Order-16.

Date-16/11/2015.

In this complaint Complainant Swapan Gain by filing this complaint has submitted that complainant purchased Debenture MIS from op no.1 through op no.2 on 16.09.2011 by investing Rs. 1,00,000/- for a period of 3 years having allotment letter No. 1BAR4368 dated 16.09.2011 and investment amount of Rs.1,00,000/-, monthly interest 13.5 percent p.a., Redemption dated 16.09.2014 and period of investment for 3 years and monthly payment of interest rate is 1125/- and it was purchased in the name of Swapan Gain the complainant.

It is specifically admitted by the complainant that complainant received the monthly interest of Rs.1,125/- for 32 months out of 36 months and said payment was duly credited to complainant’s bank account No. 10985489290 of SBI, Habra Branch.But the date of redemption of Debenture MIS was 16.09.2014 and complainant deposited the original letter of allotment of Debenture MIS to the op no.1 on 03.11.2014 and op no.1 duly received the original letter of allotment.But despite received of the original Debenture MIS, op no.1 failed, neglected and omitted to pay the redemption value of Rs. 1,00,000/- including other interest.So, complainant vide letter dated 05.12.2014 and 24.01.2015 requested the op no.1 that complainant did not receive the redemption value and due interest for four months of Debenture MIS.But op no.1 did not take any care and did not send any reply and deliberately failed and neglected to pay the redemption value of complainant, as a result by which complainant suffered monetary loss, mental agony and unbearable harassment and for adopting such unfair trade practice and for negligent service, complainant filed this complaint for redressal.

On the other hand op by filing written statement submitted that complainant is deliberately defaulter for payment under the terms and conditions as stipulated within the stipulated period.But ops always performed their duties in respect of agreement and ops are always ready and willing to extend their service and there is no deliberate laches on the part of the ops and there is no deficiency, negligence in service on the part of the ops.

In the result this complaint should be dismissed and they have denied all other allegations of the complainant and prayed for dismissal of the case.

Decision with reasons

On proper consideration of the complaint and written version and also considering the document as filed by the complainant, it is found that complainant purchased Debenture MIS from op no.1 through op no.2on 16.09.2011 by investing Rs. 1,00,000/- for a period of 3 years having allotment letter No. 1BAR4368 dated 16.09.2011 and investment amount is noted of Rs.1,00,000/- and rate of interest and monthly payment is noted 13.05 percent p.a. and Rs.1,125/- per month and redemption value is Rs. 1,00,000/- dated 16.09.2011.The document was issued by the op which is proved beyond any manner of doubt and at the time of argument that was not denied by the ops’ Ld. Lawyer.But ops’ Ld. Lawyer submitted that they are willing to repay the same in almost in all the cases.

But the truth is that op being a cheat company in West Bengal in all the cases has tried to say that they have their no laches or fault.In the present case similar defence is taken but ultimately submitted that they are willing to pay the same and they have not challenged the document because they issued the same and not only that out of 36 months monthly payment of interest, complainant already received 32 months monthly interest, 4 months monthly interest have not been paid including the investment amount of Rs. 1,00,000/-.

Truth is that on 16.09.2014 the period of said MIS expired and since 16.09,2014 op has not been paying the same though all original documents have been received on proper receipt and all the receipts that has not been challenged by the ops for which we are very much satisfied that Vibjyor Allied Infrastructure Ltd., issued those documents and same allotment letter was sent by Ranoj Bose authorized agent of Vigyor Allied Infrastructure Ltd. and also by Raja Bhadra Chairman and Managing Director.

In the light of the above observation and relying upon those as unchallenged documents and further considering the evidence of the payment and including the submission of the Ld. Lawyer of the ops, we are convinced to hold that the present ops no doubt have adopted unfair trade practice and have deceived the complainant in so many manner and in the meantime receiving back all the original documents but that amount has not been released since 16.09.2014 and ops’ Ld. Lawyer submitted that they are willing to repay the same by installment.But truth is that this is their common expression and in the meantime they are selling their debentures in different ways to deceive the depositors like the complainant and in the present case it is proved that ops have tried to deceive the complainant and no doubt adopted unfair trade practice for which the present complaint bears merit in the eye of law and no doubt complainant is entitled to get the relief as prayed for.

Thus the complaint succeeds.

Hence, it is

Ordered,

That the complaint be and the same is allowed on contest with cost of Rs. 10,000/- against all the ops.

Ops are jointly and severally hereby directed to refund the deposited amount of Rs. 1,00,000/- and also due interest at the rate of Rs. 1,125/- per month w.e.f. 16.09.2014 till its full satisfaction of the decree over the said amount.

For adopting unfair trade practice and for deceiving the complainant in such a manner and also for causing mental pain and agony and further for not rendering proper service, ops jointly and severally shall have to pay compensation of Rs. 20,000/- to the complainant.

Ops are hereby directed to clear the entire decretal dues to the complainant within one month from the date of this order, failing which for non-compliance of the Forum’s order and for harassing the complainant, ops shall have to pay penal damages at the rate of Rs. 300/- per day till full satisfaction of the decretal amount and if it is collected, it shall be deposited to this Forum.

Even if ops are found reluctant to comply the order, in that case, ops shall be prosecuted u/s 25 read with 27 of C.P. Act 1986, for which further penalty and fine shall be imposed upon the ops.