{"id":178453,"date":"2001-07-09T00:00:00","date_gmt":"2001-07-08T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/golden-forests-india-ltd-vs-balwant-singh-bedi-and-anr-on-9-july-2001"},"modified":"2017-05-16T10:39:30","modified_gmt":"2017-05-16T05:09:30","slug":"golden-forests-india-ltd-vs-balwant-singh-bedi-and-anr-on-9-july-2001","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/golden-forests-india-ltd-vs-balwant-singh-bedi-and-anr-on-9-july-2001","title":{"rendered":"Golden Forests India Ltd. vs Balwant Singh Bedi And Anr. on 9 July, 2001"},"content":{"rendered":"<div class=\"docsource_main\">National Consumer Disputes Redressal<\/div>\n<div class=\"doc_title\">Golden Forests India Ltd. vs Balwant Singh Bedi And Anr. on 9 July, 2001<\/div>\n<\/p>\n<pre><\/pre>\n<p>ORDER<\/p>\n<p>D.P. Wadhwa J.(President)<\/p>\n<p>1. This is a petition under Clause (b) of Section 21 of the Consumer<br \/>\nProtection Act, 1986 seeking revision of the order of the Punjab State Consumer Disputes<br \/>\nRedressal Commission passed in appeal against the order of the District Forum. By the<br \/>\nimpugned order State Commission dismissed the appeal of the petitioner and upheld the<br \/>\norder of District Forum which had allowed the complaint of the Respondent.\n<\/p>\n<p>2. Respondent as complainant filed a complaint before District Forum<br \/>\ncomplaining that he had deposited various amounts with the petitioner and that the<br \/>\npetitioner had issued fixed deposit receipts. The impugned order contains details of<br \/>\nthe FDR numbers, dates of maturity and maturity value of the FDRs. Complaint was that<br \/>\nin spite of amounts having been matured, petitioner did not make the payment.<br \/>\nComplainant therefore, alleged deficiency of service on the part of petitioner. Prayer was<br \/>\nfor payment of amount of Rs. 2,94,648\/- with future interest. Compensation was also<br \/>\nprayed. Petitioner could not deny receipt of the amounts, issue of FDRs and the maturity<br \/>\namount. However, its contention was that the amount received by it was by way of<br \/>\ninvestment and question of any service did not arise. Its case was that petitioner was<br \/>\npassing through difficult times and that the Security and Exchange Board of India (SEBI)<br \/>\nhad intervened in the matter and filed writ petition in the Bombay High Court where the<br \/>\nHigh Court issued certain directions. In terms of those directions Hon&#8217;ble Mr. Justice<br \/>\nM.L. Pendse, a retired judge of the Bombay High Court was appointed as private receiver<br \/>\nto sell the properties of the petitioner. It was therefore, submitted that complainant could<br \/>\nfile his claim before the said private receiver. District Forum, however, rejected the<br \/>\ncontention of the petitioner. District Forum allowed the complaint with costs of Rs.<br \/>\n500\/- and directed payment of maturity amount of FDR with interest @ 15% per annum<br \/>\nfrom the dates of maturity of FDRs till actual payments.\n<\/p>\n<p>3. Aggrieved of the order of District Forum, petitioner went in appeal before<br \/>\nthe State Commissioner. State Commission referred to earlier orders of this Commission<br \/>\nwherein it had been held that when a Company or Firm invites deposits promising<br \/>\nattractive rates of interest, it amounted rendering of financial service as it receives<br \/>\ndeposits from the customers and pays interest thereon. State Commission, therefore,<br \/>\nrejected the contention of the petitioner that the complaint was not maintainable as no<br \/>\nservice was being rendered by the petitioner. State Commissioner also referred to the<br \/>\norders of the Bombay High Court in the writ petition filed by the SEBI and was of the<br \/>\nview that it did not debar the complainant to file his complaint under the Act before the<br \/>\nDistrict Forum. It was noticed that complainant was not party in the Bombay High court and there was no order of the High Court staying the proceedings<br \/>\nunder the Act.\n<\/p>\n<p>4. Same set of arguments have been repeated before us. Copy of the writ<br \/>\npetition filed by SEBI has not been made part of the record of this case. However, we<br \/>\nhave been referred to the prayer in the writ petition which is as under:\n<\/p>\n<p>&#8220;The petitioner therefore prays:\n<\/p>\n<p>(a) that this Hon&#8217;ble Court issue a writ of mandamus or a writ in the<br \/>\nnature of mandamus or any other writ, direction or order under Article<br \/>\n226 of the Constitution of India, directing respondent No. 2 to issue<br \/>\norders against all the commercial Banks and or cooperative Banks<br \/>\nwhere respondent No. 1 has an account directing the commercial<br \/>\nbanks and\/or the cooperative Banks to restrain respondent No. 1 from<br \/>\nwithdrawing any funds from any of its accounts with the said<br \/>\ncommercial banks and\/or the cooperative banks to restrain respondent<br \/>\nNo.1 from withdrawing any funds from any of its accounts with the<br \/>\nsaid commercial banks and\/or the cooperative banks and\/or any of their<br \/>\nrespective branches whether in India\/abroad.\n<\/p>\n<p>(b) that pending the hearing and final disposal of this petition, this Hon&#8217;ble<br \/>\ncourt may be pleased to appointed any fit or proper person as a special<br \/>\nofficer or may appoint any agency as this Hon&#8217;ble Court may deem fit<br \/>\nto operate the bank accounts of respondent No. 1 to pay off those<br \/>\ninvestors whose investments have been matured or are likely to mature<br \/>\nshortly&#8221;.\n<\/p>\n<p>5. By way of interim order Bombay High court appointed Justice M.L.<br \/>\nPendse, a retired Judge of the Bombay High Court to sell the properties numbering 19 of<br \/>\nthe petitioner which were mentioned in the schedule to the order. It is nowhere stated<br \/>\nthat these are the only properties of the petitioner. Complainant is not a party in those<br \/>\nproceedings in the High court and no notice had either been issued by the private receiver<br \/>\nto the complainant. The scope of the writ petition filed by the SEBI is quite different. if<br \/>\nthe petitioner feels that the case of the complainant is covered in those proceedings it is for<br \/>\nhim to get appropriate orders from the High Court. We also note that in the present<br \/>\npetition Mr. Justice M.L. Pendse has also been made a party as respondent. It is not<br \/>\ncorrect on the part of the petitioner to make Justice Pendse even as a performa<br \/>\nrespondent. We however, see no error in the impugned order of the State Commission for<br \/>\nus to exercise our jurisdiction under Clause (b) of Section 21 of the Act. This revision<br \/>\npetition is dismissed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Consumer Disputes Redressal Golden Forests India Ltd. vs Balwant Singh Bedi And Anr. on 9 July, 2001 ORDER D.P. Wadhwa J.(President) 1. This is a petition under Clause (b) of Section 21 of the Consumer Protection Act, 1986 seeking revision of the order of the Punjab State Consumer Disputes Redressal Commission passed in appeal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-178453","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Golden Forests India Ltd. vs Balwant Singh Bedi And Anr. on 9 July, 2001 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/golden-forests-india-ltd-vs-balwant-singh-bedi-and-anr-on-9-july-2001\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Golden Forests India Ltd. vs Balwant Singh Bedi And Anr. on 9 July, 2001 - Free Judgements of Supreme Court &amp; 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