2000 (6) TMI 769 - Commission - Companies Law

Summary

Issues:
1. Complaint regarding non-payment of investment scheme amount.
2. Opposite party's defense based on SEBI guidelines.
3. Dispute over the last instalment payment by opposite party No. 3.
4. District Forum's decision to refund the outstanding amount with interest and costs.

Analysis:
1. The complaint was filed against the opposite party for not paying the remaining amount due under a Monthly Investment Scheme. The complainant had invested Rs. 6,600 and only received Rs. 4,000, leaving Rs. 2,600 outstanding. The District Forum directed the opposite party to refund the remaining amount with interest and costs.

2. The opposite party argued that SEBI guidelines were pending approval for repayment to investors. However, the Commission found that the opposite party's obligation to refund the amount was independent of SEBI proceedings. The District Forum's decision to order the refund was upheld as it was not related to share allotment.

3. Opposite party No. 3 disputed receiving the last instalment in August 1998. Despite this, the Commission focused on the overall outstanding amount and the failure to pay on maturity, leading to a deficiency in service. The entries in the passbook confirmed the deposit and maturity date, supporting the complainant's claim.

4. The District Forum's decision to refund the outstanding amount and provide interest at 15% per annum from the maturity date was deemed appropriate by the Commission. The opposite party's admission of the deposit and failure to pay on maturity reinforced the complainant's entitlement to the refund. The appeal was dismissed, affirming the District Forum's order.

This judgment highlights the importance of honoring financial commitments under investment schemes, irrespective of regulatory processes, and emphasizes the consumer's right to seek redress for service deficiencies.