Ludhiana | Sahara Credit Cooperative Society directed to pay ₹3.85L maturity amount on special bonds

Satinder Kaur of Samrala Chowk, Ludhiana, had submitted a complaint against Sahara Credit Cooperative Society, Kapoorthala Complex, Aliganj, Lucknow (opposite party) and demanded the maturity amount on bonds, along with interest @11% per annum, and compensation and litigation expenses of ₹50,000 and ₹22,000, respectively

The District Consumer Disputes Redressal Commission has directed Sahara Credit Cooperative Society to pay a maturity amount of ₹3.85 lakh, along with interest @8% per annum, to a complainant against her amount invested in Sahara special bonds.

Ludhiana Consumer Disputes Redressal Commission, however, in its order observed, “From a perusal of the record, it is evident that the complainant invested a sum of ₹3,29,291 and as per the bonds’ certificate, the maturity amount of ₹3,85,599 became due as on June 01, 2020. However, the cooperative society has not paid the said amount.” (HT FILE)

Satinder Kaur of Samrala Chowk, Ludhiana, had submitted a complaint against Sahara Credit Cooperative Society, Kapoorthala Complex, Aliganj, Lucknow (opposite party).

The complaint

Kaur in her complaint claimed that she had invested ₹3,29,291 in Sahara special bonds allotted by the said cooperative society.

On May 31, 2020, the date of maturity of bonds, she did not receive a sum of ₹3,85,599 that was payable to her which amounted to deficiency of service and unfair trade practice on the part of the opposite party, she said.

She served a legal notice dated September 03, 2021 to the opposite party, but to no avail.

Submitting her complaint, Kaur sought the cooperative society to pay her the maturity amount, along with interest @11% per annum, and compensation and litigation expenses of ₹50,000 and ₹22,000, respectively.

Upon notice, the opposite party did not turn up, despite service through registered post, and was proceeded against ex-parte.

Commission’s verdict

The commission, however, in its order observed, “From a perusal of the record, it is evident that the complainant invested a sum of ₹3,29,291 and as per the bonds’ certificate, the maturity amount of ₹3,85,599 became due as on June 01, 2020. However, the cooperative society has not paid the said amount.”

The order read, “In the given circumstances, it would be just and appropriate if the opposite party is directed to pay the maturity amount of ₹3,85,599, along with interest @8% per annum from June 1, 2020 and a composite cost of ₹7000.”