Smt. Bandana Roy, President

This is a complaint made by one Smt. Annapurna Maji against the Branch Manager and Managing Director of LRN FINANCE LTD., praying for a direction upon the OPs to return the redemption value of Debentures of Rs.196654/- and Rs.134700/- totaling Rs.331354/- along with interest @ 10% till realization, and compensation of Rs.100000/- with litigation cost of Rs.10000/-.

In short, case of the Complainant, is that, she invested a sum of Rs.150000/- and Rs.100000/-, as Debentures on 07.03.2012 and 16.09.2011 with the OP No. 2 through OP No. 1 for being Certificate No. A/1715/1665/003/3002[10-11] and A/337/1665/2707 respectively. The date of redemption of the above Debentures was 17.03.2014 and 16.09.2013. On maturity, Complainant demanded the Debenture values from the OP and submitted all relevant documents to facilitate this.  However, OPs have not settled her claim hence, this case.

OP No. 2 contested the case by filing WV, the case is heard ex-parte against OP No. 1, whereby OP No. 2 denied all the material allegations of the complaint.  It is further stated that the Complainant claimed the maturity proceeds through his Ld. Advocate without furnishing relevant documents for this purpose. So, this OP asked the Complainant to submit requisite documents, but the Complainant is yet to furnish the same. Thus, this OP prayed for dismissal of the case.

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

We have carefully perused the affidavit of the complainant and all the documents filed by the complainant. After going through the W/V of the OP No. 2 it appears that the OP more or less admitted their fault. They have also stated that they demanded from the complainant original certificate, original challan from the complainant, but complainant did not file the same. But nothing has been proved by cogent evidence by the OP. Hence, we are of the view that complainant is entitled to get the maturity value of the investment.

This complaint case, thus, succeeds.

Hence,

O R D E R E D

That CC/109/2016 be and the same is allowed on contest against the OP No. 2 and ex parte against the OP No. 1. OPs are directed to pay redemption value of Rs.196654/- and Rs.134700/- totaling Rs.331354/- to the complainant within four months from the date of this order, in default, OPs will have to pay interest at the rate of 10% p.a. till final payment. OPs are further directed to pay compensation of Rs.10000/- and Rs.8000/- as litigation cost to the complainant within four months from the date of this order, failing which OPs will be liable to pay Rs.100/- daily as punitive charges which will be payable to the Consumer Welfare Fund.

Let the copies of the judgement be supplied to all the parties free of cost.