Dr. Atish Prosad Mondal,

son of Sri  Anadi Prosad Mondal,

residing at 79/3, M.C. Ghosh Lane,

P.S. & District –Howrah,

PIN – 711101.--------------------------------------------------------------  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.,

            having its branch office

            at MPS  ENCLAVE, P-112, Block B Lake Town,

            Kolkata – 700089.

3.         MPS Greenery Developers LTD.,

            having its branch office at

            MPS ENCLAVE,

            11/2/1 Bhagawan Chatterjee Lane,

            Howrah – 711101.

4.         MPS Greenery Developers Ltd.,

            having its branch office

            at MPS ENCLAVE,

            9 Kedar Nath Mukherjee Lane,

            Howrah – 711 101.-------------------------------------------------OPPOSITE PARTIES.

                                                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.               It is the specific grievance of the complainant, Dr.  Atish Prosad Mondal, that even after the expiry of the scheduled period, the maturity amount being Rs. 1,03,880/- was not paid by the O.P. on 08-09-2013 as per the terms and condition of the bond in which complainant invested his money. 

2.               Brief facts of the case is that on repeated persuasion made by one, Mrs. Surina Ghosh, a marketing member cum agent of o.ps., complainant invested in a bond scheme issued by O.Ps. under the scheme, complainant was required to invest Rs. 2,400/- monthly for 36 months. He gave the first installment on 08-09-2010 for which O.Ps. issued a bond certificate being no. 11W009A/09/10/002420,  date of acceptance as 08-09-2010 vide Annexure.  And through the certificate, O.P. promised to pay Rs. 1,03,880/- at the end of 36 installments which fell on 08-09-2013. Complainant paid his last installment in the month of  August,2013. Thereafter, as per the advice of the said Mrs. Surina  Ghosh, complainant gave his original bond certificate to her for necessary arrangement to be made for final payment. And one acknowledgement document to that effect was issued by O.P. on 10-08-2013. But it is surprising that on the acknowledgement slip proposed date for final payment is written as 08.11.13. Immediately he contacted Mrs. Surina Ghosh asking for such delay but she could not give any satisfactory reply and no assurance was given by her that even that delayed payment would be made on 08-11-2013. It is further stated by the complainant that due to  some personal urgent necessity, he took a loan of  Rs. 3,00,000/- from his provident fund A/c in December, 2012 and he expected to refund a part of such loan after receiving the maturity amount of Rs. 27,03,880/- from O.P. But O.P. remained  silent without giving him his legitimate maturity amount that causes a tremendous mental agony not only to the complainant but also to the entire family. Complainant’s father is a heart patient who is also passing through severe mental trauma after hearing all these.  Being frustrated and finding no other alternative complainant filed this instant petition alleging deficiency in service and praying for a direction to be given upon the O.Ps. to pay the maturity value of the bond in question, to pay an amount of  Rs. 3,00,000/- in total with a litigation costs of Rs. 10,000/-.

3.               Notices were served. O.ps. appeared and filed written version. Accordingly, case heard on contest.

4.               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 complainant is  entitled to get any relief as prayed for ? 

DECISION  WITH   REASONS      :

5.               Both the points are  taken up together for consideration. It is the specific plea of the O.Ps. that as per the order of SEBI dated 25-10-2013 vide Annexure ‘B’ ;& ‘A’ and order of Additional Secretary and Inspector General of Registration & Commissioner of Stamp & Revenue,  Government of  West Bengal, vide Annexure ‘C’, O.Ps. are not in a position to operate their bank accounts. And there is also a specific direction not to debit any amount from the bank accounts of O.Ps. We have also seen the order passed by Hon’ble Justice, Sri  Sanjib Banerjee and Shri Prasanjit Mandal of Hon’ble High Court, Calcutta. But here in this case we have to consider the matter in respect of an individual who invested his hard-earned money in fixed deposit scheme  of O.P. when there was no such embargo on the operation of O.P.’s bank account. With this hope that at the time of maturity, he would get the entire maturity benefit from O.P. without any default. And it is also to be considered that complainant’s father is a senior citizen who is  a heart patient.

Complainant is required to spend a lot on his father’s regular treatment. And before this Forum, complainant has been able to  establish himself as a consumer of O.P. And there is no difficulty for us to allow his petition. After receiving the original fixed deposit certificates from the complainant, O.P. remained totally silent with respect to the payment, which is nothing but utter negligence on the part of the O.Ps.  

            Accordingly, the case succeeds on merit.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 319 of 2013 ( HDF 319 of 2013 )  be  allowed on contest with  costs  against  the O.Ps. 

      That the  O.Ps. are jointly and severally directed to pay Rs. 1,03,880/- to the complainant  within 30 days from the date of this order.

      That the o.ps. are further directed to pay an amount of Rs. 20,000/- as compensation and Rs. 2,000/- as litigation costs to the complainant within one month from the date of this order.

      If the o.ps. fail to comply the above order in toto within the stipulated period, the entire amount of Rs. 1,25,880/- shall carry an interest @ 10% p.a. till full realization.  

      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.