DATE OF FILING                    :     09-07-2014.

DATE OF S/R                            :      11-08-2014.

DATE OF FINAL ORDER      :     28-01-2015.

Sri Manoj Kumar,   

son  of  Deo Nandan Singh,

Mouza Mirzapur ( Badamtala ), P.O. Mashila, P.S. Sankrail,

Howrah  711 302……... …..………………………………….…...  COMPLAINANT.

• Versus -

   

         1.  MPS Greenery Developers Ltd.,

        represented by its Director,

        having its registered office at

        MPS ENCLAVE, Commercial Building, Village – Dighisole,

        P.O. Dahijuri, Jhargram, West Midnapore,

        PIN – 721504 of ‘MPS Enclave’ P-112, Block ‘B’,

  Lake Town, Kolkata 7000 89. 

  2. Branch Manager,

• MPS Greenery Developers Ltd.

   Howrah Branch, 11/2/1, Bhagaban Chatterjee Lane,

   Kadamtala,  Kolkata – 711101.

   

  3. Subir Bodhak,

• Working as an agent of o.p. nos 1 & 2,

  10, Rajaram Lane, Kadamtala, P.S. Bantra,

  Howrah  7111 01. ..……………………………………………………………Opposite Parties.

   

                                                P   R    E     S    E    N     T

President     :     Shri T.K. Bhattacharya, M.A. LL.B. WBHJS.

Member       :     Smt. Jhumki Saha.

F   I   N   A    L       O   R   D    E     R

1. Complainant namely Manoj Kumar 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 his maturity amount of monthly recurring deposit  namely AGRO Bond being Rs. 43,283/-, to pay an amount of Rs. 1,00,000/- as compensation  for causing mental agony and harassment and  litigation costs along with other  orders as the Forum may deem fit and proper. 

2. Brief fact of the case is that complainant made investment in monthly recurring deposit  scheme of AGRO Bond issued by the o.ps. dated 6^th August, 2010  vide  Annexure.  His certificate no. is  as follows :

AGRO Bond Monthly Recurring  Deposit Certificate no. HW009 A/08/10/001878.

3.        O.Ps.  promised to pay the maturity amount of monthly recurring deposit made by the complainant  which was matured on 6^th August, 2013.  But it is alleged by the complainant that o.ps. have not paid the maturity amount of recurring deposit at the time of maturity.  Complainant repeatedly went to the office of o.ps. but on different pleas they have returned the complainant  without giving his maturated amount.    It is  stated by the complainant that with the matured 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. Notices were served. The o.ps.appeared and filed written version. So, the case was heard on contest.

5. Upon pleadings of both parties two points arose for determination :

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

1. 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. 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 Annexure sattached 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 complainant has 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 complainant 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. Complainant has lost his all faith on O.Ps.O.ps. have miserably failed to keep their own promise which certainly amounts to deficiency inservice on theirpart 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 complainant should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 386  of 2014 ( HDF 386  of 2014 )  be  allowed on contest   with  costs against the o.ps. 

      That the  O.Ps. are directed jointly and severally  to pay the matured amount of  Rs. 43,228/- as recurring  deposit  of  investment made by the   complainant of this instant petition within one month from this order i.d., 9 per cent per annum  interest shall be charged till actual payment.

            The complainant do get an award Rs. 5,000/- as compensation and Rs. 2,000/-  as litigation cost and o.ps. are directed to pay the entire amount of  Rs. 50,228/-  within one month from this order i.d., the  amount shall carry an interest at the rate of 9 per cent per annum  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.