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| Consumer panel asks Financer to pay Rs 19 lakhs to lecturer | | | Early Times Report
Jammu, Dec 7- In yet another landmark order Chairman of the J&K State Consumer Disputes Redressal Commission, Jammu Justice (Retd) GD Sharma on Monday directed Gupta Finance Corporation, BC Road to make payment of Rs 19, 499, 49 to the complainants along with interest @ 8% per annum from the date of filing the complaint, till the payment is made.
According to the order passed by the Chairman of the Commission on Monday the complainants are also entitled to litigation charges in the amount of Rs 8000.
A complaint was filed by a senior retired lecturer of school education department Chanchal Nayyar and her husband BD Nayyar, a retired district and sessions Judge from the state Judicial service on September 23, 2004.
In the complaint the couple had submitted that when they were in government service they had been approached by the Gupta Finance corporation, BC Road to deposit their savings in the company with an assurance that they would be getting interest @18 per annum on their deposits and they would have a free will to withdraw those accumulated deposits at any time.
The promoters of the finance corporation had also assured the complainants that their investments would be having security cover in the shape of other assets owned by Gupta Finance corporation i.e in the petrol pump business and other finance companies.
The couple moved to the Commission when instead of releasing their payments the finance corporation withheld their payments with an intention to dupe them.
After hearing in length all the arguments and rejoinders filed by both the sides the Commission came to the conclusion that Gupta Finance corporation had been carrying on the finance business in a fraudulent manner and as disclosed by witness of the complaints Stias Bali, Accountant that such a method was adopted to doge the income tax authorities.
The Commission noted that they had floated four finance companies on different names but it is proved from the evidence that they had maintained one ledger book but issued two pass books at different times in favour of the complainants.
Entries made in the passbook of Kathua Motor Finance Co were switched on the passbook of the Gupta Finance Corporation but no mention of this fact had been made in the ledger book. Such conduct amounts to carrying on unfair trade and practice under the Consumer Protection Act.
The oral and documentary evidence has established that the amount claimed by the complainants is due to them.
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