SUSHIL KUMAR JAIN Vs. BASIL SECURITY LIMITED

JUDGEMENT

(1.) An application under Sec.12-B of the Monopolies and Restrictive Trade Practices Act, 1969 (in short Act) has been filed by one Shri Sushil Kumar Jain against M/s. Basil Security Limited through its Managing Director, Plantation Division, charging the latter with adoption of unfair trade practices within the meaning of Sec.36-A of the Act. For having suffered a loss on account of such unfair trade practices, the applicant has claimed refund of Rs.51,000/- paid to the party along with compensation of Rs.50,000/- for the damages caused to it.

(2.) Briefly stated, the facts are that on representation through one Mr. Raghuvanshi, the alleged Marketing Manager of the respondent-Company, the applicant deposited Rs.51,000/- on the promised return of the amount along with various incentives, bonus, bonds, registered land etc. These included an amount of Rs.1,100/- per month for five years, post-dated cheque of principal amount of Rs.51,000/-, cash incentives Rs.6,750/- in case the deposit is made in one instalment, income free certificate for the income derived from the investment for every five years free income tax bond certificates, land of 1500 sq. feet registered in the name of the depositor, I. T. Basil Teak Gold Bonds amounting to Rs.14,60,750/- after expiry of 20 years, additional benefit bonds amounting to Rs.21,55,000/- encashable after expiry of 20 years and 85 bonds shares for 17 bonds invested.

(3.) The payment was made through cheque bearing No.171239 dated 25.5.1996 drawn on Union Bank of India. Despite several reminders given to the respondent as the cheques in respect of income and principal amount were not received, the applicant approached the Commission with an application under Sec.12b of the Act, as stated above.