SYEDA SHAHNUR ALI

This is a complaint made by one Debdatta Jana against the Branch Manager, ALCHEMIST HOLDINGS LTD., praying for a direction upon the OP to return the matured value of Rs. 36,000/- and compensation for a sum of Rs. 50,000/- and litigation cost of Rs. 10,000/-

In short, case of the Complainant, is that, he purchased 1200 Redeemable preference shares each of RS 10/-for a sum of Rs.12,000/- on 31-08-2006 from the OP being Certificate No.072508. The maturity value of the said deposit was RS 36000/-which was redeemable on 31-08-15. Complainant demanded the maturity amount from the OP and submitted all relevant documents to facilitate this on 24-06-2015. However, OP have not settled his claim hence, this case.

OP have not contested the case by filing WV, the OP inspite of receiving summons refused the same so the case is heard ex-parte against the OP.

Point to be considered in this case is whether or not the Complainant is entitled to the relief(s) sought for by him.

Decision with reasons

Complainant has furnished photocopies of the purported Share Certificate, wherefrom it transpires that he deposited a sum of Rs. 12,000/- with the OP company.  In this regard, it is asserted from the side of the Complainant that he submitted all the relevant documents to the office of the OP. Insofar as the factum of submission of relevant documents remains uncontroverted from the side of the OP, we see no reason whatsoever to disbelieve the version of Complainant stated under affidavit. 

The Ld Advocate on behalf of the Complainant in support of his submission relied upon the Judgment of the Hon’ble National Commission reported it 2014(4)CPR 95(NC). Wherein the Ld Commission held that Finance Company must Honour its commitments.

We, therefore, hold the OPs liable to refund the entire deposited money, i.e., Rs. 36,000/- together with compensation and litigation cost as there is gross deficiency in service on the part of the Opposite Parties.

This complaint case, thus, succeeds.

Hence,

O R D E R E D

That CC/98/2016 is and the same is allowed on contest ex parte against the OP.  OP is directed to pay, within 40 days hence, a sum of Rs. 36,000/- to the Complainant along with interest @ 10% p.a. from the date of maturity, i.e., on and from 31-08-15 till payment and litigation cost of Rs. 5,000/- together with Compensation of Rs. 10,000/- Noncompliance of this order within the aforesaid stipulated time frame would entail a fine @ Rs. 100/- per diem from this date till full and final payment is made. The complainant is at liberty to put the order in execution as per law after the stipulated period is over.