DATE OF FILING                    :     03-01-2014.

DATE OF S/R                            :      24-03-2014.

DATE OF FINAL ORDER      :     30-06-2014.

                                                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 14 numbers, namely 1)  Jotish Adak, 2) Sahadev Manna, 3)

Puspa Das, 4)  Alapana Dhara, 5) Ranju  Dhara, 6) Gandhi Dhara,  7) Kashinath Parui, 8) Rabin Pal, 9) Dilip Das, 10) Prasanta Biswas, 11) Manju Malick, 12) Alaka Mal, 13) Tumpa Ghosal, 14) Saktipada Rana   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 payment of interest, to pay an amount of Rs. 3,00,000/- in total as compensation for causing mental agony and harassment along with litigation costs of Rs. 25,000/- along with other orders as the Forum may deem fit and proper.  

2.               Brief fact of the case is that complainants made one time investments in monthly income scheme issued by the o.ps., on different dates vide  Annexure  ‘P’ collectively.  Their total invested amount is Rs. 14,85,000/-. Their certificate nos. are as follows :

Jotish Adak  - Bond No. HW009 O/07/002287, HW009 O/07/13/002283, HW009 O/03/10/000088, HW009 O/03/10/000091.

Sahadev Manna – Bond No. HW009 O/02//10/008572,

Puspa Das         _ Bond No. HW009 O/08/12/001762, HW009 O/08/12/001780, HW009 O/08/12/001771, HW009 O/08/12/001763, HW009 O/08/12/001796, HW009 O/08/12/001768, HW009 O/08/12/001792, HW009 O/08/12/001784, HW009 O/08/12/001776, HW009 O/08/12/001789.

Alpana Dhara – Bond No.  HW009 O/06/10/013027, HW009 O/02/10/014416, HW009 O/04/10/014062, HW009 O/06/10/013023, HW009 O/06/10/013020, HW009 O/06/10/013017, HW009 O/04/10/014047, HW009 O/04/10/014055, HW009 O/04/10/014060.

Ranu Dhara – Bond No. HW009 O/12/08/B00367.

Gandhi Dhara – Bond No. HW009 O/12/08/B00366.

Kashi Nath   Parui – Bond No. HW009 O/01/12/008832, HW009 O/01/12/008827.

Rabin Pal – Bond No. HW009 O/10/09/B00360, HW009 O/06/09/B00476. HW009 O/06/09/B00511, HW009 O/02/10/004703, HW009 O/03/09/B00174, HW009 O/05/09/B00138,

Dilip Das – Bond No. HW009 O/06/08/000342, HW009 O/05/08/002713, HW009 O/03/09/B00811.

Prasanta Biswas – Bond No. HW009 O/09/13/002354.

Manju Malick – Bond No. HW009 O/05/12/007712, HW009 O/05/12/007710,

HW009 O/05/12/007715, HW009 O/05/12/007716, HW009 O/05/12/007705,

Alaka Mal – Bond No. HW009 O/12/10/008543, HW009 O/12/10/008546,

HW009 O/12/10/008548, HW009 O/12/10/008545, HW009 O/12/10/008549,

Tumpa Ghosal – Bond No. HW009 O/08/12/012968.

Saktipada Rana – Bond No. HW009 O/04/11/013216, HW009 O/04/11/013234,

HW009 O/06/11/012180, HW009 A/09/13/002799.

O.P.  promised to pay monthly interest of different amounts for different amount of investments made by the complainants on different dates. But it is alleged by the complainants that o.ps. paid monthly interest regularly only upto November, 2013. Since December, 2013, o.ps. have not paid any monthly interest amount even they have not paid the maturity value of different certificates held by different complainants which have already reached their maturity dates. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants after receiving the original certificates without giving their maturity amount and interest amount. It is further stated by the complainants that with this monthly income, they run their livelihood, meet their medical expenditure, children’s education etc. which are really at stake. So, finding no other alternative, complainants  filed this instant petition praying for the aforesaid relief. 

3.               Notices were served. They   appeared and filed  written version. Accordingly, case was 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 complainants are  entitled to get any relief as prayed for ? 

DECISION  WITH   REASONS      :

5.               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 attached the bank account of the o.ps. since 25-10-2013 which would be evident from Annexure ‘A’, ‘B’ & ‘C’ attached with the BNA filed by them. 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. O.ps. have miserably failed to keep their promise which they made on the face of the fixed deposit 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 as well as monthly interest. O.ps. have miserably failed   to keep 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. 59  of 2014 ( HDF 59 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 amount of Rs. 14,85,000/-  with respect to all certificates in question held by the respective complainants within one month from this order with the upto date monthly interest upto June, 2014, i.d., 10% interest shall be charged on the entire decreetal amounts of different complainants 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.