DATE OF FILING                    :     27-05-2014.

DATE OF S/R                            :      30-07-2014.

DATE OF FINAL ORDER      :     30-10-2014.

Samir Kumar Santra,

son of late Dibakar  Santra,

residing at 42, Kali Kundu Lane,

P.S. & District – Howrah,

PIN – 711101..--------------------------------------------------------------  COMPLAINANT.

-          Versus   -

       1. MPS Greenery Developers Ltd.,

      having its registered office at

      MPS ENCLAVE Commercial Building Village Dighisole,

      P.O. Dahijuri Jhargram

      West Midnapore 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,

           344A, Lake Town Kolkata

           Kolkata 700 089.

4.    Mr. Santanu Chowdhury Executive Director,

           P-112, Block B Lake Town Kolkata

 Kolkata 700 089,-----------------------------------------------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 Santra, 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 his  maturity amount of the investment, to pay an amount of Rs. 40,000/- in total as compensation for causing mental agony and harassment along with litigation costs of Rs. 18,000/- and other orders as the Forum may deem fit and proper. 

2.               Brief fact of the case is that complainant Samir Kumar Santra  made one time investment  in fixed deposit scheme  of o.ps. vide  Annexure  P/1.  The certificate no. is as follows :

Shri Samir Kumar Santra - Bond No. KA001 O/09/07/000997

O.Ps.  promised to pay the maturity amount of investment being Rs. 20,000/- made by the complainant on 10-12-2013. But it is alleged by the complainant that o.ps. have not paid the maturity amount to the complainant even after the expiry of the maturity date. Complainant repeatedly went to the office of o.ps. but on different pleas they have returned the complainant  without giving his  maturity amount. It is further stated by the complainant that with this maturity amount,  he is  to  run his livelihood, meet  medical expenditure, children’s education etc. which are really at stake. Complainant even submitted a  petition in the month of January, 2014  requesting them to pay the maturity amount. But they did not pay any heed to that request.  Again on 31-03-2014, the complainant went to the office of the o.ps. with the same request. But all his requests went in vain. So, finding no other alternative, complainant  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 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 Annexure ‘A’, ‘B’, ‘C’ & ‘D’  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 1 of the order thereof. 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, is the complainant responsible for that ?  Why he 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   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  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 complainant should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 310  of 2014 ( HDF 310  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 Rs. 20,000/--  with upto date monthly interest to the  complainant of this instant petition with respect to  Bond certificate in question held by the  complainant within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts of different complainant till actual payment.

      The complainant do get an award of Rs. 5000/- as compensation and 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.