SHRI SWAPAN KUMAR MAHANTY, PRESIDENT

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

The complaint case, in brief, is as follows .-

            The OPs Alchemist Holdings Ltd. carrying on business of Real Estate throughout India and being satisfied with the goodwill of the OPs the complainant purchased 1,000 shares of Rs.10/- each against Folio No. D0093477, Certificate No.093477, Distinctive Nos. 53231701 to 53232700 on 30.12. 2006 from the OP-1. The Redemption date of the shares is 14.12.2015 and is Redemption value is 30,000/- .The complainant  deposited the original Letter of Allotment dated 30.12.2006 to the OP-1 on its maturity but the OPs did not refund the Redemption amount. Finding no other alternative, complainant issued a legal notice dated 13.05.2016 to the OP-2. In spite of service of notice the OP did not take any step to refund the Redemption value of the certificate being No.093477. It is further alleged the OPs have adopted unfair trade practice towards discharging their duties and liabilities. The complainant has prayed for refund of the Redemption amount of Rs.30,000/- including other reliefs in terms of the consumer complaint.

            In spite of service of notices the OPs did not turn up to contest the case.  As such, the case has proceeded ex parte against the OPs.

Decision with Reasons

To establish his case the complainant files E/Chief through affidavit and has produced photocopies of certificate being No. 093477 dated 30.12.2006, legal notice dated 13.05.2016, letter dated 18.12.2015 and A/D Card. On perusal of those documents, we find that the complainant purchased 1000/- of Rs.10/- each against Folio No. D0093477, Certificate No.093477, Distinctive Nos. 53231701 to 53232700 on 30.12. 2006 from the OP-1 and the Redemption date of the certificate No.093477 dated 30.12.2006 is 14.12.2015. The Redemption Value is Rs.30,000/- . It appears from para-4 of the consumer complaint that the complainant deposited the said certificate to the OP-2 but the OPs did not refund the Redemption amount to the complainant. Having no other alternative the complainant  issued a legal notice dated 13.05.2016 requested the OP-2 to refund Redemption value of Rs.30,000/-. Letter dated 08.12.2015 and 14.04.2017 go to show that the complainant personally wrote letters to the OP-2 with a request to release the Redemption value of the certificate being No. 093477.   In spite of legal notice and letters dated 08.12.2015 and 14.04.2017 the OPs did not pay any heed. This sort of misdeed tantamount to unfair trade practice on the part of the OPs. 

            We do not find any reason why the OPs collected the amount from the depositors by issuing shares and hold the amount as per their own discretion. Even the OPs failed and neglected to take any positive step to release the Redemption value of R s.30,000/- in favour of the complainant. Therefore, we hold that the OPs demonstrated a gesture of deficiency in service and indulged in unfair trade practice.  OPs have also caused harassment, mental pain and agony to the complainant.

            Complainant corroborates his case by adducing evidence on affidavit and producing documents.  The evidence of the complainant remains unchallenged and uncontroverted.  In absence of any contrary and controverting materials on record, we are of the opinion that the complainant has been able to prove his case.  As such, the complainant is entitled to get relief as prayed for.

            In the result, the case succeeds.

Hence,

Ordered

That the complaint case be and the same is allowed ex parte against the OPs with litigation cost of Rs.1,000/- (Rupees one thousand) only.

            OPs are jointly and severally directed to refund Rs.30,000/- (Rupees thirty thousand) only to the complainant within 45 (forty five) days from the date of this order with litigation cost.

            OPs are jointly and severally directed to pay Rs.5,000/- (Rupees five thousand) only to the complainant for causing harassment, mental pain and agony within the stipulated period.

            OPs are also directed to deposit Rs.3,000/- (Rupees three thousand) only to this Forum as punitive damage for practicing unfair trade within the stipulated period.

Liberty be given to the complainant to put the order in execution, if the OPs transgresses to comply the order.