DATE OF FILING                    :     24-02-2014.

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

DATE OF FINAL ORDER      :     24-07-2014.

                                                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 two  numbers, namely 1)  Sahabuddin Naskar,    2) Jarina

Begum    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  interest, to pay an amount of Rs. 5,00,000/- in total as compensation for causing mental agony and harassment along with litigation costs of Rs. 25,000/- and other orders as the Forum may deem fit and proper.  

2.               Brief fact of the case is that complainant no. 1 & 2  made one time investments in monthly income scheme  as well as in fixed deposit scheme issued by the o.ps., on different dates vide  Annexure  ‘P/1 to P/9’ & P/10 to P/18 series collectively.  Their certificate nos. are as follows :

Sahabuddin Naskar - Bond No. HW009 O/01/11/013168, HW009 O/03/10/007682, HW009 O/01/12/009489, HW009 O/10/11/007195, HW009 O/01/10/007747, HW009 O/01/10/007751, HW009 O/01/10/007744, HW009 O/11/09/001017, HW009 O/01/12/008894.

Jarina Begum  – Bond No. HW009 O/10/11/007191, HW009 O/01/12/08898, HW009 O/08/11/015464, HW009 O/08/10/012637, HW009 O/04/11/003311, HW009 O/07/10/008249, HW009 O/10/09/B00731, HW009 O/01/12/008895, HW009 O/03/12/028447,  KA 001 T/07/03/000028.

O.Ps.  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. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants  without giving their  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. Complainants even submitted a joint petition in January, 2014 requesting them to pay the monthly interest. But they did not pay any heed to that request.  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’  attached with the BNA filed by them. 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.  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. 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  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. May be it is true that in some cases, the maturity dates have not yet been over. But as the O.Ps. failed to pay the monthly interest in time, complainants have lost their all 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. 97  of 2014 ( HDF 97 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  of Rs. 12,16,000/- ( Rs. 4,61,0000 + Rs. 7,55,000/-)  with upto date monthly interest to the  complainants of this instant petition with respect to all Bond certificates in question held by the respective complainants within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts of different complainants till actual payment.

            No order as to compensation. The complainants do get an award of Rs.5000/- as litigation cost and o.ps. are directed to pay the same with 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.