STATE CONSUMER DISPUTES REDRESSAL COMMISSION, U.T., CHANDIGARH Appeal No. : 58 of 2023 Date of Institution : 12.04.2023 Date of Decision : 31.07.2025 JYOTI KHEMKA (also known as JYOTI JAIN), aged 50 years, w/o Dr. Ashok Khemka r/o House No.1370, Sector 19B, Chandigarh-160019.

……Appellant/Complainant.

Versus

1] CATALYST TRUSTEESHIP LIMITED, (formerly known as GDA Trusteeship Ltd.), ‘GDA’ House, 1st Floor, Plot No.85, S No.94 & 95, Bhusary Colony, Kothrud, Pune, Maharashtra-411038.

2] CREDIT ANALYSIS AND RESEARCH LTD. (CARE), SCO 196-197, 2nd Floor, Sector 34A, Chandigarh-160022; also at 54-55, Phase 11, Sector 65, Sahibzada Ajit Singh Nagar, Punjab-160062.

3] BRICK WORKS RATINGS INDIA PVT. LTD. Bestech Business Tower, Tower A, Unit No.601, 6th Floor, Sahibzada Ajit Singh Nagar, Punjab-160065; also at Business Square, 5th Floor, C Wing, 151, Andheri-Kurla Road, Chakala, Andheri East, Mumbai, Maharashtra-400093.

4] PIRAMAL CAPITAL HOUSING FINANCE LIMITED (earlier Dewan Housing Finance Corporation Limited), SCO 118-119, Madhya Marg, Sector 8C, Chandigarh – 160009; also at Warden House, 2nd Floor, Sir P.M. Road, Fort, Mumbai, Mahrashtra-400001.

5] SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI), SCO 127-128, 1st Floor, Sector 17C, Chandigarh-1600017; also at SEBI Bhawan BKC, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai, Maharashtra-400051.

…..Respondents/Opposite Parties.

BEFORE: JUSTICE RAJ SHEKHAR ATTRI, PRESIDENT MR. RAJESH K. ARYA, MEMBER Argued by:-

Sh. Shreenath K. Khemka, Advocate for the appellant.

Sh. Anirudh Gambhir, Advocate for respondent No.1 (on VC).

Sh. N. S. Jagdeva, Advocate proxy for Sh. Lakhbir Singh, Advocate for respondent No.2.

Sh. Rajender S. Rana, Advocate for respondent No.3.

Ms. Shweta, Advocate for respondent No.4 Respondents No.4 & 5 already exparte vide order dated 22.05.2023.

PER RAJESH K. ARYA, MEMBER Instant appeal has been filed by the complainant, namely, Smt. Jyoti Khemka (appellant herein) seeking setting side order dated 06.03.2023 vide which, her consumer complaint No.932 of 2019 has been dismissed by the District Consumer Disputes Redressal Commission-I, U.T., Chandigarh (in short ‘District Commission’).

2] The facts as stated in the impugned order passed by the District Commission reads thus:-

“1. The present consumer complaint has been filed by the complainant against the opposite parties (hereinafter referred to as the OP/OPs). Briefly stated, on 26.7.2016 OP No.4 issued a Public Prospectus approved by SEBI (respondent No.5) for the public issue of secured Redeemable Non-convertible Debentures, each having a face value of INR 1,000/- and a tenures of 3 years. OP No.1 was the Debenture Trustee for the said issue, and the said public issue was given ‘AAA’ credit rating i.e. the highest degree of safety by OP No.2 and OP No.3 and pursuant to the said public issue the complainant purchased 342 secured Non-convertible Debentures in the retail category on 16.8.2016 the next investment was of INR3,42,000/- . The Debentures in question were to mature on 16.8.2019 and were to yield interest amounting to INR 31,464/- on an annual basis. In the early 2018 there was speculation that DHFL might be heading towards a financial crises. However Ops No.2&3 continued to rate the debentures at ‘AAA’ rating i.e. the highest degree of safety regarding timely service of financial obligations. It is stated as reported by OP No.1 in its communication dated 5th August 2019, the OPs No.2&3 downgraded the credit rating of the debentures from ‘AAA’ to ‘D’ i.e. the lowest possible score overnight in February 2019. Therefore, the debentures that were marked at the highest score were downgraded to the lowest score, all in a night’s time after DHFL i.e. No.4 had siphoned thousands of crores of public money in subsequent tranches of its public issue but the OP No.5 remained as a mute bystander. It is alleged that on the date of maturity i.e. 16.8.2019 DHFL defauted to redeem the debenture principal and interest amount