Complaint filed on: 16-03-2022

                                                Disposed on: 16-07-2022

BEFORE THE DISTRICT CONSUMER DISPUTES

REDRESSAL COMMISSION, TUMAKURU

#201, 202, 1^st Floor, Indian Red Cross Building Complex,

Ashoka Road, Tumakuru-572 101. 

DATED THIS THE 16^TH DAY OF JULY 2022

PRESENT

SMT.G.T.VIJAYALAKSHMI, B.Com., LLM., PRESIDENT

SRI.KUMARA.N, B.Sc. (Agri), LLB., MBA., MEMBER

SMT.NIVEDITA RAVISH, B.A. L.L.B, LADY MEMBER

CC.No.74/2022

B.Srinivas S/o V.S.Bheema Rao,

A/a 73 years, R/o Sapthagiri Nilaya,

10^th “C” Cross, Sapthagiri Layout,

T.P.Kailasam Road, Tumkur.

…………..Complainant

(By Sri.H.G.Prakash., Advocate)

V/s

1.       The Sector Manager,

          Sahara Q Shop Unique,

          Products Range Ltd.,

          I Floor, Post Office Building,

          S.S.Puram, Tumkur-572 102.

2.       The Regional Manager,

          Sahara Q Shop Unique

          Products Range Ltd.,

          4^th Main, 5^th Cross,

          Chamarajpet,

          Bengaluru-560 018.

……….Opposite Party/s

(Exparte)

:ORDER:

BY SMT.G.T.VIJAYALAKSHMI, PRESIDENT

This complaint was filed by the complainant against the Opposite Parties (hereinafter called as OPs) under Section 35 of the Consumer Protection Act, 2019 with a prayer to direct the OPs to refund bond maturity amount of Rs.2,86,636/- along with Rs.50,000/- towards mental agony and litigation cost together with interest @ 18% and such other reliefs.

2.       It is the case of complainant that, the complainant is a senior citizen and had made an investment of Rs.70,600/- through Sahara Q Shop product range Ltd., at OP No.1’s service center at S.S.Puram Tumkur on 18/05/2012.  The OP No.1 had issued a certificate No.562002357617 with details showing receipt No.71013872364 and bearing customer ID 812342000932.  The investment was towards the Q shop Plan-H Goods and or hospitality products with a final maturity amount of RS.2,86,636/- at the end of maturity period.   After the maturity date i.e. 30.05.2018, the complainant visited the OP No.1 for encashment and the OP No.1 asked the complainant to approach OP No.2, the Regional Manager at Bengaluru for encashment.  Accordingly, the complainant approached OP No.2 and there the complainant informed that as per SEBI directions, the original bond certificate has to be submitted to SEBI through OP No.1.  Accordingly, the complainant handed over the original bond to OP No.1 on 25.06.2018.  Thereafter the complainant regularly follow up the intervals about the refund status with OP Nos. 1 & 2 and repeatedly communicated with OP Nos. 1 & 2 and made several telephone calls, but the OP Nos. 1 & 2 did not refund the maturity amount. 

2(a)   It is further submitted by the complainant that after several calls, the OP No.1 asked the complainant against to visit OP No.2 and accordingly, the complainant approached the OP No.2 on 29.12.2021 and complained about unreasonable delay in encashment of maturity amount, but he came to know that the OP No.2 had not submitted the original bond to SEBI for encashment.    Hence, the complainant issued legal notice, but the OP on receipt of the legal notice, did not refund the maturity amount.  Therefore, the complainant filed this complaint.     

3. In spite of service of notice, the OPs did not appear before this Commission and remained absent.   

4. The complainant counsel filed affidavit in lieu of evidence and produced Exs.P1 to P7 documents.

5. On hearing the arguments of learned counsel for complainant and perusal of the documents, the points would arise for determination are as under;

1. Whether the complainant proves the deficiency of service on the part of OPs?

2. Is complainant entitled to the relief sought for?
6.        Our findings aforesaid points are as under:

Point No.1: In the affirmative

Point No.2: In the partly affirmative for the below         

-:REASONS:-

Point Nos.(1) & (2):-

7.       To prove the case, the complainant has produced Ex.C1/ certificate No.562002357617 with details of receipt number and customer ID and deposit towards Q shop Plan-H Goods and or hospitality products.   As per the above certificate, the complainant deposited Rs.70,600/- on 18/05/2012.  The product matured on 30.05.2018.  The maturity amount is Rs.2,86,636/-.

8.       The complainant produced Ex.C2 and C3 related to requisition letter with application submitted to the OP for refund as per circular and instructions issued by the OPs and handed over the original bond documents to the OPs on 25.06.2018.  The OPs though received the requisition for encashment for maturity amount neither responded nor refund the maturity amount to the complainant.  The OPs though they have served with legal notice and commission notice did not come forward to challenge the case of the complainant.  The OPs have committed deficiency of service in not returning the amount deposited by the complainant.  The OPs have compelled the complainant to approach this Commission, thereby the complainant suffered mental agony and for that, the OPs shall pay compensation of Rs.10,000/- and litigation cost of Rs.10,000/-.  Accordingly, we pass the following:-  

:ORDER:

The complaint filed by complainant is allowed in part.  

The OPs 1 & 2 are jointly and severally directed to pay Rs.2,86,636/- (Rs.Two Lakhs Eighty Six Thousand and Six Hundred Thirty Six only) to the complainant with interest @ 8% p.a. on the said amount from date of maturity i.e. 30-05-2018 till the date of payment.

It is further ordered that the OPs. 1 & 2 jointly and severally shall pay compensation of Rs.10,000/-(Rs.Ten Thousand only) and litigation cost of Rs.10,000/- (Rs.Ten Thousand only)to the complainant.  

The above order shall be complied by the OPs 1 & 2 within 30 days from the date of receipt/knowledge of the order, otherwise the said amount shall carry interest @ 9% p.a. from the date of maturity to till the date of payment.           

Supply free copy of this order to both parties