SMT. SYEDA SHAHNUR ALI, MEMBER

This is a complaint made by one Bimalendu Sekhar Maity against the Branch Manager and  Director of LRN Finance Limited praying for a direction upon the OPs to pay the redemption value of Rs.80,000/- along with interest @ 10% from 27.09.2015 till realization, compensation for a sum of Rs.10,000/- and litigation cost of Rs.10,000/-.

In short, case of the Complainant is that, he invested a sum of Rs.80,000/- as debentures of Rs. 80/- of Rs. 1000/- each on 28.09.2012 with the OP No. 2 through OP No. 1 being Certificate No. 00253261. The date of redemption was 27.09.2015 and the redemption value of the said debenture was Rs. 80,000/-.  On 27.09.2015 the Complainant demanded the redemption value from the OP and filed all the relevant documents, but the OP No.2 declined to return the amount hence, this case.

OP No. 2 contested the case by filing WV, the OP No. 1 in spite of receiving summons refused the same so the case is heard ex-parte against OP No. 1, whereby OP No. 2 denied all the material allegations of the complaint and stated that the case is filed with a malafide intention for some illegal gain. 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. The only defense of the OP No. 2 is that the case does not come under the ambit of the Consumer Protection Act, 1986 and this  case has been filed with a malafide intention to procure some illegal gain.  It appears from the submission of the ld. Lawyer of OP No.2 that practically he had no defence excepting denial of the averments of the claim application. Nothing adverse has been adduced or produced by the OP to disprove the claim of the claimants. 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/250 of 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.80,000/- to the complainant within two 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.2000/- and Rs. 1000/- as litigation cost to the complainant within two 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.