DATE OF FILING : 07-04-2014.
DATE OF S/R : 18-06-2014.
DATE OF FINAL ORDER : 27-11-2014.
1. Manas Kumar Chowdhury,
son of late Bholanath Chowdhury,
2. Tapati Chowdhury,
wife of Sri Manas Kumar Chowdhury,
both are residing at 1, Hempal Lane,
Vivekananda Bhaban, 3rd floor, Flat No. B,
P.O. Belurmath, 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.
2. MPS Greenery Developers 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 – 711101
3. Mr. Pramatha Nath Manna,
Chairman Cum Managing Director,
residing at 344A, Lake Town,
Kolkata – 700089.
4. MPS Greenery Developers Ltd.
being represented by its Executive Director
viz. Mr. Santanu Chowdhury,
having its Kolkata office at
MPS Enclave, P-112, Block ‘B’ Lake Town,
Kolkata – 700089………………………………………………………………….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 by filing apetition 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 the entire invested amount of fixed deposit scheme being Rs. 5,88,074/-, to pay an amount of Rs. 40,000/- 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.
- Brief fact of the case is thatcomplainantsmade one time investment in Fixed Deposit Scheme issued by the o.ps., on different dates vide Annexures ‘P/1’ to ‘P/22’collectively. Their certificate nos. are as follows :
Shri Manas Kumar Chowdhury – Fixed Deposit Certificate Nos. 003480, 012192, 005537, 022284, 003357, 003370, 012346.
Smt. Tapati Chowdhury - Fixed Deposit Certificate Nos. 012089, 010391, 010388, 010385, 015599, 012194, 019926, 011122, 010070, 010062, 010069, 010066, 003344, 008483, 008484.
O.Ps. promised to pay the maturity amount of investments to the complainants. But even after the expiry of the date of maturity o.ps. did not pay the maturity value to the complainant with respect to some certificates held by the complainants without assigning any valid reason. Complainants repeatedly went to the office of o.ps. and submitted original bond certificates but on different pleas they have returned the complainants without giving their matured amount. It is further stated by the complainants that with the fixed deposit amount, they are to run their livelihood, meet medical expenditure, children’s education etc. which are really at stake and they have been compelled to pass through severe financial hardship. 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 :
i) 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? 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 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. 190 of 2014 ( HDF 190 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 amount of fixed deposit scheme as well as the entire invested amount with respect to the fixed deposit certificates in question along with accrued interest thereon held by them 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. 2,000/- 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.
No order as to compensation.
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.
