DATE OF FILING                    :     25-06-2014.

DATE OF S/R                            :      20-08-2014.

DATE OF FINAL ORDER      :     30-06-2015.

Ahindranath Kuila,

son  of  late Rabindra Nath Kuila,

of village Gajipur, P.O. Purvo Sreerampur, P.S. Mahisdan,

District Purva Medinipur,

PIN 721603……….  . ……………………………………………….  COMPLAINANT.

• Versus -

   

         1. MPS Greenery Developers Ltd.,

        having its registered office at

        MPS ENCLAVE, Commercial Building, Village – Dighisole,

        P.O. Dahijuri, Jhargram, West Midnapore,

        PIN – 721504. 

   

  2. MPS Greenery Developers Ltd. ( Howrah Branch ),

•  being represented by its Director

   having its unit office at

  11/2/1, Bhagawan Chatterjee Lane,

  Howrah – 7111 01.

   

• 3. Subir Bodhak,

  Of 10, Rajaram lane, Kadamtala, P.S. Bantra,

  Howrah 711101………………………………………………………………………Opposite Parties.

   

                                                P    R    E     S    E    N     T

             Hon’ble President  :   Shri  B. D.  Nanda,  M.A. ( double ), L.L.M., WBHJS.

                               Hon’ble Member      :      Smt. Jhumki Saha.

            Hon’ble Member : Shri A.K. Pathak,  L.l.b., ( Retired Railway Officer ).   

           F  I   N   A    L       O   R   D    E     R

1. Complainant namely, Ahindranath Kuila, by filing a petition U/S 12 of the C.P. Act, 1986 ( as amended up to date ) has  prayed for a direction to be given upon the o.ps. to pay the   maturity amount of  AGRO Bond recurring  deposits scheme being Rs. 21,642/-,  to pay an amount of Rs. 1,00,000/- in total as compensation  for causing mental agony and harassment and  litigation costs of Rs. 10,000/- along with other  orders as the Forum may deem fit and proper. 

2. Brief fact of the case is that complainant made investment in AGRO Bond under recurring deposit scheme  issued by the o.ps.  The certificate no. is as follows :

               AGRO Bond Certificate No. A/05/10/005627.

3. O.Ps.promised to pay the maturity amount of investment made by the complainant in recurring  deposit.  But it is alleged by the complainants that o.ps. have not paid the maturity amount to the complainant even after the expiry of  the due dates without any valid reason. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainant  without giving his  maturity amount.  It is further stated by the complainants that with the maturity amount, he is   to  run his  livelihood, meet  medical expenditure, children’s education etc. which are really at stake. So, finding no other alternative, complainant  filed this instant petition praying for the aforesaid relief. 

4. Notice was served. The o.ps. neither appeared nor filed written version. Accordingly, case was heard ex parte.

5. Two points arose for determination :

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

2. Whether the complainant is entitled to get any relief as prayed for ?

DECISION  WITH   REASONS      :

6. Both the points are taken up together for consideration. Although the o.ps. have not filed the written version in this particular case, they have filed written version in other similar cases. There it has been the specific plea taken by o.ps. that SEBI had attached the bank account of the o.ps. since 25-10-2013 which would be evident from  the series of Annexures  attached with the BNA filed by them. Even the o.ps. have also attached Order no. RO/003/2014 ( Recovery Certificate no. 20 of 2013 ) dated 6^th June, 2014 issued by Recovery Officer of SEBI restraining the o.ps. from disposing, transferring, alienating, changing all immovable properties held by the o.ps. vide Annexure. Also Directorate of Registration and Stamp Revenue,  Government of West Bengal, vide their order dated 10-05-2013 has restrained the o.ps. from registering any of their  property in favour of any 3rd party.  To be precise, o.ps. have become totally handicapped with respect to making any payment to its investors.   Even 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.  Even o.ps. have prayed for dismissal of the instant complaint petition. Here we take pause. 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 the complainant. And for argument sake, even if the bank accounts are attached by the SEBI, are the complainant responsible for that ?  Why they should be harassed like anything? Even o.ps. made payments of maturity value in HDF Case No. 88 of 2014 and HDF Case No. 89 of 2014 on 23-05-2014 and 30-06-2014, in spite of existence of different orders passed by different authorities in 2013 whereby o.ps. were restrained from making any kind of payment. As there is no specific order of any higher court o.ps. could make such payment. 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   complainant. For their own wrong doings, why complainants should suffer at all ? Moreover, o.ps. have not filed written version in this case. So the allegations leveled by the complainant against the o.ps.  remained unchallenged and uncontroverted and we have no difficulty to allow the complaint petition.  So  we are of the candid opinion that it is a fit case where the prayers of the complainant should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 395  of 2014 ( HDF 395  of 2014 )  be  allowed ex parte  with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the maturity amount of recurring deposit of AGRO Bond Certificate of  complainant within one month from this order i.d., 9% p.a. interest shall be charged till actual payment.

     The complainant do get an award of Rs. 2,000/- as compensation and Rs. 1,000/-  as litigation cost and o.ps. are directed to pay the same within one month from this order i.d. amount shall carry an interest @ 9% p.a. till actual payment

      The complainant is 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.