Final Order / Judgement

Mr.  Dhiraj Kumar Dey,  Hon’ble Member.

            This case arises when Mr. Tejinder Singh Chahal, hereinafter called the Complainant, filed a complaint under Section 35 of the Consumer Protection Act, 2019, herein after called the said Act, against (1) The Franchisee Guardian of M/s. Sahara Credit Cooperative Society Ltd. (M/s. Sahara India)., (2) The Branch Manager, M/s. Sahara Credit Cooperative Society Ltd. (M/s. Sahara India). (3) The General Manager, M/s. Sahara Credit Cooperative Society Ltd. (M/s. Sahara India). and (4) The Chairman, M/s. Sahara Credit Cooperative Society Ltd. (M/s. Sahara India), hereinafter called the Opposite Parties or OPs, alleging deficiency in service occurred from the part of the O Ps.

            The facts, as stated in the complaint and emerged from the documents attached with it, are that the Complainant invested Rs.5,00,000/- in to the Monthly Interest Scheme, hereinafter called the MIS, and 5 MIS Certificates for Rs.1,00,000/- each having Certificate Nos. 797000500307, 797000500301, 797000500302, 797000500305 & 797000500306 respectively, issued by M/s. Sahara Credit Cooperative Society Ltd. from Liluah F. C. on 20/09/2018. The tenure of the scheme was for 18 months, i. e. date of maturity was fixed on 20/03/2020 and monthly interest payable was Rs. 917/- for each MIS.  Complainant stated that he received monthly interests for each MIS as per terms and conditions of the scheme up to the month of July, 2019 but thereafter the OPs stopped payment of monthly interests on each MIS since August, 2019 till the maturity date.  Complainant stated that after the date of maturity, i. e. after 20/03/2020, he visited the offices of the OPs on several occasions and tried to deposit the original MIS Certificates in order to get back his invested principal amount together with the legitimate interests accrued thereon which were unpaid to him.  But his efforts brought no result.  On 02/03/2021 he sent a legal notice through his Ld. Advocate to the Managing Director of M/s. Sahara Credit Cooperative Society Ltd., through Speed Post on 02/03/2021 with a copy to the Franchisee Manager, Liluah F C 5191 but of no avail. Finding no other way to get redressed his grievance complainant filed this instant complaint before this Commission praying to direct the OPs to (i) compensate Rs.1,00,000/- for mental and financial harassment, (ii) to refund the principal amount of Rs.5,00,000/- invested in OPs company together with total unpaid monthly interests of Rs.36,660/-, (iii) simple interest upon all dues till realisation. (iv) litigation costs of Rs.40,000/- and any other relief(s) as this Commission deem fit and proper in order to restrain the OPs from doing such kind of unfair trade practice etc.

            Complainant filed copies of (i) 5 Certificates issued by the OPs and (ii) legal notice sent through the advocate to the Managing Director of the OP company dated 02/03/2021 as annexure to the complaint petition.

            Notices were served, after admission, to the O. Ps. Service of notice upon OPs– 1 & 2 was taken as a good service with the postal remarks ‘Unclaimed’.  Notice issued to OP- 4 later found delivered.  On the second attempt service of notice upon OP- 3 found satisfactory.  But none of the OPs appeared before this Commission nor did they file any written version for which the case proceeded ex parte against all the OPs. Complainant then filed his Evidence on Affidavit and ex parte argument was heard thereafter. BNA was filed by the complainant along with the Evidence on Affidavit.  We have now come to the position to deliver the Final Order in this case.  We have to decide whether the O. Ps. are deficient in rendering proper service to the complainant for which he is entitled to get relief as prayed for.  Original Certificates issued by the OP company are taken into consideration.

DECISION WITH REASONS

            The factual matrix of the case as emerged from the complaint and the annexed documents is that the complainant invested Rs.5,00,000/- on 20/09/2018 in the MIS Scheme named SAHARA Special MIS, of M/s. SAHARA CREDIT COOPERATIVE SOCIETY LIMITED and the company issued 5 separate Certificates of Rs.1,00,000/- each bearing Nos. 797000500301, 797000500302, 797000500305, 797000500306 & 797000500307 respectively, all dated 20/09/2018. In these certificates it is stated that the investment is for 18 months and the date of maturity is written as 20/03/2020. The payble interest rate is stated to be @11% and the monthly interest amount is Rs.917/-.  On the maturity date the maturity amount is stated as Rs.1,00,000/- for each certificate, which ought to be refunded to the complainant.  It is seen that he got regular monthly interests for these 5 certificates @917/- each per month from October, 2018 up to January, 2019 but the complainant stated that he had got monthly interest up to July, 2019, i. e. he has not received any monthly interest from August, 2019 up to March, 2020.  Moreover, he has not received any of the principal amount he has invested in the scheme after the date of maturity, even the OPs did not respond to his repeated requests. This entire fact says us that the complainant is a ‘consumer’ to the OP company as defined in the Consumer Protection Act, 2019 and the OP company is the ‘service provider’ from whom the complainant/consumer hired the ‘service’ by providing him monthly interests and on maturity the maturity amount should be refunded to the complainant/consumer.  As the OP company failed to provide the desired service to the complainant/consumer so there is a deficiency in service occurred from the part of the OP company and the complainant has the right to seek redress for his grievance under the C. P. Act, 2019.  As the OP company is a legal entity, so its office bearers should be responsible for such deficiency in service. It is seen that the above noted certificates were issued by the Franchisee Manager, Liluah F, C, 5191, Sector – Shivpur, Region – Howrah.  Complainant filed his complaint against (1) the Franchisee Guardian, (2) the Branch Manager, Shivpur branch, (3) the General Manager and (4) the Chairman of M/s. Sahara Credit Cooperative Society Ltd.  So, in our view these OPs are the right representatives of the OP company in this complaint who are responsible to compensate, though the Franchisee Manager would be stated in place of Franchisee Guardian.  Almost one and a half years elapsed from the date of maturity till filing the instant complaint and the complainant failed to get back his invested amount together with monthly interest unpaid for eight months.

            So, considering all these aspects we see that the OPs have not complied with the assurances agreed to be done by them as promised through the MIS Certificates issued to the complainant by the OP company which constitute deficiency in rendering service to the complainant/consumer as defined under the Act, hence they are liable to compensate and the complainant/consumer is entitled to get relief.  OPs must refund the entire maturity amount of Rs.5,00,000/- to the complainant.  The OPs must pay the unpaid monthly interest, calculated to be Rs.36,680/- (Rs.917/- X 8 months X 5 certificates), but the complainant demanded Rs.36,660/-.  We think that an interest @9% simple interest per annum on these sums of Rs.5,36,660/- with effect from the date of maturity till full and final payment will be enough as compensation together with a litigation cost of Rs. 8,000/-.  

            We have no contrary material to counter or rebut the complaint. If the OPs contested the case then there might be some contrary materials which could mend our minds to some other conclusions, but that has not happened.

            Hence,

                                    it is

ORDERED

          That the Complaint Case No. CC/160/2021 is allowed ex parte against all the Opposite Parties.

            The Opposite Parties are directed jointly and severally to refund to the complainant the principal amount of Rs.5,00,00/- together with the unpaid monthly interests, as demanded by the complainant, of Rs.36,660/-.  The OPs are directed to pay interest @9% per annum on the principal and unpaid monthly interest with effect from the date of maturity till this date to the Complainant within 60 days from this date.  The OPs are also directed to pay Rs.8,000/- to the Complainant as litigation cost within the aforesaid period failing which the entire sum shall carry 9% interest p. a. till full and final payment.

Dictated & corrected by me.

Member