Consumer forum orders DSK to return share to investor

The Pune District consumer redressal forum has directed DSK Kulkarni and brothers to pay complainant Varad Patwardhan, a resident of Sadashiv peth, 12 per cent interest on two of his investments worth ₹8

The Pune District consumer redressal forum has directed DSK Kulkarni and brothers to pay complainant Varad Patwardhan, a resident of Sadashiv peth, 12 per cent interest on two of his investments worth ₹8.55 lakh since 2014.

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Patwardhan in his complaint filed before the consumer court had stated that he had invested an amount of ₹3 lakh each as a fixed deposit in two schemes for a period of three years with the DSK Brothers. The total amount promised to be returned to him after the completion of the deposit term was ₹8.55 lakh. On the completion of the fixed deposit term, DSK had issued a cheque of interest earnings to Patwardhan but immediately took back the instrument, the complaint stated.

Patwardhan demanded that he be given back his invested amount including the interest, but the company did not pay any heed to his request.

The commission passed an ex-parte order in the case.

The forum in its order stated that the DSK brothers demonstrated a deficiency in service and did not return the deposit along with interest as promised to the investor. The company has shown unethical practice as it used the interest money for its own profit and did not refund the money to the investor as promised. The order specifically directed DSK to refund the interest on each of the two schemes since May 30, 2014, within 45 days of the receipt of the forum order.

If the interest amount is not returned to the investor, then an interest rate of 16 per cent will be levied on an amount of ₹6 lakh. The forum also directed the company to refund ₹15,000 as additional expenses to the complainant.