Smt. Bandana Ray, President

This is a complaint made by Sri Uttam Samanta 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.19845/- and Rs.10584/- totaling Rs.30429/- along with interest @ 10% from 04.08.2015 till realization, and compensation of Rs.58000/- with litigation cost of Rs.10000/-.

In short, case of the Complainant, is that, he invested a sum of Rs.15000/-, as Debentures on 13.09.2013 with the OP No. 2 through OP No. 1 for being Certificate No. 00244544. The Complainant also invested a sum of Rs.8000/-, as Debentures on 31.08.2013 with the OP No. 2 through OP No. 1 for being Certificate No. 00239597. The redemption value of the Debentures was Rs.19845/- and Rs.10584/-, the date of redemption of the above Debentures was on 12.09.2015 and 30.08.2015 respectively. On maturity, Complainant demanded the Debenture values from the OP and submitted all relevant documents to facilitate this. However, OPs have not settled his claim hence, this case.

None of the OPs appeared to contest the case in spite of receiving summons so the case is heard ex-parte against OPs.

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 consulting the uncontroverted documents of the complainant we have no hesitation to hold that the complainant is entitled get relief, as prayed for.

This complaint case, thus, succeeds.

Hence,

O R D E R E D

That CC/225/2016 be and the same is allowed exparte against the OPs. OPs are directed to pay, redemption value of Debentures of Rs.19845/- and Rs.10584/- totaling Rs.30429/- to the complainant within four months from the date of this order for ends of justice, 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.3000/- and Rs.1000/- 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.