J U D G E M E N T

The record is taken up for passing final order in this case.

In nutshell the complainants case is that Rajesh Sow and Sadhna Mondal Sow of Perul, P.O. Bhabanipur, Birbhum have invested Rs. 1,80,000. in secured Redeemable Non-convertible Debentures of Pailan Park Development Authority Ltd., and Pailan Agro India Ltd. The investment was under MIS. The complainants received monthly interest for the first four months. After that, the O.Ps have stopped the payment of monthly interest on and from January 2014. Hence the case.

The notices of this case to the O.P No. 1 was left and to O.P No.2 was deemed to be served as there was no return of the notice or A/D, but he did not appear to contest. In absence of any challenge or denial from the O.Ps side the case was taken up for hearing ex-parte.

We have perused the complaint and the documents on record filed by the complainants in support of their contention. The documents show that Rajesh Sow and Sadhana Mondal Sow have jointly invested Rs. 30,000. for 30 units of Secured Redeemable Non-Convertible Debentures being No. 884981 to 885010 of Pailan Park Development Authority Ltd. On 18.12.2012. Then Sadhan Mondal Sow has invested Rs. 80,000. for 800 units of Secured Redeemable Non-Convertible Debentures being No. 2197881 to 2198650 of Pailan Agro India Ltd. on 21.2.2013. On 08.07.2013 Rajesh Sow has invested Rs.40,000. in 400 units of Secured Redeemable Non-Convertible Debentures being No. 594471 to 5944870 of Pailan Agro India Ltd. Rajesh Sow has further invested Rs. 30,000. for 300 units of Secured Redeemable Non-Convertible Debentures being No. 6516191 to 6516490 of Pailan Agro India Ltd. on 06.08.2013. As per complaint all the investments are under MIS and the copies of credit note show that complainants received monthly interest @ Rs 250. per 10,000 per month for the first four months and then both the companies under Pailan Group have stopped payments of monthly interest accrued to complainants. The complainants have not filed the copy of terms and conditions of MIS. Therefore, it is

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not clear to the Forum whether the investments are under MIS or not. The complainants have filed no evidence in this regard. Even there is no mention of the rate of interest on the debenture certificates. As the O.P did not challenge, the Forum thinks that the investments are under MIS. So, the monthly interests on complainants’ investment are outstanding from January 2014. It is deficiency in service on the part of the O.Ps.

On the point of refund the invested money the Forum cannot give any order as all the Secured Redeemable Non-Convertible Debentures in the name of the complainants will be redeemed in the year 2027 and 2028.

Proper fees have been paid.

Hence, 

O R D E R E D                                         

that C.F Case No. 24/2014 be and the same is allowed ex-parte in part  against the O.Ps.

The O.Ps are directed jointly and severally to pay the outstanding interest @ Rs. 250. per 10,000. per month from January 2014 to the month of actual payment with interest 12% on the decreetal amount  failing which the complainant shall be at liberty to resort to due process of law and procedure.

Copy of this order be supplied to the parties each free of cost.