Order-10.
Date-30/09/2015.
In this complaint Complainant UdayanGangopadhyayby filing this complaint has submitted that ops are engaged in various types of business including raising fund from public in the mode of Term Deposit etc. by way of issuing OFCD Certificate/Loan Receipts in LLP etc. for some specific period and repayment of the principal amount to the Depositor on the maturity of the period with some interest at a slightly higher rate than that of the nationalized banks use to provide to their customers/investors.
Complainant was attracted to invest in the Vibgyor Group of Companies and actually invested in series of Term Deposit schemes with all his family members and enjoyed the benefits assured by the ops on realization of the maturity proceeds of such deposits from time to time.
In course of such cycle of transactions, an amount of Rs. 6,75,000/- was paid to the ops by cheque no. 160081 dated 19.10.2011 drawn on Allahabad Bank, B Garden Branch, Howrah-711103 from the income tax paid savings in S.B Account no. 21339517020 of Smt. Jaya Gangapadhayay, wife of the complainant to purchase 675 numbers of OFCD Debentures of M/s Vibgyor Allied Infrastructure Ltd. which was likely to be matured on 25.04.2013 at an redemption value of Rs. 8,10,000/- only.
On 20.03.2013 when the complainant submitted the OFCD Certificate at Dhakuria Branch office of ops for processing of Repayment cheque of value of Rs. 8,10,000/-, the Branch Manager Mr. Palas Das informed that the Company’s fund position is tight and as such he requested the complainantto reinvest the maturity proceeds for another period of 18 months in the form of Chandramukhi LLP Loan Receipt to get 20 percent on the principal amount of Rs. 8,10,000/-, so that gross repayment value would be Rs. 9,72,000/- after 18 months from that date i.e. 20.09.2014.
Being convinced with the assurance of repayment of the maturity proceeds of Rs. 9,72,000/- on 20.09.2014 just after 18 months effective from that date of 20.03.2013 complainant signed some documents and received a Chandramukhi LLP Loan Receipt Certificate No. ADHA 49935 dated 20.03.2010 showing gross payment amount of Rs. 9,72,000/- and date of repayment of loan is as on 20.09.2014.
Accordingly complainant again visited the Dhakuria Branch office and submitted the aforesaid loan receipt certificate before the Branch Manager Mr. Palas Das under a token receipt, on 23.07.2014 for processing of repayment cheque in time and after repeated telephonic enquiries from complainant, the Branch Manager and one Mr. Gopal Mondal reported that the Vice-Chairman of the Vibgyor Group of Companies informed that the repayment would be delayed for a short period.
Thereafter complainant appealed before the concerned authorities of the Vibgyor Group of Companies for repayment of the maturity amount of Rs. 9,72,000/- by sending e-mails on 13.10.2014, 20.10.2014 and 03.11.2014 by Speed Postdated 05.11.2014 and again by e-mail on 10.11.2014 and thus the company officials adopted dilatory tactics and observed silence in response to such appeals and complainant went to the Head Office on 21.11.2014 and after waiting for about one hour he was only able to meet some Rajiv Mukherjee reportedly a Manager of the Vibgyor Group along with Palas Das, Dhakuria Branch Manager.But they failed to assure any specific date for repayment of the maturity proceed to the complainant.
Ultimately the proceedings was brought to the notice of Raja Bhadra Chairman and Managing Director of the Vibgyor Group of Companies and other important portfolio holders of the said group through e-mail dated 24.11.2014 wherein complainant also informed that the negotiated marriage of his only daughter will take place on 10.03.2015 and as such complainant is running short of fund.
But subsequently in spite of the repeated appeals through telephone/e-mails/speed post from complainant, none of the Senior officials of the Vibgyor Group of Companies ever responded at all and such no response to a Senior Citizen who is a bonafide investor and he is being humiliated and also harassing mentally, physically and also financially and such sort of act on the part of the ops is no doubt unfair trade practice causing huge loss of complainant.
Being highly disappointed with the misconduct of the ops, complainant himself served a Demand Notice on 03.12.2014 to all concerned officials of Vibgyor Group of Companies including the partners of the Chandramukhi LLP what they received.But they did not refund the same for which the cause of action arose and the complaint is filed for several redressal.
On the other hand op by filing written statement submitted that the entire complaint is harassed, concocted, false and fabricated and denied the allegation of harassing the complainant by adopting unfair trade practice.
It is specifically mentioned by the op that the ops always performed their part of performance and responsibilities and op is always ready and willing to extend their service because it is their all along with part of service to the complainant and there is no laches and negligence on the part of the ops and there is no deficiency of service on the part of the ops and the petition is barred by limitation and the dispute as stated in the application are contradictory, motivated, vague.
It is further submitted that there is no service provider and consumer relationship in between the complainant and ops and ops prayed for dismissal of this case.
Decision with reasons
On proper consideration of the complaint and written version and also considering the argument as advanced by the Ld. Lawyer for the op, it is found that the Ld. Lawyer of the op frankly submitted before this Forum that no doubt complainant is entitled to get back of Rs. 9,72,000/- as gross repayment amount and no doubt date of repayment was on 20.09.2014 and that has not been paid by the op for financial crisis and regarding Chandramukhi LLP Loan Receipt Certificate, ops’ Ld. Lawyer has not challenged the same but submitted that truth is that the said amount was received by the Chandramukhi LLP and Loan Receipt Certificate was granted with such terms and conditions.But Ld. Lawyer for the op submitted that the present financial situation of the op is very hard for which it was not possible for them to pay the same on 20.09.2014.But ops are willing to pay the same within a short period by some instalments.
Further considering the written version of op, it is found that in the written version op made some false story, but have not anyway challenged the allegation of the complainant by any means.But only stated that the entire complaint is false, vexatious, etc.
But most interesting factor is that in the present case, op has not stated specifically that the claim of the complainant is baseless and without any foundation but only made some denials.But ultimately their Ld. Lawyer admitted that the entire amount shall be paid and no doubt op received it.But at present at a time it cannot be paid but it shall be paid by instalments and to that effect a decree/order may be passed and ops are making themselves ready for payment of the same.
Considering the written version and also not filing any separate E/Chief by the op and also for avoiding payment to the complainant, we are convinced that Vibgyor Allied Infrastructure Ltd. has admitted the claim of the complainant and their Ld. Lawyer also frankly confessed the same.So, considering the entire materials on record and documents, we are convinced that complainant as consumer is entitled to get back Rs. 9,72,000/- on the date 20.09.2014 but ops even after receipt of such documents from the complainant have not paid intentionally and purposefully.
Truth is that in the market this company has already acquired such fame as cheat company and their head boss is already in the jail and even up to Hon’ble Supreme Court the bail has been rejected and he is in the custody.Enforcement Directorate has already started criminal cases against them for deceiving the customers at large in such a manner.
Most interesting factor is that during pendency of the complaint, op ought to have deposited the some amount part by part but that has not been paid.Though their Ld. Lawyer frankly confessed that ops are willing to pay by instalment then it indicates that they have their fund in different pockets, still they are running their business in different names, such as Apni Dhorti Construction and other names and collecting money by investing the previous capital which has been collected from the present complainant and other consumers and other consumers also filed similar type of cases that had been decreed and by issuing warranty by adopting penal measure same are being collected time to time and this is the position and that is the conduct of the Vibgyor Group of Companies.
Truth is that if the complainant did not file this case, in that case his fate would be like street beggar in front of the office of the ops and no doubt the ops concern Vibgyor Group of Companies has made many customers/consumers a street beggar by deceiving them and by collecting huge money from this complainant and other consumers who are facing several complications to get back that money and complainant is one of the said street beggar in front of the offices of the Vibgyor Group of Companies.
Truth is that the Vibgyor Group of Companies has different offices at different places and same are shifting to some other places by changing their names such as Apni Dhortri Construction, Apni Dhortri Reality Group, etc. and that has been confirmed by this Forum in some other cases against Apni Dhortri and also several cases have been filed Apni Dhorti Groups.
Considering the conduct of the ops we are confirmed that they have adopted unfair trade practices and by adopting such practice, practically complainant has been deceived by them and no doubt at the time of marriage of the complainant’s daughter, complainant did not get the said fund for which complainant suffered huge financial stringency.In the light of the above observation we are convinced to hold that complainant has been able to prove the allegation as made against the OPs and in fact ops ultimately admitted the same and their Ld. Lawyer confessed that decree may be passed.But Ld. Lawyer for the op submitted that penalty and fine may not be imposed, but entire amount with interest they shall have to deposit.
In the above circumstances the present complaint succeeds and we are inclined to allow this complaint with cost.
Hence, it is
Ordered,
That the complaint be and the same is allowed on contest with cost of Rs. 10,000/- against the ops.
Ops are directed to pay the entire amount of Rs. 9,72,000/- which was matured on 20.09.2014 and over the said amount ops shall have to pay 10 percent interest p.a. over the same since 21.09.2014 and till its full payment to the complainant.But ops shall have to pay jointly and severally the decretal amount to the complainant within one month from the date of this order failing which for non-compliance of the Forum’s order and for non-fulfilment of the entire decretal amount by the ops, ops shall have to pay penal damages at the rate Rs. 200/- per day till full satisfaction of the decree and if it collected, it shall be deposited to this Forum.
For adopting unfair trade practice and for deceiving the customers at large by the ops, compensation of Rs. 25,000/- is imposed against the op to control such sort of activities and if it is collected, it shall be deposited to this Forum’s fund within one month from the date of this order and even if it is found that ops are 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 against ops.
