Home News Pathanamthitta-based finance company to pay compensation

Pathanamthitta-based finance company to pay compensation

Pathanamthitta-based finance company to pay compensation


Latest Kerala Local News: Pathanamthitta-based finance company to pay compensation

The Ernakulam District Consumer Dispute Redress Commission ordered Popular Traders, a Pathanamthitta-based finance company, to pay an investor 3.05 lakh in compensation for unfair business practices and deficient services.

Suja R. Varma of Thripunithura had approached the commission with the complaint that the company had accepted a 2 lakh investment from him for one year in June 2020 with a promise to offer 12% interest per annum. Thomas Daniel, managing partner of Popular Traders, and three other partners were arraigned as opposing parties.

According to the complainant, the opposing parties did not pay the agreed interest and even rejected her request for premature closure. It also emerged that the opposing parties were facing criminal charges of breach of trust, fraud and embezzlement of public funds. The managing partner was arrested for these offenses and was not authorized to collect funds from the public.

The commission observed that the opposing parties, although having received the notification, did not contest the complainant’s allegations. Conscious failure to file their written version is considered an admission of the allegations against them. The opposing parties’ actions amounted to unfair business practices and deficient service, deceiving and enriching themselves with the plaintiffs’ and the public’s money, the commission said.

Fraudsters exploit vulnerabilities, financial stress and the desire for quick wins to deceive victims. The poor and vulnerable suffer the most as they are in desperate need of financial solutions and do not understand complex transactions, observed the commission composed of Chairman DB Binu and members V. Ramachandran and Sreevidhia TN

Subsequently, the commission ordered the opposing parties to pay the plaintiff 2 lakh with interest of 9.50% from the date of filing until the amount is realised. Another lakh is expected to be paid for the lack of services and the mental agony and physical hardship suffered by the plaintiff, in addition to another 5,000 for litigation costs.

This is a Premium item available exclusively to our subscribers. To read over 250 such premium articles every month

You have exhausted your free item limit. Thank you for supporting quality journalism.

You have exhausted your free item limit. Thank you for supporting quality journalism.

This is your last free article.


Also read this Article:

An Overview of Global Events in 2023

In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.

Political Unrest and Diplomatic Strides:
In the political arena, several regions experienced unrest and geopolitical tensions. The ongoing conflict in the Middle East continued to dominate headlines, with efforts towards peace and stability remaining elusive. However, there were also moments of diplomatic breakthroughs as nations engaged in dialogues to ease tensions and work towards lasting solutions.


Economic Transformations:
The global economy faced both challenges and opportunities. Trade disputes between major powers affected markets, while some countries grappled with debt crises. On the other hand, emerging economies showed resilience and promising growth, fueling optimism for a more balanced global economic landscape.

Technological Advancements:
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.

Climate Crisis and Environmental Resilience:
As the climate crisis intensified, extreme weather events wreaked havoc in various parts of the world. Wildfires, hurricanes, and floods reminded humanity of the urgent need for climate action. In response, governments and communities across the globe doubled down on efforts to reduce carbon emissions, invest in sustainable infrastructure, and protect biodiversity.


Health and Pandemic Management:
Health remained a global priority as countries continued to combat the COVID-19 pandemic. With the emergence of new variants, vaccination efforts and public health measures remained crucial to curbing the spread of the virus. There were also significant advancements in medical research and technology, offering hope for better preparedness in handling future health crises.

Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.

In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.