SMT. SYEDA SHAHNUR ALI, MEMBER

This is a complaint made by one Mohanlal Maity against the Opposite partiesd with a prayer for reliefs made in the  complaint petition.

In short, case of the Complainant is that the complainant invested a sum of Rs. 25,000/- as redeemable preference share on 30.09.2012 for one year with the OP No.1 through the OP nos. 2 and 3 as per motivation of the OP No. 2 and 3 being certificate No. 1638.   The Redemption value of said share was Rs. 30,000/- and date of redemption was 22.09.13. On 22.09.13 the complainant demanded the redemption value of Rs. 30,000/- from the OPs by depositing all the connected documents but till date they did not pay the same.

Further case of the complainant is that he also invested a sum of R s. 1,00,000/- to purchase 1000 redeemable preference share of Rs. 100/- each on 30.09.12  with the OPs. No. 1 and 2 through the OP no.3 being certificate No. 1636. .   The Redemption value of of said share was Rs. 1,20,000/- and date of redemption was 22.09.13. On 22.09.13 the complainant demanded the redemption value of Rs. 1,20,000/- from the OPs by depositing all the connected documents. The complainant also invested a further sum of Rs. 50,000/- with the said Co. being certificate No. 1788.   The Redemption value of of said share was Rs. 60,000/- and date of redemption was 18.1013. On 18.10.13 the complainant demanded the redemption value of Rs. 30,000/- from the OPs by depositing all the connected documents. The complainant also invested a  sum of Rs  10,000/- as fixed deposit for one year on 28.12.12 with the same OPs being application No. 94436 and its maturity date was 28.12.13. On the date of maturity the complainant demanded back the money but till date no money has been paid to him. The complainant also invested Rs. 50,000/- as fixed deposit for one year on 29.11.12 being application No. 129556 with the same OPs and its date of maturity was 29.11.13. On the date of maturity the complainant demanded the money back by filing all the connected documents but in vain. The complainant also invested Rs. 50,000/- as fixed deposit for one year on 29.11.12 with the same OPs being application No. 92962 and its maturity date was 29.11.13.  On the date of maturity the complainant demanded the money with interest but the OPs did not care at all. The complainant also invested Rs. 200/- as recurring deposit to the said OPs from 19.08.12 till 31.07.113 totaling Rs. 2,400/- which is also not returned back by the OPs to the complainant being A/C No. 120695/16225. Lastly on 26.09.15 the complainant served a letter to the OP No.3 demanding the same but they also did not return the money for which the complainant is suffering with mental agony.

In the aforesaid circumstances the complainant has been compelled to file this application praying for reliefs as per prayer thereof.

OP No. 1 and 2 did not appear to contest the case. The OP No.3 although filed vokalatnama but it was not duly signed by him. However, the OP no. 3 also did n ot file any WV in the case. So, the case is heard ex parte against all the OPs.

Point to be considered in this case is whether or not the Complainant is entitled to the relief(s) sought for by her.

Decision with reasons

We have carefully perused the affidavit of the complainant and all the documents filed by the complainant. It appears from the record that although vokalatnama had been filed on behalf of the OP no.3 but none appears to represent any of the OPs at the time of hearing. So, the case was heard ex party.

  It is the submission of the ld. Lawyer of the complainant that  the OPs motivated and insisted  the complainant to invest in their Co. with assurance to return the principal money with huge interest in all the cases, but on maturity of the investments as well as Fixed and Recurring deposits, the OPs did not return the money to the complainant  in spite all  efforts made by the complainant.

 On perusal of the documents filed by the complainant it is found that the case of the complainant is based on sound proof.

         Hence,                     

O R D E R E D

That CC/307 of 2016 be and the same is allowed on contest against all the OPs.  The OPs are directed to pay maturity value of Rs. 1,20,000/-from 22.0-9.13, redeemable preference share matured value of Rs. 60,000/- from 18.10.13 fixed deposit of Rs. 10,000/- from 28.12.13 and fixed deposit of Rs. 50,000/- from 29.11.13,fixed Deposit of Rs. 50,000/- from 29.11.13 and recurring deposit of Rs. 2,400/- from 31.07.13 with 10% interest in all the cases from the date mentioned against each  to the complainant within two months from the date of this order, in default, OPs will have to pay interest at the rate of 10% p.a over the decreetal amount till final payment. OPs are further directed to pay compensation of Rs.1000/- and Rs. 500/- as litigation cost to the complainant within two months from the date of this order, failing which OPs will be liable to pay Rs.100/- daily as punitive charges which will be payable to the Consumer Welfare Fund.

          Let the copies of the judgement be supplied to all the parties free of cost.