Order No.  7  dt.  18/07/2019

          The case of the complainants, in brief, is that Complainant deposited Rs20,000/- in favour of M/s Alchemist Holding Ltd, a group of company of Alchemist Township India ltd, who in turn issued letter of allotment by allotting 2000 units  redeemable preference shares  having distinctive no087221721 to 087223720  under registered folio no.F 0122581 in favour of the complainant vide certificate no 122581 which was redeemable on 15.09.2016 with redemption value of Rs60,000/- In the recent past complainants came to know that the op company had failed to pay the maturity value of good many investors for  fraudulent use of money collected by the company. Therefore, being panicky with the turmoil of op-company, complainant visited the local office of the op several times for getting the matured amount. But the office of the op-company was remained closed. Being frustrated with such efforts complainant dispatched a demand notice to the op-company for immediate liquidation of her investments. But such attempt of the complainant was also fruitless.  Complainant thereby suffered harassment & mental agony.  Finding no other alternative complainant filed this case  praying direction upon the o.ps for payment of the money of Rs.60,000/- with compensation of Rs.50,000/- for harassment and mental agony and litigation cost

          PR, TR  & paper cutting of daily newspaper, Ajkal patrika show that notices had been served upon op-1 and op-2. But Op-1/op-2 did not contest this case by filing w/v and as such, the case had been proceeded exparte against the o.p-1& op-2

          In order to prove the case the complainant sworn an affidavit of evidence in support of the contention of the complaint and filed the documents in support of their claim including the photocopies of certificate no no 122581  issued by ops. Due to unchallenged testimony of the complaint there is no scope to disbelieve the submission of the complainant and therefore it should be accepted and necessary order is to be passed accordingly.

          Considering the submissions of the complainant and on perusal of the materials on record it is evident that the complainant deposited Rs20,000/-on 22.09.2007 in favour of M/s Alchemist Holding Ltd, a group of company of Alchemist Township India ltd, who in turn issued letter of allotment by allotting 2000 units  redeemable preference shares  having distinctive no087221721 to 087223720  under registered folio no.F 0122581 vide certificate no 122581 which was redeemable on 15.09.2016 with redemption value of Rs60,000/- Complainant dispatched a demand notice to the op-company to liquidate her investments . But such attempts  of the complainants were also fruitless.  Complainant thereby suffered harassment & mental agony.  On the basis of the said evidences on record and since no challenge has been made by o.p. to controvert the demand of the complainant we, therefore, have no other alternative but to accept the case of the complainant. In view of the said fact we find that there is deficiency in service on the part of the o.ps. and the complainant is entitled to get relief with compensation and the litigation cost including the cost of publishing the notice in the newspaper.Thus the case is disposed of accordingly.

Hence, ordered that

           the case no. 75/2019 is allowed ex-parte with cost against the o.ps. The o.ps are jointly and/ or severally directed to pay a sum of Rs.60,000/-(Rupees  Sixty thousand ) only to the complainants along with compensation of Rs.4,000/- (Rupees Four Thousand) only for harassment and mental agony and litigation cost of Rs.4,000/-( Rupees four thousand) only within 30 days from the date of communication of this order, i.d. an interest @ 8% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.