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Judgment
THIS complaint has been filed by Consumers Union, Kashmir Valley Finance & Investment Ltd.; Branch Office Ganderbal through President and an application under Order 1 Rule 8 of CPC also has been filed seeking permission for the complainants to file the case in representative capacity. It is averred in the complaint that O.P. Nos. 1 and 2 had their office at Anantnag under the name and style of Kashmir Valley Finance Investment Ltd. bearing registration No. 07-1192.
O.P. claimed to conduct the business for getting money doubled within 4 years by way of fixed deposits and also for depositing money on monthly instalment basis and the investment was to be returned on the maturity date with high interests. Complainants got prompted by the advertisement of the O.Ps. About 202 persons deposited their hard earned money with the Company at Branch Office Ganderbal as fixed deposit certificate of few complainants have been annexed herewith as Annexure-C. Fazi Begum widow deposited Rs. 1.50 lakhs under A/c. No. 264/619 ADO and her date of maturity was 24.12.2000. Rashida w/o Shabir Masood deposited Rs. 50,000/- under A/c No. 589/4/613 and her date of maturity was 1.11.2000. Mugli Begum w/o Abdul Razak deposited Rs. 50,000/- under A/c No. 588/4/612/C, Kulsuma Akhter d/o Razak Wagay deposited Rs. 35,000/- under A/c No. 01/04/611 and her date of maturity was 1.12.2001.
Said complainants deposited their money with the authorized Agent of O.P. Nos. 1 and 2 in Branch Office Ganderbal under the name Aijaz Ahmed Sofi s/o Mohammad Shafi Sofi r/o Dudehama Ganderbal. Photo copies of the list which the authorized Agent have named and maintained are annexed as Annexures C5 to C10. Authorized Agent bona fide deposited the money of complainants with O.P. Nos. 1 and 2. The receipt of money collected by O.P. from their authorized agent from the year 1996 to 1998 is also annexed herewith as Annexures C11 to Annexure C17. Complainant approached the O.P. alongwith authorized Agent for the payment of their money on the expiry of maturity but O.P. failed to make their payment. Complainant personally visited the residence of O.Ps. but O.Ps. turned them out of their houses. It is why the complaint is made. Complainants have prayed that the O.Ps. be directed to pay the principal amount of Rs. 20,06,375/- (refer Annexures C1 to C10) plus interest.
O.Ps. were summoned through registered post but summons were not returned nor the O.Ps. appeared before the Commission. For precautionary sake they were also summoned through Newspaper Greater Kashmir. Thereafter they were summoned through Alsafa the cutting of which is on the file while the O.Ps. choose not to appear so the application under Order 1 Rule 8 was allowed. Evidence of the complainants were recorded. Complainant has produced Mugli, Kusum Akhter, Shaheena Akhter, Ishafiq Hussain, Firdousa, Mst. Fazi Rubina Rahim, Naseema Bano, Shamemma Bano and Shafiq Hassan. All the witnesses have supported the claim of the complainants so we are of the view that O.Ps. have committed deficiency in service. They are liable to pay Rs. 20,06,375/- principal amount plus 18 per cent interest from the date of filing of complaint. The said amount shall be apportioned/distributed amongst the deposit holders in accordance with the amount deposited by them respectively.
COMPENSATION of Rs. 50,000/- and litigation charges of Rs. 10,000/- are awarded to the complainants to be paid by the opposite parties within a period of six weeks. Complaint disposed of.