Order-9.
Date-18/11/2016.
This is an application u/s.12 of the C.P. Act, 1986.
The case of the Complainant is in short is that the Complainant purchased 500 Secured Debentures vide allotment letter No. 1DHA-9097, Application serial no. 31206, bearing DistinctiveNo .(S) 1391451 to 1391950 in the month of August, 2012. The total cost of 500 Secured Debentures was 50,000/- and the redemption value was Rs.75,000/-. The redemption date of the Secured Debenture was 09.7.2015. The Complainant deposited the debenture certificate to the office of the OP on 03.07.2015 for availing the matured amount. The Office of the OP assured that they would give the date for payment of money after two months. After two months the Complainant again contacted the OP and the OP office stated that they could not confirm any date for refund and asked the Complainant to come after 2 months. The Complainant again contacted office of OP after another two months. Ultimately, the OP Company could not refund the money as the Company has been closed and she could not meet any of the officials of the OP Company. The Complainant also states that she came to know from newspaper on 15.6.2016 that the members of Board of Directors of the OP Company have been absconding. The Complainant submits that the OP Company has squeezed her money and has indulged unfair trade practice. The Complainant has filed thereafter the instant case for refund of matured amount. Hence, this case.
OP has not appeared in this case in spite of sending notice and subsequent publication in the newspaper. The case has proceeded ex parte against the OP.
Points for decision
- Whether the OP is deficient in rendering service to the Complainant?
- Whether OP has adopted unfair trade practice?
- Whether the Complainant is entitled to get the relief as prayed for?
Decision with reasons
We have perused the documents, photocopy of letter of allotment and other documents on record. It appears that the Complainant purchased 500 Secured Debentures vide allotment letter No. 1 DHA-9097 in the month of August,2012 for a period of 03 years for redemption value of Rs.75,000/-, the date of redemption being 09.07.2015. It appears that the Complainant deposited the Debenture Certificate to the Office of the OP after the due date of redemption for getting the redemption value of Rs.75,000/-. The OP Company failed and neglected to pay the redemption value to the Complainant. In fact it is alleged that the office of the OP has been closed down and the members of the Board of Directors were not available. The Complainant has also stated that she could not contact any officials of the Company and she ran pillar to post for getting the refund of the redemption value. It appears that OP Company has taken money from the Complainant and has failed and neglected to refund the redemption value of Rs.75,000/- as promised by Letter of Allotment. It is apparent that OP Company has utilized the money for its own gain and without making any refund of the matured value of Rs.50,000/-. We think that OP Company has been guilty of deficiency of service. The OP has also, we think, put up the gesture of unfair trade practice as such.
None came from the side of the OP to challenge or to controvert the case of the Complainant. The evidence of affidavit filed by the Complaint remains unchallenged and uncontroverted. In absence of any contrary and controverting materials on record and having regards to the documents filed form the side of the Complainant, we think that the Complainant is entitled to get the relief as prayed for.
Hence,
Ordered
That the instant case be and the same is allowed ex parte but on merit against the OP. OP is directed to pay an amount of Rs.75,000/- along with interest at the rate of 9 percent p.a. with effect from 08.07.2015 till realization within one month from the date of this order.
The OP is also directed to pay Rs.25,000/- as compensation to the Complainant for causing of harassment, mental pain and agony and unfair trade practice within the said period.
Failure to comply with the order will entitle the Complainant to put the order into execution u/s 25 read with Section 27 of the C.P. Act and in that event OP shall be liable to pay penal damage at the rate ofRs.5,000/- per month to be paid to this Forum till full and final compliance of the order.
