Order No.  18  dt.  28/10/2016

          Fact of the case in brief is that the complainant purchased two Certificates/Bonds from O.P. being policy nos. P1170063264 and P1170062959. The date of purchase of the first policy was 08.01.2013 and the date of purchase of 2^nd policy was 5.1.2013. The date of sale of the first policy was 07.1.2014 and  date of sale of the second policy was 4.04.2014. The complainant invested Rs.1,50,000/- for the first policy and Rs.1,00,000/- for the second policy.  As per  Certificate/Bond the sale price of the first policy  was Rs.1,80,000/- and the return on investment of the second policy was Rs.1,20,00/-. After the date of maturity complainant tried to contact with the OP but could not contact due to non-existence of office at the said  address. Then the complainant  sent  number of letters but all the letters returned with postal remarks ‘left’ and ‘door locked’ finding no other alternative.  The Complainant  approached before Assistant Director,  CA and FBP. But the complainant did not get any response from OP. Hence the application praying for returning of Rs.3,80,000/-  as the sale price along with interest, compensation and cost.

          OP appeared before  this forum and  filed WV. In their WV OP No.2 admitted that complainant purchased  one Potato Bonds Rs. 1,50,000/- and the date of maturity of which was on 07.01.2014. OP also  admitted in the WV that the return on investment value was Rs.1,80,000/- for that Bond. OP also stated  in their W/V that OP has no intention to avoid or to capture the invested amount. They want to refund the invested money after the date of maturity. But, unfortunately SEBI passed an order dated 09.07.2013 that OP to restrain from accessing the security market and prohibited from buying  selling or otherwise dealing in the security market. SEBI already freezed the amount of the OP. Therefore OP is unable to refund the maturity value to the complainant.

          OP denied that the complainant is a consumer under the CP Act. Hence they pray for rejecting and quashing the complaint for the ends of justice.

Decisions with reasons  

          We have gone through the petition of complaint, W/V and  documents filed with the complaint’s petition.

          It is evident from the record that the complainant invested Rs.1,50,000/- and Rs.1,00,000/- with OP as short term fixed deposit. OP issued the Certificates/Bonds to that effect with assurance to give a lucrative return.  So the complainant is a consumer as per C.P. Act, 1986.

          Now moot question for consideration is whether OP has committed  any deficiency in service. OP has assured that they would return the matured value on the date of maturity. But after the date of maturity when the complainant approached before them, they had already shifted the office.  In their w/v OP admitted  that they had taken the money from the complainant and they are willing to refund the matured amount to the investor. Though OP mentioned  in their w/v about one certificate only, but from the record we have observed that the complainant purchased two certificates. After the date of maturity complainant knocked the door of the OP in various ways but in vain. Complainant invested the money as short term deposit to meet the expenses of marriage   ceremony of his daughter but after the lapse of more than 2 and ½ years the  Complainant did not get any farthing from the OP. So we find deficiency in service on the part of the OP and as such complainant is entitled to get relief.

Hence, ordered

that the OP is directed to refund Rs.3,00,000/- (Rupees 3 lacks) only in total (Rs.1,80,000/- for the Policy No. P1170063264 and Rs.1,20,000/- for the Policy No. P1170062959) O.p. is also directed to give Rs.15,000/- (Rupees fifteen thousand) only for prolonged harassment and mental agony caused by them and Rs.5,000/- (Rupees five thousand) only as litigation cost.

          OP is directed to give the aforesaid amount within 30 days from the date of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.

          Supply certified copy of this order to the parties free of cost.