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TMI Blog1994 (1) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... A AND SARDAR ALI, MEMBERS C. Shanmugha for the DG. ORDER Shri N.C. Gupta, Member - The enquiry proceedings were instituted under sections 36A, 36B( d ) and 36D of the Monopolies and Restrictive Trade Practices Act, 1969 ('the Act') taking cognizance of an advertise- ment issued by the above-mentioned respondent in the issue of Hindustan Times dated 1-11-1990. The relevant portion of the advertisement as reproduced in the Notice of Enquiry (NOE) reads as under : "INVESTOR S.K. HORTICULTURE PROJECT A UNIQUE FINANCIAL FORCE TO GET TWO FOLD RETURN ON INVESTMENT. The vegetable and fruit industry has seen phenomenal growth over past many decades. S.K. Farms is fast upcoming commercial Horticulture project set up fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent on the said date and made an application for setting aside the ex parte proceedings on the ground that the absence of the respondent on the previous dates was not intentional. This plea of the respondent was not held to be valid and no sufficient cause was held to have been shown for non-appearance of the respondent on the aforesaid date of hearing. All the same, in the larger interest of justice, ex parte proceedings were set aside and the respondent was allowed to take part in the proceedings and take further necessary steps for payment of costs to the other side. The order passed on 6-7-1993 in this behalf speaks for itself. The case was, accordingly, fixed for further consideration on 14-9-1993. On that day again, no body app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st two years. 4. The impugned advertisement in question makes an unqualified pro- mise to pay double the amount of investment within two years and it further assures that the income in the hand of the investors will be tax- free. Apparently, the scheme as per the advertisement is one of outright investment with a promise of doubling the amount in two years. The advertisement does not give the slightest hint as to how it is possible to double the amount in two years. Even the explanation furnished by the Respondent to the D.G. (I R) during investigation would fail to convince any reasonable person that it is possible to earn 100 per cent profit on such an investment just within two years. It was open to the respondent to produce any in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g investors are likely to be taken in by these false promises and invest their hard earned money in the aforesaid scheme of the respondent with the hope of earning huge benefits and accretion on their investment - a hope which is deemed to despair. In a country like ours where a large number of half-literate and ill-educated persons, eager to multiply their money by any scheme floated through any innovative method are bound to be allured by such misleading promises with no prospect of fulfilment, it is the bounden duty of regulatory and adjudicating authorities to take remedial action in the public interest. 6. In conclusion, we pass a 'cease and desist' order against the respondent to immediately stop the practice of issuing the advert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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