Order-12.

Date-04/06/2018.

        Smt. Sangita Paul, Member

            Complainant, by filing this complaint states that the marketing officers of Untech Ltd. approached Complainant -1 and informed about the fixed  deposits, which are being offered by the OP. They further informed that Unitech is a blue chip company and is an Index Company of both BSE and NSE. Complainant was not very much aware of the functioning of the OP. The marketing officer made several visits at the residence of Complainants and persuaded them to invest in the fixed deposits. The rate of interest that the Unitech was offering on its fixed deposit was much higher than what the banks were offering at that point of time. The Marketing Executive of the OP again  came and suggested that  the Fixed Deposits were having of high safety as the same will be invested in the business of Real Estate and will give high interest. Complainant with hope of earning more  started investing in the fixed deposits..

            It is stated that after the maturity of the fixed deposits, Complainant visisted the office of the OP and came to know that the OP is paying  the maturity amount to the fixed deposit holders as and when, the funds of the Company was permitting. Complainants have visited the office of the OP-1 and had held several meetings with Mr.Habib Ali who was the dealing officer of the OP and  assured every time that the money will be paid very soon as soon as the funds would permit the payment. Mr. Habib Ali had  also stated that the Company was unable to pay on time due to economic slowdown which the Company was facing.

            Thereafter Complainants visited the office of OP 1 for several times but without any success. Complainants have hired the financial service of the  OP and as such is a consumer with the definition of Consumer Protection Act. As on date the total maturity amount payable by the OP is Rs.14,57,252/- which is within the pecuniary jurisdiction of Ld. Forum. Complainant have suffered mental and physical pain and mental agony as the money which was the only source of income  for the retired Complainant -1 and 2 and both are suffering from various illness and it was the only source of income of Complainant -3 as she became a mother and left her permanent job to look after  her baby.

            The cause of action  of the present complaint. lastly arose on 06.01.2017 being the maturity date of policy and is continuing till date as the OP has not paid the maturity amount to Complainant.

            Hence, Complainant prays for directing the OP to repay the maturity amount of the Fixed Deposits amounting to Rs.14.57,252/- with 18 percent interest over the maturity amount from

the date of maturity, directing the OPs to pay compensation of Rs.1,00,000/- for the mental agony and harassment which Complainant had to face.

            Complaint was admitted on 23.11.2017  Speed Post envelopes in respect  of the OPs returned  ‘unserved’ with post al endorsement “left” are received. It was 20.04.2018 Complainant files copy of news paper publication. The legal notice was published in a widely circulated  Bengali Newspaper “ Aajkal”  dated 03.04.2016, OPs were absent on call. On 07.05.2018. Complainant was present, but OPs were absent on call. No Written Version was filed. The case be run ex parte against the OPs, because the statutory period for filing W/V was over. On 22.05.2018 Complainant files E/Chief and BNA . Argument was heard ex parte. E/Chief  of Complainant  remained unchallenged because OPs were absent on call. We proceeded for giving judgement.

Decision with Reasons

            We have perused the complaint petition, photocopy of fixed deposit receipts, photocopy of emails addressed to the OPs, Copy of Evidence-in-chief and BNA and other documents lying on record. It is evident that Complainants sometimes in the month of 2012 met wth the Marketing Officer of Unitech Limited. They informed about the fixed deposits schemes which are being offered by the OP. They also informed that investing money at Unitech Ltd. will be safe because it is a blue chip company and an index company of both BSE and NSE. The OP allured them by telling that the investment in Unitech was profitable because, they were giving high rate of interest than banks, when Complainant invested, they were informed and it was also mentioned in the fixed deposit receipts that the company would give 2.5 percent interest on the principal amount and Complainants were told that their money would be invested in the real estate business. So there is no chance of losing the money. Complainant-1 being a retired govt.  employee believed in the words of the OPs and invested money in the fixed deposit schemes started by the OPs. Complainants were assured that full maturity amount wil be given along with the interest of 12.5 percent p.a.  They also assured that  there was nothing to worry about it, with the hope  of getting higher rate of interest than banks. Complainants were inclined to open the fixed deposit schemes. After the  maturity, at the time of giving interest, like other non banking organizations, the OPs stated that the company  had been facing financial slow down. Their statements proved that they wanted not to refund the Complainants’ hard earned money. Complainants invested Rs.12,55,000/- on different dates of 2015. They were supposed to be matured on different dates of 2016 and 2017, but the fate of the invested money was totally uncertain. Complainants are spending time in mental agony and pain leaving all hopes of getting back the principal amount with interest. Complainants with a hope of getting high return, invested. They believed in the sweet words of Marketing Officers and also believed that they Company would get the money back after the date of maturity. It is crystal clear that the company is not different from other non banking organization. They took out money from Complainants and invested the same for their own interest. Complainants met with them and thought that they would certainly return the money. But the OP told that their company was facing financial crunch. As they have invested the money in the filed of real estate, it is the earnest duty of the OP to return the money after calculating the interest. But the OPs are unwilling to return. They are adopting unfair trade practice by not returning the money. At the time of taking money, they did not mention that if the company would be facing financial crunch, the complainants had to suffer. The agents only stated that their company would be giving higher rate of interest than banks. Being allured by their attractive presentation, Complainant invested money. They hardly thought of the adverse situations. At the time of return, they are neglecting to refund. The OPs are deficient in rendering service. Complainant suffers for the deficiency of service adopted by the OPs. If the Complainants would have invested the money in other fields, they would have got high return. Now they are waiting for the money after maturity.  An e-mail was sent on October 07, 2015, informing that the Complainants -2 were in dire need of money. Complainant -2 needed money for her husband’s treatment, but they did not get. In the result, complaint succeeds.

            Hence,

                                                                        ORDERD

            That the complaint be and the same is allowed ex parte against the OPs.

            OPs jointly and severally  are directed to pay Rs.7,l7,4464/- to Complainant-1, Rs.1,72,808/- to Complainant-2 and 5,66,980/- to Complainant -3  with 7 percent interest from the respective dates of maturity till actual payment along with litigation  cost of Rs.5,000/-  to each of Complainants within one month from the date of this order.

            OPs are jointly and severally directed to pay Rs.3,000/- to each of the Complainants towards compensation for mental agony and pain within the stipulated period.

            OPs are jointly and severally directed to pay Rs.10,000/- for unfair trade practice to the account of the Forum within the stipulated period.

Failure to comply with the order will entitle the complainant to put the order into execution under appropriate provision in C.P. Act.

Order No. 13 / Dated 02/08/2018.

Record is put up on the strength of a petition filed by the Ld. Advocate for the Complainant with the prayer for correction / rectification of some typographical mistake in the final order dated 04/06/2018 passed by this Forum in CC No.429 of 2017. In the said petition it is stated that in page No.-4 of the ordering portion of the judgement aforesaid it has been written wrongly that- O.Ps. jointly and severally are directed to pay Rs.7174464/- instead of Rs.7,17,446/- with the prayer for correction of the same.

Perused the petition filed by the Ld. Advocate for the complainant. Seen the copy of judgement dated 04/06/2018 passed by this Forum in CC/429/2017. Considered.

As the mistake is typographical one, the prayer of the complainant is allowed. In page no.-4 of the ordering portion of judgement Rs.71,74,464/- is corrected / rectified aas Rs.7,17,446/-.

Let the original order sheet be corrected accordingly and copy of order be supplied to the parties after rectification. Parties are to act accordingly.