For the Complainant                       -Miss.Asha Ghosh, Advocate

FINAL ORDER/JUDGEMENT

SHRI SWAPAN KUMAR MAHANTY, PRESIDENT

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

The case of the complainant, in a nut shell; is that OP-1 is a Limited Company registered under the Companies Act, 1956 and OP-2 is its Managing Director raise fund through placement of debentures on various projects of the said Company. In order to raise fund, the OP-1 opened to issue Non-Convertible Secured Redeemable Debentures containing two separate schemes and various number of plans and offered from individuals, trust and others. Relying upon the terms and conditions of the aforesaid offer and also believing it to be true, the complainant applied for allotment of 5000 multiplier of Non-Convertible Redeemable secured Debenture on 28.10.2013 under Scheme – II, Plan-I. The OP-1 allotted 5000 debentures being distinct No.00000268241 to 00000273240 and also issued certificate. The tenure of the debentures was 60 months and during such period, the complainant is entitled to get interest  at the rate of 1.6 percent per month on principal amount and 1.5 percent bonus on redemption and on maturity or surrender as the case may be.

Further case of the complainant is that in terms of the said scheme, complainant received assured return of monthly interest for 24 months and thereafter, the OPs failed and neglected to comply the terms and conditions of the scheme as well as plan for the remaining redemption period. The OPs with mala fide intention did not fulfill their commitment. The Debentures redeemed on 28.10.2018 and in spite of that the OPs willfully neglected to refund the redemption amount of Rs.5,07,500/-. There is deficiency in service as well as unfair trade practice on the part of the OPs. Hence, the complainant has filed the instant case seeking reliefs as per prayer.

Despite of service of notice, the OPs did not turn up to contest the case. As such, the case has proceeded ex parte against them.

Decision with Reasons

            Complainant led evidence by filing E/chief. We have heard argument on merit. Perused the complaint petition coupled with its annexure thereto. Also perused evidence on record.

            On perusal of the photocopy of certificate being No. CN/I/10/2013/00000271 annexed with the complaint petition, it appears that complainant purchased 5000 debentures from the OP-1 against payment of Rs. 5,00,000/-  and the redemption value of the said certificate is Rs.5,07,500/-. The redemption date of the said certificate was 28.10.2018. We have it from the photocopy of money receipt that the OP 1 received Rs.5,00,000/- from the complainant against application No. A 01 1060785 dated 28.10.2013. The grievance of the complainant is that on expiry of 24 months from the date of issuance of debentures certificate, the OPs did not pay interest  at the rate of 1.6 percent per month  on the principal amount and in spite of expiry of redemption period, the OPs did not refund the redemption value of Rs.5,07,500/-. The redemption amount along with interest for the remaining period is lying with the OP-1 till date.The activities and act of the OPs constitute a sheer deficiency in service. The OPs are holding public money for their own gain and expansion of own business. The OPs harassing the public who invested their hard earned money relying on the assurance of the OPs. The attitude of the OPs tantamount to unfair trade practice and in fact, they withhold the redemption amount with interest for the remaining period which no doubt adopted deceitful manner of trade and by that act, complainant did not get back the redemption value of certificate being No. CN/I/10/2013/00000271. The OPs were reluctant to pay the redemption amount and rest portion of interest for 36 months to the complainant inspite of expiry of redemption period.

            Regard being had to the facts and circumstances of the case coupled with evidence and documents on record, we are of the view that the complainant has established her case for which she is entitled to get relief as prayed for.

            In the result, the case merit succeeds in part.

Hence,

Ordered

That the complaint case be and the same is allowed ex parte in part against the OPs with litigation cost of Rs.10,000/- (Rupees Ten thousand) only.

The OPs are directed to refund Rs.5,07,500/- (Rupees Five lacs Seven thousand Five hundred) against certificate No. CN/I/10/2013/00000271 along with interest  at the rate of 1.6  percent per monthfrom the date of non-payment of interest till its realization to the complainant, also to pay Rs. 25,000/- (Rupees Twenty Five thousand) as compensation for unfair trade practice and harassment caused to her apart from litigation cost. The order is to be complied  within a period of  30 days from the date of this order, otherwise simple interest  at the rate of 8  percent per annum shall be paid for the total amount ordered from the date of filing of the complaint petition (i.e. 02.07.2019) till realization in default, the complainant may put the order in execution according to law.