Order-16.

Date-27/02/2018.

AUTHOR. RABIDEB MUKHOPADHYAY, MEMBER

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

            The Complainant’s case in short is thaton 23.10.2013, OP – 3 representing as an agent of O.P. 1 and 2 approached the Complainant to buy some Fixed Deposit Schemes to get lucrative returns and accordingly on the same day OP-3 sold a fixed deposit scheme of  Rs.50,000/- only with Maturity amount of Rs.52,875/- only with  maturity date of 23.4.2014 for and on behalf of OP-1 and 2 by affixing the seal and signature of OP-3 on the certificate of F.D. Scheme to Complainant.

             After this the Complainant approached all the OPs time and again by  visiting personally the offices of the OP and also by writing demanded for getting back the legitimate dues but OP has grossly neglected to pay back the dues. Under this situation, the Complainant has no other option but to knock the doors of Hon’ble Forum for justice. The Complainant was refused and neglected to get back the dues in spite of repeated visits and the same is continuing till today. The Complainant  prays before this Forum to pass an order on the OPs to pay Rs.52,875/- as dues on Fixed Deposit, Rs. 30,000/- for harassment and mental agony and litigation cost of Rs.5,000/-

           No Written Version has been filed by either OPs.

          The complainant affirmed the complaint by filing Evidence on Affidavit.

                                    Points for Discussions

        1) Whether the complainant is a consumer under the OPs;

        2) Whether the OPs are deficient in rendering service;

        3) Whether the complainant deserves relief.

                                           DECISION WITH REASONS

        1) Neither of the OPs turned up to contest the case. All efforts were taken to deliver the summons to OPs.. Summons were delivered to OP-2 on 06/6/2017, to OP-3 on 06/6/2017 and after returning of summons by OP-1, the same was sent through FAX and an Affidavit of Service was affirmed and filed by the complainant. But in spite of all such efforts, OPs did not turn up to assist the Forum in finding the truth. It is presumed from settled principles of law that OPs indirectly admitted the allegations of the complainant.

        2) We have perused the documents filed by the complainant including FD Receipt No.1242998 dated 26.10.2013/26.11.2016 showing date of deposit of Rs 50000/- on 23/10/2013 with maturity amount of Rs 52875/- payable on 23/4/2014.

        3) It appears from the Resolutions dated 15.6.2017 and 24.7.2017 of OP-3(Equity Brokers Pvt. Ltd, c/o,R.R.Investors Retail Services Private Ltd.) that Sri Anup Sen, Sr. Executive of its Kolkata Branch has been authorized to represent the OP-3 in connection of, inter alia, Case No. CC/175/2017 before the CDRF, Kolkata-Unit-II.

        4) But unfortunately, in spite of being authorized and having received the summons of the Forum, OP-3 and the other two OPs did not turn up to contest the case. This could happen only when the OPs have nothing to controvert the points leveled by the complainant.

        5) The complainant sent a letter in August, 2014, to OP-1 with copy of FD Receipt and some medical documents of eye-treatment stating that after maturity of the FDR, he had deposited the original FDR with the OP-3 with earnest for payment but no heed was paid to such unfortunate depositor who had to request with folded hand to return the duty bound amount but OPs did not pay back even on the date of final argument in end February, 2018.

        6) What can it be termed other than Unfair Trade Practice by the OPs? They are flouting the basic norms of business on Deposit and Returns in accordance with RBI Directives. In this unauthorized way, OPs are amassing wealth and are thriving with their business with the hard-earned money of the poor. We wonder how they dare run such business on the nose point of so many financial regulators.

       7) More trickery has been done by OP-3 when they received the Original FDR for payment after maturity. They got the FDR signed by the depositor/complainant with Revenue Stamp showing signed  receipt of payment of matured amount of Rs 52875/- and that

is why they have been sitting idle, perhaps in the plea that payment has already been received by the complainant. The OPs mentioned the amount (Rs 52875/-) in figure and words against the FDR No. 1242998 but no cheque number has been mentioned. As per ‘IMPORTANT TERMS AND CONDITIONS’ printed on the reverse page of the FDR, it is mandatory as stipulated at serial 4 that ‘The payment of Principal/Interest will be made by A/c Payee cheque.’

        Therefore, payment has not yet been made to complainant and it has to be made through A/c Payee cheque in favour of the depositor/complainant.

        8) It need not be mentioned that the complainant is a consumer under the OPs because the complainant paid consideration by way of investing money and bought financial services from OPs. It is also crystal clear that the OPs failed to keep their promises in returning the amount to the complainant after its maturity. So, OPs are deficient in rendering service and it is serious deficiency that they did not return the duty bound money to enable the complainant to undergo treatment. The complainant, therefore, very logically deserves relief.

        In the circumstances of above analysis, we are constrained to pass

                                                            ORDER

        That the complaint be and the same is allowed exparte, in part, against the Opposite Parties in terms of section 13(2)(b)(ii) of the Consumer Protection Act, 1986 as amended;

        That the Opposite Parties are directed to jointly and severally return Rs 52875/- with agreed interest of 11.50 percent per annum from 24/4/2014 till date of actual pay-back, Rs 10000/- as compensation u/s 14(1)(d) of the Act, for physical harassment and serious mental agony and Rs 5000/- as litigation cost, to the complainant, within 30 days from the date of this order;

         That the Opposite Parties are further directed to jointly and severally pay Rs 20000/- for adopting unfair trade practice, u/s 14(1)(hb) of the Act, to be deposited with this Forum, within 30 days from the date of this order;

        That on failure to comply with any of above orders by the Opposite Parties within the stipulated time, the complainant shall have the right to exercise the provision of execution under section 27 of the Act ibid, against the non-executing parties.

        Let copies of the order be handed over to the parties when asked for.