Hyderabad consumer commission orders Squares and Yards to pay Rs 60,000 monthly to investor

In 2023, Suresh Kumar Chinta paid Rs 17.5 lakh to Squares and Yards Infra Pvt Ltd after the firm offered agricultural land for a white sandalwood plantation, promising regular returns. The land was registered to Chinta and a lease deed and memorandum of understanding were executed. The company paid Rs 30,000 per month from April to September 2023 but ceased payments from October, despite assurances from director Byra Chandra Sekhar of a refund.

The Hyderabad consumer commission, with President Vakkanti Narasimha Rao and members P V T R Jawahar Babu and Suma Vala, ruled the lease remained in force and the firm’s failure constituted deficiency of service and unfair trade practice. It ordered Squares and Yards Infra to remit Rs 60,000 monthly to Chinta from Oct 10 2023 through June 10 2031, award Rs 25,000 for mental anguish, Rs 5,000 for litigation, and allow 9 % annual interest on missed payments. The company was given 45 days to comply; the complaint against a second party was dismissed.