SAWAGAT MOTORS & GENERAL FINANCE COMPANY PVT. LTD. Vs. SURESH KUMAR

JUDGEMENT

(1.) This appeal, by the opposite party, under Section 15 of the Consumer Protection Act, 1986, is directed against the order dated 15.2.2013, of learned District Consumer Disputes Redressal Forum, Hamirpur, whereby a complaint, under Section 12 of the Consumer Protection Act, 1986, filed by respondent Suresh Kumar against the present appellant, has been allowed and a direction issued to the appellant to pay Rs. 42,000, to the complainant with interest at the rate of 9% per annum, from the date of filing of complaint, i.e. 11.12.2008, to the date of payment of aforesaid amount of money and also to pay Rs. 5,000 as compensation and equal amount of money by way of costs.

(2.) Respondent filed a complaint against the appellant alleging that he deposited a sum of Rs. 42,000 on four differnt occasions, i.e. Rs. 25,000 on 10.11.1994, Rs. 10,000 on 5.1.1995, Rs. 5,000 on 2.3.1995 and Rs. 2,000 on 11.8.1995, respectively with the appellant by way of share premium on a promise made by the appellant that he will be entitled to profits after lapse of 10 to 15 years, but nothing had been paid to him till the filing of complaint and not only that no profits were paid, even the principal amount had not been refunded. He, therefore, prayed for issuance of a direction to the appellant to refund the deposited amount of Rs. 42,000, with interest at the rate of 10% per annum, and also to pay compensation and litigation cost.

(3.) Appellant did not deny payment of the aforesaid amount of money by the respondent against four receipts copies, Annexures C -1 and C -4, which were filed with the complaint, but pleaded that money was invested in shares and that the company having gone into red, the entire investment had been lost.