TONSE N M PAI DIRECTOR OF MANIPAL SOWBHAGYA NIDHI LTD Vs. ALL GOA MANIPAL FINANCE GROUP OF COMPANIES CREDITORS ASSOCIATION

JUDGEMENT

(1.) Goa State Consumer Disputes Redressal Commission, Panaji - Goa (for short as 'State Commission') vide impugned order, dated 21.2.2012, disposed of Miscellaneous Applications No.3 and 4 of 2008 in CC No.9 &10 of 2003 and Miscellaneous Applications no.3 and 4 of 2011 in CC No.9 & 10 of 2011.

(2.) Since issues are similar in these appeals and parties are also common, accordingly, we propose to pass a common order.

(3.) Factual matrix of these cases are that most of the complainants are senior citizens, retired and sick persons who are entirely dependent on the interest accrued on deposits made by them with opposite parties (in the State Commission ). Complainant's case is that through various press statements and public gimmicks OPs introduced deposit schemes and invited applications from public. In response thereto, complainants deposited their hard -earned money in different schemes, i.e. Shreyus, which are in the nature of promissory notes; fixed deposits; debenture certificates and application form for redeemable Subordinated debt, contain various terms and conditions. One such condition stipulated therein is that in case of any deficiency in service the depositor can approach the forums set up under the Consumer Protection Act, 1986 (for short as 'Act') for relief. Thereafter, OPs closed down their business in Goa without any reasonable cause and refused to refund the deposits to the depositors. Complainants came to know through reliable sources that company has disposed of their office premises and other immovable properties in Goa. Complainants issued a letter to the OPs on 28th November, 2002, inter -alia calling upon them to return their deposits without further delay which did not elicit any response. Hence, they filed complaints before the State Commission, praying for refund of the deposits made with OPs with interest and costs.