DATE OF FILING                    :     24-01-2014.

DATE OF S/R                            :      20-03-2014.

DATE OF FINAL ORDER      :     25-08-2014.

1.      Smt. Alpana Dhara,

  wife of Ramkanta  Dhara,

  residing at 384,  G.T. Road, Bataitala Bazar,

  P.O. B. Garden, District – Howrah.

2.      Ramkanta Dhara,

son of late  Tulsi  Charan  Dhara,

residing at 384, G .T.  Road, Bataitala Bazar, P.O. B. Garden,

District – Howrah.

3.      Chhanda  Chakraborty,

wife of Karun Pandit,

residing at 384,  G.T. Road Bataitala Bazar,

P.O. B. Garden, District – Howrah.

4.      Kaushik Manna,

son of Sahadev Manna,

resilding at  Andul Purbapara, P.O. Andul Mourik, P.S.  Sankrail,

District – Howrah.  

5.      Rabindranath Paul,

son of Shiburam Paul,

residing at village Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Howrah.

6.      Anjali Dhara,

Wife of Subir Kumar  Dhara,

Residing at 384,  G.T.  Road, Bataitala Bazar,

P.O. B. Garden, District – Howrah.

7.      Dipak Adak,

son of Jotish Adak,

residing at village – Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Horwrah.

8.      Joyanta  Singh,

son of late Laxman Singh,

residing at village Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Howrah.

9.      Runalayla Sekh,

son of late Sekh Sahabuddin,

residing at village – Chunavati, Mallickpara Panchpara,

10.  Shibani Patra,

wife of  Sukhdeb Patra,

              residing at village – Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Howrah.

11.  Swapan Singh,

Son of Ratan Singh,

Residing at village Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Howrah.

12.  Sk. Firoz,

Son of Ah. Ajion,

Residing at village Panchpara, P.o. Radhadasi,

P.S. Sankrail, District – Howrah.

13.  Chiranjit Parrui,

son of Rakhal  Chandra Pauyl,

residing at village Panchpara, P.O. Radhadasi,

P.S. Sankrail, District – Howrah,

self and the constituted attorney of the

complainant no. 1 to 12 and 14 to 15. 

14.  Runu  Adak,

son of Jotish Adak,

residing at village Panchpara, P.o. Radhadasi, P.S. Sankrail,

District – Howrah.

15.  Jhunu Adak,

residing at village Panchpara, P.o. Radhadasi, P.S. Sankrail,

District – Howrah. --------------------------------------------------------- Complainants.

                                                P   R    E     S    E    N     T

President     :     Shri T.K. Bhattacharya, M.A. LL.B. WBHJS.

Member      :      Shri P.K. Chatterjee.

Member       :     Smt. Jhumki Saha.

F  I   N   A    L       O   R   D    E     R

1.                  Complainants of fifteen   numbers, namely 1)  Smt. Alpana Dhara,      2)

Ramkanta Dhara,  3)  Chhanda  Chakraborty, 4) Kaushik Manna,  5) Rabindranath Paul, 6) Anjali Dharar, 7) Dipak Adak,  8) Joyanta Singh, 9) Runalayla Sekh, 10) Shibani Patra,  11) Swapan Singh, 12) Sk.  Firoz, 13) Chiranjit Parul, 14) Runu Adak, 15) Jhunu Adak,     by filing a joint petition U/S 12 of the C.P. Act, 1986 ( as amended up to date ) have prayed for a direction to be given upon the o.ps. to pay their respective maturity amount of the investments along with due monthly  interest, to pay an amount of Rs. 4,00,000/- in total as compensation for causing mental agony and harassment along with litigation costs of Rs. 25,000/- and other orders as the Forum may deem fit and proper. 

2.               Brief fact of the case is that complainants  made  investments of different types i.e. in  fixed deposit scheme & recurring deposit  issued by the o.ps., on different dates vide  Annexures P/1 to P/19 collectively.  Their certificate nos. are as follows :

    Alpana Dhara  Certificate no. 10733, 14923, 11470, 0001.     

   Ramkanta Dhara - Certificate no. 0002,

   Chhanda  Chakraborty  -     Certificate no. 7368,

   Kaushik Manna  – Certificate no. 1340,

   Rabindranath Paul  – Certificate no. 1954,

   Anjali Dhara – Certificate no. 5407,

   Dipak Adak  - Certificate no. 2763, 10029,    

   Joyanta Singh - Certificate no. 1431,

   Runalayla Sekh - Certificate no. 14487,

   Shibani Patra - Certificate no. 4059,

   Swapan Singh - Certificate no. 7624, 

   Sk. Firoz  – Certificate no. 5408,

   Chiranjit Parui - Certificate no. 3606, 

   Runu Adak - Certificate no. 1559, 

   Jhunu Adak - Certificate no. 1560.

3.                  O.Ps.  promised to pay maturity amounts with respect to fixed deposit as well

as recurring deposits  made by the complainants  to be matured on different dates. But it is alleged by the complainants that o.ps. failed to pay the same on the due dates which have already expired. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants  without giving their  maturity value. It is further stated by the complainants that with the maturity value of their investments,  they are supposed to meet various daily needs like medical expenditure, children’s education etc. which are really at stake. Complainants even submitted a joint petition on 05-09-2013  requesting them to pay the maturity value. But o.ps. did not pay any heed to that request.  So, finding no other alternative, complainants  filed this instant petition praying for the aforesaid relief. 

4.                  Notices were served. They   appeared and filed  written version. Accordingly, case was heard on contest.

5.                           Upon pleadings of both parties two points arose for determination :

i)          Is there any deficiency in service on the part of the O.Ps.  ?

ii)                  Whether the complainants are  entitled to get any relief as prayed for ? 

DECISION  WITH   REASONS      :

6.                           Both the points are taken up together for consideration. We have carefully gone through the written version filed by o.ps. and noted its contents. It is the specific plea taken by o.ps. that SEBI had prohibited the o.ps. to disburse, transfer, alienate any immovable property held by them vide their order no. RO/003/2014 dated  06^th June, 2014 in Annexures – 1 & 2 of the said order marked as Annexure ‘C’ series. O.ps. have  also attached the order passed by Assistant Commissioner of Income Tax, Circle 2, Paschim Midnapur, whereby the bank account of o.ps. had been attached by the said  authority vide Annexure A series. O.ps. have also annexed the order passed by the  Additional  Secretary and Inspector General of Registration and Commissioner of Stamp and Revenue of Government of West Bengal dated 06-05-2013 as  Annexure ‘B’. And on these  grounds the o.ps. have  prayed for the dismissal of the complaint petition on the plea that complainants have not made SEBI as an opposite  party who have attached their bank accounts. And on this very ground o.ps. are not in a position to withdraw any amount from their bank accounts.  But o.ps. have not annexed any order of any higher authority   showing that there is any kind of specific embargo on the payment of maturity amount of different complainants as well as their  monthly interest. And for argument sake, even if the bank accounts are attached by the SEBI, are the complainants responsible for that ?  Why they should be harassed like anything ? People invest their hard earned money in a reputed company to get the ultimate benefit at their need. If they cannot utilize their hard-earned money at their bare necessities what is the use of making an investment or savings ? Sacrificing many present enjoyments involving monetary expenditure, people make an investment for all future needs. So entire spirit of making investment is getting frustrated.   O.ps. have miserably failed to keep their promise which they made on the face of the Bond certificates issued by them in favour of  different complainants on different dates. For their own wrong doings, why complainants should suffer at all ?  Accordingly, the plea taken by o.ps. is not at all tenable with respect to the non-payment of maturity values. O.ps. have miserably failed   to keep their own promise which certainly amounts to deficiency in  service on their  part which should not be allowed to be perpetuated for an indefinite period.   And we are of the candid opinion that it is a fit case where the prayers of the complainants should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 33  of 2014 ( HDF 33 of 2014 )  be  allowed on contest with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the principal amounts  as well as maturity amounts   with upto date monthly interest to the  complainants of this instant petition with respect to all Certificates in question held by the respective complainants within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts of different complainants till actual payment.

      The complainants do get an award of Rs.15,000/- as compensation and Rs. 10,000/- as litigation costs from the o.ps. within one month from the date of this order i.d. amount shall carry an interest @ 10% p.a. till actual payment

. 

      The complainants are at liberty to put the decree into execution after expiry of the appeal period.

      Supply the copies of the order to the parties, as per rule.

DICTATED  &    CORRECTED

BY   ME.  

      (  Jhumki Saha  )                                                                  

  Member, C.D.R.F.,Howrah.