M.THANIKACHALAM, J. - (1.) The opposite party is the appellant.
(2.) The respondent/ complainant had joined in the VGP Tamarind Tree scheme, under the hope to get income, as well as land, by depositing a sum of Rs.15000/- per tree, for 5 trees, totaling a sum of Rs.7500/- on 1.10.92. Accepting the amount, certificate was given for 5 years, and later they have informed as agreed, they have planted tamarind trees growing well, providing 3 option also viz. agreeing to pay for the current period his income Rs.1000/- per tree, or agreeing to pay RS.500/-, as provided to include in the VGP housing scheme, and for the sale of the tamarind tree to VGP itself, receiving a sum of Rs.1000/-, out of which the complainant opted the first scheme. Pursuant to the acceptance, on 4.7.2002, the opposite party also had sent a sum of Rs.500/- by way of demand draft. Thereafter when the complainant contacted, seeking the benefits, as agreed, there was no proper reply, and infact they have sent a communication on 13.6.2008, agreeing to pay a sum of Rs.1500/-, provided the original certificates are returned, without mentioning anyother benefits agreed to be given, thereby they have committed negligence and deficiency. Hence the complainant is constrained to file this case, for the recovery of a sum of RS.358000/-, being the loss of income for 5 tamarind trees, as well as the value of 5 scents, including compensation for mental agony.
(3.) The opposite party, admitting the scheme floated by them, as well as the fact the complainant joined in the scheme, by paying a sum of Rs.7500/-, resisted the case interalia contending that as per the scheme, they have planted necessary tree, reared, grown, that in the meantime SEBI (Collective Investing Scheme Regulations 1999 came into force from 15.10.99), under which they have submitted application for provisional registration, which was refused , on appeal also before the Securities Appellate Tribunal, they have failed, thereby confirming the order of SEBI to windup the scheme, and to refund the amount to the investors, alongwith 8% p.a.,, and as such they have not committed any deficiency in service, that after deducting the administration charges, adding interest, they are willing to pay only a sum of Rs.6900/-, questioning the other averments also, praying to negative the claim of the complainants.;