DATE OF FILING : 21-01-2014.
DATE OF S/R : 18-03-2014.
DATE OF FINAL ORDER : 28-11-2014.
1. Shri Krishna Chandra Das,
son of late Buddhadev Das,
residing at 26, Naskar Para, P.O. Kona,
District – Howrah.
2. Avijit Pandit,
son of Tarun Pandit,
residing at 224, Naskar Para, P.O. Kona,
District – Howrah.
3. Chhabi Pandit,
wife of Tarun Pandit,
residing at 224, Naskar Para, P.O. Kona,
District – Howrah.
4. Masud Rahaman,
Son of late Abdul Rahaman,
residing at village – Dalkharia, P.O. Dhanpal, Ganj,
District – Murshidabad.
5. Jyoti Prasad Chatterjee,
son of Debi Prosad Chatterjee,
residing at Village & P.O. Jhikira,
District – Howrah.
6. Kalpana Mondal,
wife of Sachin Mondal,
residing at 10, Naskarpara, P.O. Kona,
District – Howrah.
7, Md. Anowar,
Son of late Md. Bechu,
residing at 22, Rosan Goldar Lane,
District – Howrah.
8. Lakshmi Naskar,
Son of late Gour Naskar,
10, Naskarpara, P.O. Kona,
District – Howrah.
9. Kali Das Tudu,
son of late Mangal Tudu,
residing at village Darstanpur, P.O. Kent,
District – Buirdwan.
10. Sarada Prasad Roy,
son of late Damodar Prasad Roy,
residing at SSE Bridge, E. Rly.,
District – Howrah.
11. Gita Das,
wife of Tapan Das,
residing at 30, ‘I’ Road, Belgachia, P.O. Netajigarh,
District – Howrah.
12. Kali Chandra Tepria,
son of late Bailaram Teperia,
residing at village – Makhla Bazar, Uttarpara,
District – Hooghly.
13. Gopal Pandit,
son of late Deb Prosad Pandit,
residing at 31/1/1, ‘I’ Road, P.O. Netajigarh,
District – Howrah.
Self and the constituted attorney of the
Complainant nos. 1 to 12 and 14 to 15.
14. Md. Idu,
son of late Sahadeb Jan,
residing at 11, Abtab Uddin Lane,
District – Howrah.
15. Kkrishna Pandit,
wife of Gopal Pandit,
residing at 30/11/1, ‘I’ Road, Belgachia, P.O. Netajigarh,
District – Howrah. ……………………………………. COMPLAINANTS.
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.
MPS Greenery Developers Ltd.
being represented by its Director
viz. Mr. Santanu Chowdhury
having its Kolkata Office at MPS ENCLAVE, P-112,
Block ‘B’ Lake Town,
Kolkata – 700089.
MPS GREENERY DEVEOPERS LTD.
being represented by its in-charge
Viz. Mr. Palash Pattanayak and Mr. Amit Adya,
having its unit office at
11/2/1, Bhagawan Chatterjee Lane,
Howrah – 7111 01.
MPS GREENERY DEVEOPERS LTD.
having its corporate office at
OM TOWERS, 32, Chowringhee Road,
Kolkata – 700071.
Mr. Pramatha Nath Manna,
Chairman Cum Managing Director,
Residing at 344A, lake Town,
Kolkata – 700089
Mr. Santanu Chowdhury,
Executive Director,
Having its official address MPS Enclave,
P-112, Block ‘B’ Lake Town,
Kolkata – 7000 89. ………………………………………………………..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
Complainants 15in numbers by filing a 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 them maturity amount of fixed deposits scheme, monthly interest scheme and monthly recurring deposits scheme being Rs. 8,57,013/-, to pay an amount of Rs. 5,00,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs. 25,000/- along with other orders as the Forum may deem fit and proper.
- Brief fact of the case is that complainants made investments in fixed deposits scheme, monthly interest scheme and monthly recurring deposits scheme issued by the o.ps., on different dates vide Annexures of P/1 to P/16 collectively. Their certificate nos. are as follows :
1. Shri Krishna Chandra Das - Recurring deposit No. 022691,
2. Avijit Pandit - Recurring deposit No. 4345,
3. Chhabi Pandit - Recurring deposit No. 022636,
Fixed Deposit No. 02343.
4. Masud Rahaman - Recurring deposit No. 016300,
5. Jyoti Prasad Chatterjee - Recurring deposit No. 010494,
6. Kalpana Mondal - Recurring deposit No. 11803,
7, Md. Anowar - Recurring deposit No. 11801,
8. Lakshmi Naskar - Recurring deposit No. 11797,
9. Kali Das Tudu - Recurring deposit No. 16289,
10. Sarada Prasad Roy - Recurring deposit No. 13249,
11. Gita Das - Recurring deposit No. 13373,
12. Kali Chandra Tepria - Recurring deposit No. 16286,
13. Gopal Pandit - Recurring deposit No. 13377,
14. Md. Idu - Recurring deposit No.016296.
15. Krishna Pandit - Recurring deposit No. 017782.
O.Ps. promised to pay the maturity amount of investment made by the complainants on different dates in recurring deposits as well as fixed deposit. But it is alleged by the complainants that o.ps. have not paid the maturity amount to the complainants even after the expiry of the due dates without any valid reason. Even o.ps. have not paid their monthly interest. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants without giving their maturity amount. Complainants filed a joint petition on 05-09-2013 and also lodged a G.D. Entry with the local police station on 15-10-2013 but no fruitful result came out. It is further stated by the complainants that with the maturity amounts and monthly interest amount, they are to run their livelihood, meet 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.
- Notices were served. Theyappeared and filedwritten version. Accordingly, case was heard on contest.
- Upon pleadings of both parties two points arose for determination :
- Is there any deficiency in service on the part of the O.Ps. ?
- Whether the complainants are entitled to get any relief as prayed for ?
DECISION WITH REASONS :
- 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 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 6th 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 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 complainants. 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. complainants have lost their faith on O.Ps. 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. 26 of 2014 ( HDF 26 of 2014 ) be allowed on contest with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay the maturity amounts of different complainants of this instant petition with respect to Bond certificate in question held by them along with upto date monthly interest within one month from this order i.d., 10% p.a. interest shall be charged till actual payment.
The complainants do get an award of Rs. 15,000/- as compensation and Rs. 5,000/- 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 @ 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.
