The case of the complainant, in a nutshell; is that he invested Rs. 13,200/- each against Certificate Nos. 562021223439 and 562017042769 dated 23.05.2012 and 16.10.2012 with OP 1. The redemption value of those certificates are Rs. 31,020/- each after expiry of redemption period of 72 months. On maturity, the complainant approached the OP 1 to refund the redemption value of those certificates but the OP 1 refused to pay the redemption amount. Complainant vide letter dated 31.07.2019 requested the OP 1 to pay the redemption amount of the certificates but such letter was unattended. Finding no other option, the complainant approached this Commission for necessary reliefs as mentioned in the prayer portion of the consumer complaint.
On services of notices, the OPs appeared by filing Vokalatnama but ultimately failed to file their WV. As such, the case has proceeded ex parte against the OPs vide order dated 01.03.2021.
To prove his case the complainant has filed his E/chief in the form of affidavit. We have perused the consumer complaint, documents annexed thereto and E/chief of the complainant.
It appears from the photocopies of Certificate bearing Nos. 562021223439 and 562017042769 dated 23.05.2012 and 16.10.2012, we find that the complainant invested Rs. 13,200/- each to the OP 1 on Sahara Q Shop Unique Products Range Ltd., Plan-H and the redemption value of those certificates are 31,020/-. Despite expiry of redemption period, the OPs did not pay the redemption value of those certificates to the complainant. Having no other alternative, the complainant approached the OP 1 vide letter dated 31.07.2019 to pay redemption amount of the certificates but such letter was unattended.
The OPs collected money from various investors and amassed their wealth attracting the investors for lucrative returns. But when time comes for repayment of redemption value, OPs did not respond to the representations of the investors, neither did they act in response to their duties and obligations. This is not only deficiency in service but also unfair trade. As soon as the complainant paid money of anticipation of getting that with assured interest, he becomes the consumer under the OPs in terms of consumer protection Act.
The OPs did not carry out their duties and obligations as promised and did not pay back the redemption value. This is nothing but deficiency in service by the OPs. The deficiency of the OPs led the complainant to face physical, mental harassment and financial distress to some extent.
Despite given opportunity to the OPs they did not file their WV. They did not assist the Commission to find out the truth because truth was known to them. The evidence of the complainant is remained unchallenged. The answering OPs did not controvert the allegations leveled against them by the complainant.
In the foregoing observation, the complaint is allowed against the OPs with following directions:-
- OPs are directed to pay redemption amount of Rs.62,040/- to the complainant within 60 days from today.
- OPs are also directed to pay compensation of Rs. 7,000/- to the complainant within the specified period.
- OPs are further directed to pay Rs. 3,000/- to the complainant as litigation cost.
Copy of the judgment be given to the parties as per rules. The judgment be uploaded on the website of this commission for perusal of the parties
