Order-16.

Date-23/07/2015.

This is an application u/s.12 of the C.P. Act, 1986.

          Complainant by filing this complaint has submitted that being assured with various impressive benefits by the representative of the OP the complainant was interested to invest in periodical product booking scheme by way of making application of products against payment of Rs.2,500/- and the OP issued the money receipt.  Complainant booked a product being no.P.P.B. No.BDMD351100 of Rs.90,000/- on 16-03-2012 and in this connection complainant shall have to pay Rs.2500/- by 36 equal monthly instalments from the date of said policy application and the OP further assured that the complainant at the end of 36 months will get back the product (Gold Consumption) of Rs.1,12,500/-.  Complainant filed the application of the said policy in the office of the OPs on 16-03-2012 but policy bond was delivered to the complainant on 17-06-2013 and it is pertinent to mention here that complainant paid monthly payment from the date of application.  Accordingly as per the terms and condition of the policy the opening date of the said policy was 16-03-2012 and the closing date was 16-03-2015.  Representative of the OPs further assured that the product of Rs.1,12,500/- will be delivered to the address of the complainant as given in the policy bond after making payment of 36 instalments.  Complainant already paid 35 instalments within time as per terms and conditions as stated in the policy bond out of 36 instalments and complainant paid to the OP under the said policy a sum of Rs.87,500/- and as per the newly enacted Companies Act, 2013 read with the Companies Rules, 2014, jewellary purchase scheme came within the scope of public deposit.  Accordingly, due to compelling reasons Golden Jewellary purchase scheme under monthly savings options was directed to be discontinued with immediate effect and all the public deposits raised by the Companies by way of “Gold Product Purchase Scheme” declared to be unauthorized and same was published in the daily newspaper and the complainant noticed the same and then and there the complainant visited in the office of the OPs to know entire incident about the news as was published in the daily local newspapers and was shocked that the shop room of the OPs was closed and officer of the OP refused to clarify the issue and did not entertain the complainant.  In the above circumstances, complainant did not pay remaining one instalment to the OP and complainant visited to the office of the OP day by day and requested them to deliver the product of Rs.87,500/- with interest.  OPs assured to the complainant that within short time the amount of Rs.87,500/- will be delivered to residential address of the complainant but ultimately they did not refund it and so, finding no other alternative on 25-09-2014 claiming the refund of the amount, interest etc. sent a letter to the OPs but they did not redress for which complainant was aggrieved and dissatisfied about the conduct of the OP and for adopting unfair trade practice and for not rendering the service he has filed this complaint praying for redressal and for other relief which complainant is entitled to.

          Against that complaint OP by filing written statement submitted that the present complaint is not maintainable and lastly they have admitted as a reputed company they have informed the complainant to collect the cheque but the complainant did not turn up but filed the instant complaint and further OP submitted that entire complaint is false and fabricated and OP is willing to pay the same so the present complaint should be dismissed.

Decision with Reasons

On proper consideration of the complaint and written version and on relying upon the argument as advanced by the OP’s Ld. Lawyer and further the written version it is clear that complainant deposited the said amount by 35 instalments and per month payment was Rs.2500/- and accordingly complainant deposited a total sum of Rs.87,500/- the SEBI declared that entire procedure of collecting money against Gold by the OP is illegal and SEBI also directed the OP company to refund the entire amount as received but fact remains complainant has no fault in this regard and no doubt OP adopted unfair trade practice which is proved from the fact they sold such product without applying the provision of Companies Act and also the Rules of RBI and SEBI.  So, ultimately the Ld. Lawyer for the OPs submitted that they are willing to refund the amount with interest but question is why the OP in such a manner sold such product.  Truth is that this VIBGYOR has deceived huge number of public all over the India including West Bengal and in such a manner complainant’s hope to get gold against that amount is nipped in the bud because if complainant would deposit 36 instalments  at the rateRs.2500/- in any bank against any RD in that case complainant shall have to get huge benefit, however, complainant has lost the financial benefit for the overact of the OP and for adopting unfair trade practice by the OP and truth is that when the SEBI directed the OPs to refund the same that was also not done by the OP.  Complainant loitered from one office to another but subsequently it was found that the said offices are also closed.  No doubt complainant is a consumer in this regard and OP is a service provider and he took money so, OPs are legally bound to repay the entire amount of Rs.87,800/- and also interest to the extent of Rs.22,000/- because if total payment would be for 36 months in that case total deposit would be Rs.90,000/- and interest would be Rs.22,500/- and as because one deposit was not made so, complainant deposited Rs.87,500/- and out of accrued interest Rs.500/- is deducted and balance Rs.22,000/- as interest shall be paid by the OPs to the complainant  and accordingly the complainant is entitled to get Rs.87,500/- + Rs,22,000/- i.e. total Rs.1,09,500/- from the OPs and OPs are bound to pay the same to the complainant and further for causing mental pain and agony OP shall have to pay some compensation including litigation cost when OPs did not give the relief to the complainant what complainant is legally entitled to from OPs.

In the result, the case succeeds.

Hence,

Ordered

That the case be and the same is allowed on contest against the OPs with a cost of Rs.5,000/-.

          OPs are hereby directed to pay a sum of Rs.87,500/- as deposited amount and also the accrued interest of Rs.22,000/- that is total Rs.1,09,500/- to the complainant within one month from the date of this order positively if OP fails to comply the order of this Forum in that case penal damages  at the rateRs.200/- shall be assessed till full satisfaction of the decree and if it is collected it shall be deposited to this Forum.

          Even if it is found that OPs are reluctant to comply the order in that case OP shall be prosecuted u/s.25/27 of the C.P. Act for which further penalty and fine shall be imposed.