Judgment & Order dt. 06.09.2017
Denial of complainant’s claim to encash the certificates issued by the OP company at premature stage has galvanized the complainant to file the instant complaint u/s 12 of the C.P. Act, 1986, praying for passing an order directing the OP to release prematurity value of the certificates and to pay compensation etc. for mental pain and agony against the OP company.
The facts leading to the filing of the instant complaint by the complainant may be epitomized as follows.
The complainant invested Rs.5 lakh in 13 numbers of certificates issued by OP company i.e. Sahara Credit Cooperative Society Limited under scheme of SAHARA.E.SHINE for a period of 96 months i.e. 8 years. But, before completion of 8 years, the complainant fell in dire necessity of money and therefore, she wanted to encash all the certificates after completion of 5 years from her investment. The OP Company did not allow the complainant to encash the certificates at premature stage and that’s why she i.e. the complainant has come up before this Forum with filing of instant complaint praying for issuing direction to the OP to pay the prematurity-amount of 13 certificates amounting to Rs.9,01,000/- (Rupees Nine lakh and one thousand only) along with interest @ 12 % p.a. and also to pay Rs.10,000/- as compensation for mental pain and agony of the complainant and a sum of Rs.10,000/- as litigation costs. Hence arises the case.
The OP has made appearance in this case and has filed a written statement wherein the claim of the complainant is palpably admitted. It is also submitted in the written statement that the complainant asked to submit an application before the office of the OP and that they would pay prematurity-value of all certificates of the complainant within 75 to 90 days of submission of the application.
DECISION WITH REASONS
In the instant case, the OP has fully admitted the claim of the complainant. According to the complainant, she invested Rs.5 lakh in the scheme of SAHARA.E.SHINE of the OP company for a term of 8 years in 13 separate certificates issued by the company. She is in urgent necessity of money at present and therefore, she wants to encash the said certificates prior to their maturity. She has claimed Rs.9,01,000/- (Rupees Nine lakh and one thousand only) as maturity value of all those certificates bearing A/C Nos. mentioned herein under :-
Date | A/C Nos. | Amount |
10.04.2012 | 60384200855 | Rs. 50,000/- |
| 60384200856 | Rs. 50,000/- |
| 60384200857 | Rs. 50,000/- |
| 60384200858 | Rs. 50,000/- |
| 60384200859 | Rs. 50,000/- |
11.04.2012 | 60384200861 | Rs. 10,000/- |
| 60384200864 | Rs. 10,000/- |
12.04.2012 | 60384200874 | Rs. 15,000/- |
| 60384200875 | Rs. 15,000/- |
30.04.2012 | 60384201005 | Rs. 50,000/- |
| 60384201006 | Rs. 50,000/- |
| 60384201007 | Rs. 50,000/- |
| 60384201008 | Rs. 50,000/- |
| Total | Rs. 5,00,000/- |
Claim of the complainant is entirely admitted by the OP and in this context we find no difficulty whatsoever to pass an order in favour of the complainant entirely on the basis of admission made by the OP. In the result, the case succeeds.
Hence,
O R D E R E D
that the complaint be and the same is allowed on admission against the OP-company with costs which is quantified to be Rs.2,000/-.
The OP-Company is hereby directed to make payment of premature value of 13 separate certificates of the complainant as referred to in the body of the judgment, amounting to Rs.9,01,000/- (Rupees Nine lakh and one thousand only) and also of the litigation cost of Rs.2,000/-, within 45 days of this order, failing which the awarded amount of premature value will bear punitive interest @ 15% p.a. until full realization of the same. No specific order for compensation is passed herein except the punitive interest as referred to above.
Let a plain copy of this order be supplied free of cost at once to the parties concerned.
