Order-11.

Date-03/07/2018.

Smt. Sangita Paul, Member

            Complainant by filing this case states that she invested a sum of Rs.60,000/- (Rs.12,000/- per annum) in the real estate scheme of the OPs and has paid the total sum of Rs.60,000/- over the period of 5 years, without any default. The said real estate scheme was for the period of 05 years and the maturity amount was Rs.80,000/- in accordance with the scheme and accordingly, a pass book was generated by the Office of the OP-3.

            In spite of the maturity of the said scheme, the OPs were delaying payment of maturity amount under one pretext or another. In the meantime, the said scheme was taken into consideration by the SEBI and the issue pertaining to the said scheme was taken to the Hon’ble Supreme Court of India was pleased to direct Sahara India Parivar to refund the entire amount collected from the investors under the said Real Estate Scheme.

            After the order passed by the Hon’ble Apex Court, Complainant went to the local office of OP-1 at Howrah and Complainant was persuaded cleverly and the original pass book of the said scheme was taken into custody by OP-2 and a new pass book was issued under the new scheme viz. “Sahara M Benefit Scheme” and Sahara “Q Shop Plan H”. Complainant had continued to keep patience and followed up regularly and made several representations before the concerned branch for release of the maturity amount, but nothing worth mentioning have been done on behalf of the OPs herein. The OPs are deliberately avoiding Complainant in order to make illegal gains and to cheat Complainant. Complainant deposited her hard earned money with the OPs and the scheme has been cleared by the OPs under the pretext of high return.

            OPs have also taken the cause of mal practice and unfair trade practice in order to make illegal gains. The OPs have sufficient funds in order to meet the minor claim of investors, but the OPs are deliberately avoiding the bonafide investors to make illegal gains. Complainant issued legal notice dated 18^th October, 2017. Complainant prays for refund of Rs.80,000/-, being the maturity amount as committed by the OPs, at the time of investment along with accrued interest for the delay. In spite of receiving the Notice, the OPs 1 and 2m have not taken any step for refunding the said redemption amount.

            Complainant states that the OPs had been in their good books, since the OPs have earlier made timely payment in other investments of Complainant, but in the present case, the OPs have exposed themselves to be a fraud company and has permanently started practicing Unfair Trade Practice in order to cheat the innocent investors and to make unlawful gain.

            Complainant further states that she was not aware of the mala fide intentions of the OPs. The OPs deliberately failed to comply with its own commitments and assurances. The aforesaid mala fide act  on the part of the OPs were deliberate to make illegal gains and to deprive Complainant of her lawful money.

            The cause of action for the instant complaint petition arose on 08.08.2009 and 09^th June,2012 separately when the Complainant’s investments were divided into the said two schemes and thereafter in the month of  August,2014 and in the month of June,2017 respectively being the date of maturity of the said scheme and further  thereafter on 28^th October,2017 when Complainant issued a legal notice and the same is continuing  day to day, thereafter Complainant falls within the pecuniary jurisdiction of Ld. Forum. Complainant will suffer irreparable loss and injury if the relief as prayed is not allowed.

            Complainant prays for directing the OPs jointly and severally to forthwith release the maturity amount of Rs.80,000/- together with interest  at the rate of 12 percent p.a. from August,2015 and June, 2017 respectively for the aforesaid schemes till the date of realization, directing the OPs to pay compensation of Rs.7,00,000/- for mental harassment and mental agony caused due to deliberate denial to pay the redemption amount, directing the OPs to pay Rs.3,00,000/- for deficiency of service and unfair trade and Rs.50,000/- for litigation cost.

            Complaint was admitted on 18.02.2018, on 21.02.2018 written version in hindi was filed by the OPs. It was written in one sheet and it was not a notarized version. In the written version, OPs mentioned that they will pay the maturity value of Rs.49,684/- in April, 2-018. The Account No. of the Pass Book is 27042905316. Another amount is yet to be matured, when the date of maturity will come, the OPs must pay back the maturity amount. The Account No. of that pass book is 82704201070. No E/Chief was filed by the OPs. They even did not enter appearance. The case is heard on merit.

Decision with Reasons

            We have perused complaint petition, written version in Hindi.  The version in one sheet, Photocopy of details of Complainants, details regarding savings, photocopy of papers of “Q “Shop, photocopy of Sahara M Benefit Monthly deposit scheme, e-mail dated 28^th October,2017 addressed to the OP-2 and other documents lying on record. It appears that Complainant  invested  a sum of Rs.60,000/- (Rs.12,000/- per annum) in the real estate scheme for a period of 5 years. The said scheme had assured the repayment of Rs.80,000/- and after the end of the term of 5 years. Accordingly, a pass book was generated by the office of OP-3 i.e. Sahara India Sadan.

            In spite of the maturity of the said scheme, the OPs were delaying payment of the maturity amount of Rs.80,000/- only as assured under the said real estate scheme. They were delaying the maturity payment under one pretext or the other.

            In the meantime the said real estate scheme was taken up by the SEBI and the issue pertaining to the said scheme was taken to the Hon’ble Supreme Court of India and the Apex Court directed the Sahara India Pariwar to refund the amount to all investors as collected under the said real estate scheme. It is pertinent to mention that Complainant has not received a single farthing from the OP.

            After the order of the Hon’ble Apex Court, Complainant went to the office of OP-2 at Howrah and Complainant was persuaded cleverly and the original pass book of the said scheme was taken into custody  by the OP-2 and a new Pass Book was issued under the new schemes “ Sahara M Benefit  Scheme “ and Sahara Q Shop Plan M”. Complainant followed up regularly and made several representations before the concerned authority for release of maturity amount, but no positive step was taken by the OPs.

            The OPs committed to return the maturity amount after the term of 5 years. After completion of the terms, Complainant knocked at the door of the OPs for several time, but with no effect. The maturity amount of Complainant was transferred to two different schemes, without taking Complainant’s consent. The fate of the invested amount has become uncertain. The agents of OPs deposited the amount of Rs.60,000/- with the promise of timely return. But Complainant is being harassed by the OPs for no good reason.

            Complainant issued legal notice dated 28^th October, 2017 claiming the redemption amount of Rs.80,000/- together with accrued interest during the  period of delay. Complainant’s Rs.60,000/- as divided into two parts Rs.30,350/- and Rs29,650/- without taking Complainant’s consent. OPs used Complainant’s money in two different schemes, but she is deprived of getting the profit.

            OP is reluctant to answer Complainant’s mail. Rather OPs are negligent. Their activity falls within the scope of definition of Unfair Trade Practice and deficiency of service.

            Complainant is a consumer. She paid Rs.60,000/- to Sahara India Pariwar. OPs are deficient because they failed to return the money. So, Complainant deserves relief as prayed for. In the result, complaint succeeds. Hence,

Ordered

That the complaint be and the same is allowed on merit.

            OPs are directed to jointly and severally refund Rs.80,000/- with 7 percent interest  from 28^th June,2017 till actual payment, within one month from the date of this order.

            OPs are directed to jointly and severally pay Rs.10,000/- as compensation for mental agony, pain and harassment of the Complainant within the stipulated period.

            OPs are directed to jointly and severally pay Rs.10,000/- for unfair trade practice to be deposited with this Forum within the stipulated  period.

            OPs are directed to jointly and severally pay Rs.5,000/- as litigation cost to Complainant within the stipulated period.

            Failure to comply with the order will entitle the complainant to put the order into execution under appropriate provision of the C.P. Act.