DATE OF FILING                    :     21-02-2014.

DATE OF S/R                            :      21-03-2014.

DATE OF FINAL ORDER      :     28-11-2014.

Samir Kumar Mukherjee,  

son of late N.R. Mukherjee,

residing at 169/2, Goswami Para Road, P.O. Bally, ,

District – Howrah,

PIN – 711201. ………………………………………….  COMPLAINANT.

• 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 Director,  

        Mr. Santanu Chowdhury having itskolkata office

        at MPS Enclave,  P/112, Block – B, Lake Town,

        Kolkata – 700089.

   

• 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.

   

• MPS Greenery Developers Ltd.

  Having its Corporate Office at OM TOWERS,

  32, Chowringhee Road,

  Kolkata – 700071.

   

• Mr. Pramatha Nath Manna,

   Chairman CUM Managing Director,

           344A, Lake Town Kolkata

           Kolkata 700 089.

1. Mr. Santanu Chowdhury,

   Executive Director,

   having its official address 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

1. Complainant namely Samir Kumar Mukherjee by filing apetition 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 entire  amount of monthly income schemes  amounting to Rs.4,96,505/-, to pay an amount of Rs. 1,50,000/-  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. 

2. Brief fact of the case is that complainantmade investments in monthly income scheme issued by the o.ps., on different dates videAnnexures P/1 to P/4 collectively.The certificate nos. are as follows :

Mr.  Samir Kumar Mukherjee - MIS Certificate  nos. KA001   O/11/09/B00983, KA001   O/11/09/B00982, KA001   O/11/09/B00981, KA001   O/06/10/013172.

3. O.Ps.  promised to pay the monthly interest on the due date. But it is alleged by the complainant that o.ps. have not paid his  monthly interest without assigning  any valid reason.  Complainant repeatedly went to the office of o.ps.    but on different pleas they have returned the complainant  without giving his   monthly interest.  It is further stated by the complainant that with this monthly interest , 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. Theyappeared and filedwritten version. Accordingly, 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.  ?

2. Whether the complainant isentitled to get any relief as prayed for ?

DECISION  WITH   REASONS      :

6. 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 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 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. 91  of 2014 ( HDF 91  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 monthly income scheme  along with upto date monthly interest  with respect to all the certificates held by the complainant within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts  till actual payment.

      No order as to compensation.                  

      The complainant do get an award  Rs. 2,000/-  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 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.