Karnataka

Belgaum

CC/109/2015

Basavaneppa Y Chikkabagewadi - Complainant(s)

Versus

The Managaing Director PACL INDIA Ltd - Opp.Party(s)

S K Patil

22 Dec 2016

ORDER

                

ADDITIONAL  DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BELAGAVI

C.C.No.109/2015

                     Date of filing: 24/02/2015

                                                                  Date of disposal: 22/12/2016

 

P R E S E N T :-

 

	(1)	Shri. A.G.Maldar, B.Com,LL.B. (Spl.) President.
	(2)	Smt.J.S. Kajagar, B.Sc. LLB. (Spl.)  Lady Member.

 

COMPLAINANT/S   -

1.       2.       3.       4.

Sri.Basavaneppa Yashwantappa Chikkabagewadi, Age: Major, Occ: Ex-Serviceman.   Sri.Karthik, S/o Basavaneppa Chikkabagewadi, Age: Major, Occ: Student.   Miss.Vidyashri D/o Basavaneppa Chikkabagewadi, Age: Major, Occ: Student.   Smt.Jayashri W/o Basavaneppa Chikkabagewadi, Age: Major, Occ: Housewife.   All are R/o: of Plot No.421/C/D/9, Vidya Nagar, Bailhongal, Dist.Belagavi.                      (Rep. by Shri.S.K.Patil, Adv.)

 

 

- V/S -

 

OPPOSITE PARTIES  -

1.                 2.

The Managing Director, M/s. PACL India Ltd., 7th Floor, Gopaldas Bhawan, 28, Barakhamaba Road, New Delhi – 110001.   The Manager, PACL India Ltd., 2nd Floor, Ashray Empire Building, Near RPD Cross, Opp.Uday Bhavan Hotel, Tilakawadi,  Belagavi.                                        (Rep. by Shri.P.S.Tigadekar, Adv.)

 

 

 

 

 

 

JUDGEMENT

 

By  Sri.A.G.Maldar, President.

 

 

This is a Complaint filed by the complainant under Section 12 of the Consumer Protection Act, 1986 (herein after referred to as Act) against the Opposite Parties (in short the “Ops”) directed to pay the matured PACL bonds amount with interest @ 18 % p.a. till realization and compensation of Rs.40,000/- towards Mental agony and any other reliefs.

 

2.      The facts of the case in brief are that;

 

          The case of the complainant is that, the complainant No.1 is an Ex-Serviceman, complainant No.2 & 3 are the son and daughter of complainant No.1 and complainant No.4 is wife of complainant No.1, after his retirement his hard earned money was lured to be invested with the OPs. Further, the complainants are a joint family and are the customers of OPs Company. The OP Company accepts various deposits from the public and in turn canvasses and promises to good return for their deposits. Therefore, the complainants have deposited the amount in OP.No.2 branch, the following amounts shown in the table as below;

 

Sl.No.	Name of Investor	Regn.No.	date of commence	Invested Amount in Rs.	Estimated Realizable Value at the end of term and date
01.	Mr.Basavaneppa Y. Chikkabagewadi	U 214059058	31.05.2007	62,500/-	1,42,545/-   31.05.2014
02.	Mr.Karthik S/o. B. Chikkabagewadi	U 214059051	31.05.2007	62,500/-	1,42,545/-   31.05.2014
03.	Ms.Vidyashri  D/o. B. Chikkabagewadi	U 214059057	31.05.2007	62,500/-	1,42,545/-   31.05.2014
04.	Smt.Jayashri W/o. B. Chikkabagewadi	U 214059049	31.05.2007	62,500/-	1,42,545/-   31.05.2014

 

 It is further contended that, the scheme floated by the OPs was to mature on 31.05.2014. The complainants each were to get a plot of land of 1250 Sq Yards and in default get the estimated realizable value of the plots as per the registration letter which is Rs.1,42,545/- each of the complainant. It is further contended that, after maturity, the OPs Company has taken back the Original Agreement Deeds and issued a Common Acknowledgement dtd: 03.06.2014 to all the complainants in respect of original bond.

  

It is further case of the complainants are that, after expiry date of agreement on 31.05.2014, the complainants have visited the OP.No.2 for refund of the estimated realizable value of the plots. But, the OPs have failed to pay the same amount to the complainants, the act of OPs are amounts to deficiency in service on the part of the OPs.

 

It is further also the case of the complainants are that, when the OPs are not heeding the request of the complainants to refund the said estimated value of plots as agreed by the OPs. Ultimately, the complainants have issued legal notice on 03.02.2015 through his Counsel to the OPs Company and notice was duly served to the OPs Company neither sent any reply nor coming forward to make the payment till today. Hence, ultimately the complainants have constrained to file this complaint.

 

 3.     After issue of notice to the Opponents, on dtd:07.04.2015 the Sri.P.S.Tigadekar, advocate and request of the, one Mr. Sri.Vaibhav A. Baradekar, Manager of PACL India Ltd., Belagavi  with his request,  the PST Adv. filed memo of appearance, but till today they have not filed any neither vakalat nor version nor any appearance before this Forum.

 

Though, the notice duly served on the OPs, the Manager of OP.No.2 through P.S.T Advocate filed a memo and requested to proceed with the case, but neither parties nor their advocate appeared before this Forum, nor filed any written version, therefore this Forum proceed with case on available documents.

  

4.      The complainant No.3 has filed his affidavit in lieu of evidence in support of his case. The complainant has produced the documents i.e. Xerox copy of PACL bonds the same has been marked as Ex.P-2 to Ex.P-5 and acknowledgement of receipt towards original document i.e. marked as Ex.P-1 and Ex.P-6 is legal notice and Ex.P-7 is postal acknowledgement and receipts. The Adv. for complainant has filed the written argument and argues the mater. 

 

Now, the following points that arise for our consideration in deciding the case are;

 

1. Whether the complainants have proved that there is deficiency in service on the part of the OPs for not refund the estimated realisable value of plots?

 

2. What order?

 

5.        Our findings to the above points are as under:

 

1. Affirmative.
2. As per final Order.

 

R E A S O N S

 

6.      Point No.1 : We have gone through the pleadings, affidavit evidence of complainant and as well as documents on record. It is true that, the complainants are the member of OPs and having a PACL bonds as shown below;

 

Sl.No.	Name of Investor	Regn.No.	date of commence	Invested Amount in Rs.	Estimated Realizable Value at the end of term and date
01.	Mr.Basavaneppa Y. Chikkabagewadi	U 214059058	31.05.2007	62,500/-	1,42,545/-   31.05.2014
02.	Mr.Karthik S/o. B. Chikkabagewadi	U 214059051	31.05.2007	62,500/-	1,42,545/-   31.05.2014
03.	Ms.Vidyashri  D/o. B. Chikkabagewadi	U 214059057	31.05.2007	62,500/-	1,42,545/-   31.05.2014
04.	Smt.Jayashri W/o. B. Chikkabagewadi	U 214059049	31.05.2007	62,500/-	1,42,545/-   31.05.2014

 

After the date of expiry of agreement as agreed and terms of the PACL bonds, the complainants have requested to refund the estimated realisable value of plots and submitted to the original PACL bonds to the OPs as per terms and conditions and OPs getting the original PACL bonds and issued acknowledgement receipt on 03.06.2014 which is marked as Ex.P-1 for sake of our convenience. Though, the OPs have getting original bonds and failed to pay the estimated realisable value of plots and postpone the same with one or other reasons without any valid reasons. Therefore, the complainants have got issued legal notice calling upon OPs to pay the estimated realisable value of plots as per terms of PACL bonds. Inspite of service of notice OPs have failed to reply and fail to compile as per terms agreed.

 

On perusal affidavit evidence and documents produced by the complainants i.e. the Original acknowledgement receipt for claiming the PACL estimated realisable value of plots with interest which is already marked as Ex.P-1 standing in the name of complainants. On perusal of PACL bonds which is purchased by the complainants are marked as Ex.P-2 to Ex.P-5, it clearly shows that, the complainants have deposited the said amount in the OPs Company. Inspite of repeated request and demands made, the OPs failed to pay the as per terms of the estimated realizable value of the plots in favour of the complainants. Therefore, the complainants have established their case as alleged in the complaint by way adducing affidavit evidence and material documents and as such there is deficiency in service on the part of the OPs.

 

Moreover, the OPs are liable to pay the estimated realisable value of plot if plot not available, as per terms PACL bonds.  Further, the complainants are entitled to compensation an amount of Rs.2,000/- each of the complainants for inconvenience and mental agony and Rs.1,000/- towards cost of litigation to the complainant, with this we answer to the Point No.1 in partly Affirmative.

       

7.      Point No: 2:- With these findings on Point No.1, we proceed to pass the following;

 

 

 

O R D E R

For the reason discuss above, the complaint filed by the complainant U/s 12 of the C.P. Act – 1986 is here by partly allowed with costs.

 

          The OPs are jointly and severally hereby directed to allot the plot as per terms of PACL bonds or to pay the estimated realisable value of plot, if plot not available, as per terms of PACL bonds to the complainants as below;

 

Sl.No.	Name of Investor	Regn.No.	date of commence	Invested Amount in Rs.	Estimated Realisable Value at the end of term
01.	Mr.Basavaneppa Y. Chikkabagewadi	U 214059058	31.05.2007	62,500/-	1,42,545/-
02.	Mr.Karthik S/o. B. Chikkabagewadi	U 214059051	31.05.2007	62,500/-	1,42,545/-
03.	Ms.Vidyashri  D/o. B. Chikkabagewadi	U 214059057	31.05.2007	62,500/-	1,42,545/-
04.	Smt.Jayashri W/o. B. Chikkabagewadi	U 214059049	31.05.2007	62,500/-	1,42,545/-

 

 

Further, the OPs are hereby directed to pay a sum of Rs.2,000/- each of the complainants for inconvenience and mental agony and Rs.1,000/- towards cost of litigation to the Complainants.

 

          The order shall be complied within 10 weeks from the date of this order.

 

            (This order is dictated to the Stenographer, transcript edited, corrected and then pronounced in the open forum on this 22^nd day of December, 2016).

 

Sri. A.G.Maldar,     President.

Smt. J.S. Kajagar,    Lady Member.