DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD
DATED THIS THE 11TH DAY OF DECEMBER, 2024.
PRESENT : SRI. VINAY MENON .V., PRESIDENT.
: SMT.VIDYA A., MEMBER.
: SRI. KRISHNANKUTTY N.K, MEMBER.
DATE OF FILING: 19.06.2024.
CC/257/2024
1. A.Mani, S/o.Arumughan, - Complainants
Nelliyampadam House, Paruvassery,
Vadakkenchery, Palakkad.
2. Manesh, S/o.A.Mani,
Nelliyampadam House, Paruvassery,
Vadakkenchery, Palakkad.
(By Adv.Ullas Sudhakaran)
Vs
1. Pooram Finserv pvt. Ltd, -Opposite Parties
Rep. by its Managing Director,
Anil Kumar, Chozhiyankunnath Krishnan,
Registered Address-25/395/27,
First Floor, Pathayapura, Round South,
Thrissur-680 001. Branch Office-41/1942,
1st Floor, Sreelakshmi Vilas Building, Near Josco Jewellery,
GB Road, Palakkad-678 001.
2. Anil Kumar, Chozhiyankunnath Krishnan,
Pooram finserv Pvt. Ltd., 23/395/27,
First Floor, Pathayapura, Round South, Thrissur-680 001.
3. Sunil Krishnan, Chozhiyankunnath,
Director, Pooram finserv Pvt. Ltd., 23/395/27,
First Floor, Pathayapura, Round South, Thrissur-680 001.
(All OPs are Ex-parte)
ORDER
BY SRI.KRISHNANKUTTY N.K, MEMBER.
1. Pleadings of the complainant in brief:-
The complainants made the following investments in the 1st opposite party, NBFC of which the 2nd opposite party and 3rd opposite party are Directors on various dates shown below.
In the name of the 1st complainant |
Date of allotment | No.of debentures | Face Value (Rs) | Maturity | Rate of Interest | Maturity date | Monthly Interest (Rs) |
1 | 25.01.2020 | 850 | 1,000.00 | 8,50,000 | 12% | 25.01.2023 | 8,500 |
2 | 05.06.2020 | 300 | 1,000.00 | 3,00,000 | 12% | 05.06.2023 | 3,000 |
3 | 25.08.2020 | 1100 | 1000.00 | 11,00,000 | 12% | 25.08.2023 | 11,000 |
4 | 05.10.2020 | 950 | 1,000.00 | 9,50,000 | 12% | 05.10.2023 | 9,500 |
5 | 25.03.2021 | 400 | 1,000.00 | 4,00,000 | 12% | 25.03.2024 | 4,000 |
In the name of both complainants jointly. |
6 | 05.02.2022 | 1,000 | 1,000 | 10,00,000 | 11.5% | 05.02.2023 | 9,583.00 |
| | | | | | | | | | |
Monthly interest amounts as mentioned above were credited to the savings bank account of the complainants promptly till September, 2022 and subsequently stopped paying the interest. When the opposite parties were contacted it was informed that they are facing some financial issues and hence, entire accrued interest will be paid in full once the problem is resolved. The opposite parties failed to pay the interest as promised. Further, the debentures have already matured for redemption and the opposite parties have not come forward to make the payments on the promised due dates. Hence, this complaint is filed seeking direction to pay the maturity value of debentures along with interest from September, 2022 onwards along with a compensation of Rs.1,00,000/- for deficiency in service and Rs.1,00,000/- towards cost of litigation.
2. Notices were issued to the opposite parties. The 2nd and 3rd opposite parties received the notice on 03.07.2023. Notice to the 1st opposite party was dispensed with since, the 2nd and 3rd opposite parties who are directors of the 1st opposite party have notice. Opposite parties failed to enter appearance and file version within the statutory period. Hence, their names were called in open court and set ex-parte.
3. The complainant filed proof affidavit and marked Exts.A1 to A6 as evidence. Exts.A1to A6 are the debenture certificates issued by the 1st opposite party in the name of the complainants as detailed in their pleadings.
4. From exhibits marked, it is evident that the debentures have already matured on various dates mentioned in the complaint as well as affidavit filed by the complainants. Further, the proof affidavit clearly says that the opposite parties defaulted interest payment on these debentures from September, 2022 onwards. Non payment of interest as promised and failure to redeem the debenture on due dates amounts to deficiency in service on the part of the opposite parties.
5. In the result, the following order is passed;
1. The opposite parties are directed to pay Rs.36,00,000/- to the 1st complainant being the maturity value of 3600 debentures along with interest @12% pa form 01.09.2022 till the date of payment.
2. The opposite parties are directed to pay Rs.10,00,000/- jointly to the 1st and 2nd complainants being the maturity value of 1100 debentures along with interest @ 11.5% from 01.09.2022 till the date of payment.
3. The opposite parties are also directed to pay Rs.1,00,000/- towards compensation for deficiency in service.
4. The opposite parties are further directed to pay Rs.20,000/- as cost.
The above amounts are to be paid within 45 days of receipt of this order, failing which the opposite parties are liable to pay Rs.500/-as solatium per month or part thereof from the date of the order till the date of final payment.
Pronounced in open court on this the 11th day of December, 2024. Sd/-
VINAY MENON .V, PRESIDENT.
Sd/-
KRISHNANKUTTY N.K, MEMBER.
APPENDIX
Documents marked from the side of the complainant:
Ext.A1: Copy of debenture certificate bearing debenture ID/Folio No.3766 issued by Pooram finserv Pvt. Ltd. to the 1st complainant.
Ext.A2: Copy of debenture certificate bearing debenture ID/Folio No.4166 issued by Pooram finserv Pvt. Ltd. to the 1st complainant.
Ext.A3: Copy of debenture certificate bearing debenture ID/Folio No.4411 issued by Pooram finserv Pvt. Ltd. to the 1st complainant.
Ext.A4: Copy of debenture certificate bearing debenture ID/Folio No.4580 issued by Pooram finserv Pvt. Ltd. to the 1st complainant.
Ext.A5: Copy of debenture certificate bearing debenture ID/Folio No.5294 issued by Pooram finserv Pvt. Ltd. to the 1st complainant.
Ext.A6: Copy of debenture certificate bearing debenture ID/Folio No.6001 issued by Pooram finserv Pvt. Ltd. to the complainants.
Document marked from the side of Opposite party: Nil
Document marked from the side of Court: Nil
Witness examined on the side of the complainant: Nil
Witness examined on the side of the opposite party: Nil
Court witness: Nil
Cost : 20,000/-.
Manuscript prepared by me, transcribed by the Confidential Assistant and verified by me.
Dated this the 11th day of December, 2024.
Sd/-
Krishnankutty N.K, Member.
NB: Parties are directed to take back all extra set of documents submitted in the proceedings in accordance with Regulation 20(5) of the Consumer Protection (Consumer Commission Procedure) Regulations, 2020 failing which they will be weeded out.
