact of the case in brief is that the complainants have filed this Consumer complaint under section 35 of the Consumer Protection Act, 2019 alleging deficiency in service against  the Opposite Parties (in short O.P.) and for redressal of his grievance before this Commission.

2. The above named complainant of this case, deposited a sum of Rs.31,000/- towards contribution ranging from 10% to 15% (P.A.) depending upon the returns on investment earned by the society Opp. No.1 vide their allotted membership No.911394001158, Sector and Region Office at Berhampur vide Sector No. (1139) duly signed and stamped by Rajendra Kumar Sahu on behalf of above O.Ps mentioned darted 28.11.2014-15, Receipt No.34006531754, Certificate No.304003079662, Hologram No. 992318699667 with a promise to complainant he will get eligible return in the year 2021 as Annexure-A. The above complainant actually deposited the amount in Sahara India Pariwar as per requests of authorized agents, who opened village to village Branch Offices in Ganjam and other district of Odisha including throughout India. The O.P. collected the public money whatever they like by violating  rules and regulations framed by concerned regulator i.e., RBI, SEBI etc., and not only failed to repay maturity amounts in time on the other hand, forced the certificate holder of the complainant to continue Re-deposit the previous maturity amounts, by issuing new certificate in favour of the complainant. The forceful advice for re-deposit of precious matured dues of complainant converted into another scheme of the O.Ps tantamount to unfair trade practice, deficiency in services of financial company registered under cooperative Registration Act, 2002 and neglected returns of the deposit of the life savaging deposit amount of complainant of this case. The cause of action arose, when complainant approach the O.P. for refund of total maturity amounts authorized center at Berhampur and the authorized person clearly mention the dates as a 22.09.2021 when complainant through VCO-FOCO/GDCPG approached with O.P. So there is continuous cause of action which is in time within two years. Alleging deficiency in service on the part of the O.P. the complainant prayed to direct the O.P. immediate settlement of up to date maturity amount with interest and benefits from the beginning of the deposits, compensation and mental agony in the best interest of justice.

3. The Commission condones the delay and admitted the case and issued notice to the O.P. It is found that the notice was returned to the Commission as per postal remark that, “Addressee unclaimed.”

4. On the date of hearing of the consumer complaint, the authorized representative for complainant is present. We heard argument from him for the complainant at length and perused the complaint petition, written argument and materials placed on the case record. It reveals that the complainant had deposited Rs.31,000/- on dated 28.11.2014 vide Certificate No. 304003079662, Berhampur sector , Berhampur. Though notice was sent by this Ld. District CDR Commission, Ganjam Berhampur for appearance and filing written version by the O.P. but the O.P. did not avail the said opportunity. Hence, taking the materials on the case record as well as the sole testimony of the complainant into consideration, we hold that the O.Ps are negligent in rendering proper service to the complainant as such we hold that there is deficiency in service on the part of the O.Ps. Further Law is well settled in case of Mrs. Puneet Kaur versus Hindustan Financial Management Ltd. and others reported in 2003(1) CPR 274 where in the Hon’ble National CDR Commission, New Delhi has held that “Non-payment of fixed deposit amount on its maturity by Financial Institution constitutes deficiency in service”. In another case when a company or a firm invites deposits on promise of attractive rates of interest and prompt repayment of principal and interest on the expiry of the stipulated period with full security for the investment in the shape of the assets of the company or firm, it is in essence of an offer by the company providing to interested persons a safe avenue for investment of their fund with an assurance of prompt repayment and full security of investment. The consideration for the arrangement consists of the fact that the company or firm is enabled to use the funds deposited with it for the purposes of its business. Such a transaction is clearly one of providing service for consideration and depositor is clearly a consumer under the Act. The Opposite Party was directed to repay the guaranteed value of the deposits with interests @ 12% per annum till payment and to pay the cost- Shanker Lal Rathi Versus Neha Leasing & Holdings ltd. 1996 (2) CPR 90. 

Moreover in another case the Hon’ble National Consumer Commission held in Adelkar Prathibha B. (Mrs.) & Ors V. Shivaji Estate Livestock and Farms Pvt. Ltd. & Ors reported in II (2015) CPJ 221 (NC) that “Complainant hired or availed services of O.P. for investing their savings in schemes floated by O.P. and deposited money with it for investing on their behalf in Goat Farming and allied activities- Complainant are consumers, Remedy before Consumer Forum is primarily a civil remedy - Complaint maintainable. Failure on parts of financial establishment to honour its commitment - Deficiency in service – Unfair trade practices - OP is directed to refund the investment made by complainant in scheme floated by it”.

              5. On foregoing discussion and in view of the clear position of law the complainant’s case is partly allowed on exparte against the O.P. The Opposite Party is directed to settle the deposit by providing the matured amount with up-to-date interest on contribution amount of Rs.31,000/- from the date of deposit i.e. 28.11.2015 to the complainant and further the O.P. is also directed to pay Rs.5,000/- as costs of litigation and compensation to the complainant within 45 days from the date of receipt of this order failing which all the dues shall carry 12% interest per annum till its actual date of realization from the date of filing of this case i.e. on 21.09.2023 and the complainant is at liberty to take appropriate steps in accordance to the Consumer Protection Act, 2019 for realization of all dues.

This case is disposed of accordingly.

The Judgment be uploaded on the www.confonet.nic.in for the perusal of the parties.

A certified copy of this Judgment be provided to all the parties free of cost as mandated by the Consumer Protection Act, 2019 or they may download same from the www.confonet.nic.in to treat the same as if copy of the order received from this Commission.

              The file is to be consigned to the record room along with a copy of this Judgment.

Pronounced on 30.04.2024.