Order No.  17  dt.  28/10/2016

                 Fact of the case in brief is that the complainant purchased a certificate/Bond from OP being policy no. P1170063129. The date of purchase of the said policy was 07.01.2013. The date of sale of the said policy was 06.01.2014. The complainant invested Rs. 1,00,000/- for the said policy. As per  Certificate/Bond the sale price of the said policy  was Rs. 1,20,000/-. 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.  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 Bond Rs.1,00,000/- and the date of maturity of which was on 06.01.2014. OP also  admitted in the WV that the return on investment value was Rs.1,20,000/- for that Bond. OP also stated  in their W/V that OP has no intention to avoid or to capture the invested amount. They always want to refund the invested money after the date of maturity. But, unfortunately SEBI passed an order dated 09.07.2013 restraining OP 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.

Decision with reasons

            We have gone through the petition of complaint WV and documents filed with the complaint petition.

            It is evident from the record that the complainant invested Rs.1,00,000/- with OP as short term fixed deposit. OP issued the Certificate/Bond to that effect with assurance to give a lucrative return. So the complainant is a consumer under CP Act, 1986.

            Now moot question of 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 WV, OP admitted that they had taken the money from the complainant and they are willing to refund the matured amount to the investor. 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 his education. But after the lapse of more than 2 and ½ years, 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.1,20,000/-(Rupees one lack twenty thousand) only (for the policy No-P1170063129). Op is also directed to give Rs.10,000/- (Rupees ten thousand) only for prolonged harassment and mental agony cost 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.