Ludhiana | Sahara Credit Cooperative Society to pay ₹3.85 L on special bonds
The District Consumer Dispute Redress Commission ordered the Sahara Credit Cooperative Society to pay an amount when due ₹3.85 lakh, with interest @ 8% per annum, to a plaintiff against her amount invested in Sahara special bonds.
Satinder Kaur of Samrala Chowk, Ludhiana had filed a complaint against Sahara Credit Cooperative Society, Kapoorthala Complex, Aliganj, Lucknow (opposing party).
Kaur, in her complaint, claimed that she had invested ₹3,29,291 in special Saharan vouchers allocated by the said cooperative society.
As of May 31, 2020, the bond maturity date, it has not received a sum of ₹3,85,599 payable to her, which amounted to a lack of service and an unfair trade practice on the part of the opposing party, she said.
She served a formal notice dated September 3, 2021 to the opposing party, but to no avail.
In filing his complaint, Kaur asked the cooperative society to pay him the amount when due, together with interest @ 11% per annum, and compensation and litigation costs of ₹50,000 and ₹22,000, respectively.
On notice, the opposing party failed to appear, despite service by registered mail, and was sued ex parte.
The commission, however, in its order observed: “From a reading of the record, it is evident that the plaintiff invested a sum of ₹3,29,291 and according to the bond certificate, the amount at maturity of ₹3,85,599 became due on June 01, 2020. However, the cooperative society did not pay the said amount.
The order read as follows: “In the given circumstances, it would be just and proper for the opposing party to be required to pay the amount when due ₹3,85,599, with interest @ 8% per annum from June 1, 2020 and a composite cost of ₹7000.”