DATE OF FILING : 26-05-2014.
DATE OF S/R : 01-08-2014.
DATE OF FINAL ORDER : 30-10-2014.
1. Sanjay Koley,
son of Prohlad Chandra Koley,
residing at village – Bankagacha,
P.O.Chickrand, District – Hooghly.
2. Dipali Koley,
wife of Sri Sanjay Koley,
residing at Village – Bankagacha, P.o. Chickrand,
District – Hooghly.
3. Rina Koley,
daughter of Sri Sanjay Koley,
residing at village – Bankagacha, P.O. Chickrand,
District – Hooghly.
4. Hena Koley,
daughter of Sri Sanjay Koley,
residing at village – Bankagacha, P.O. Chickrand,
District – Hooghly.
5. Sumana Koley,
daughter of Sri Sanjay Koley,
residing at village – bankagacha, P.O. Chickrand,
District – Hooghly.
6. Debasis Das,
son of Sri Madan Das,
residing at village Adan, P.O. Janai, P.S. Chanditala,
District – Hooghly.
7, Sumana Das,
wife of Sri Debasis Das,
residing at Village – Adan, Janai, P.S. Chanditala,
District – Hooghly.
8. Tapan Kumar Dhara,
Son of late Bijay Dhara,
Residing at Dakshin Mamudpur, P.O. Jagatnagar,
P.S. Singur, District – Hooghly.
9. Provat Kumar Dhara,
son of late Bijay Dhara, residing at
Dakshin Mamudpur, P.O. Jagatnagar, P.S. Singur,
District – Hooghly.
10. Soumen Adak,
son of Sasthi Adak,
residing at village – Jangalpara, P.O. Jagalpara Bazar,
P.S. Chanditala, District – Hooghly.
11. Gobindapada Das,
son of late Nandalal Das,
residing at Bishalakshitala, Khalisani, P.S. Bhadreswar,
District – Hooghly. -------------------------------------------------- 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. P/112, Block – B, Lake Town,
Kolkata – 700089.
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,
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. Complainants 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 them maturity amount of fixed deposits scheme, monthly interest scheme and monthly recurring deposits scheme being Rs. 11,46,962/-, to pay an amount of Rs. 2,00,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs. 25,000/- along with other orders as the Forum may deem fit and proper.
1. Brief fact of the case is that complainant nos. 1 to 11 made fixed deposits
scheme, monthly interest scheme and monthly recurring deposits scheme issued by the o.ps., on different dates vide Annexures of P/1 to P/36 collectively. Their certificate nos. are as follows :
Shri Sanjay Koley - Bond No. KA001 A/10/11/005451, KA001 O/10/11/006714, KA001 O/10/11/008965, KA001 O/10/11/014450, KA001 O/12/11/001602, KA001 O/12/11/001603, KA001 O/12/11/001604, KA001 O/12/11/002242, KA001 O/12/11/000243, KA001 O/12/11/000247, KA001 O/12/11/000251, KA001 O/12/11/000253.
Dipali Koley – Bond No. KA001 O/12/09/012748, CHN 026 CKA001 O/01/12/002247, CHN 026 CKA001 O/01/12/002252, KA001 CKA001 O/09/12/011727, KA001 CKA001 O/09/12/011731, KA001 CKA001 O/09/12/011735.
Rina Koley – Bond No. CHN 026 CKA001 O/01/12/002228, CHN 026 CKA001 A/01/12/000118, KA001 A/12/10/006813.
Hena Koley – Bond No. CHN 026 CKA001 A/08/11/010385. CHN 026 OCKA001 /01/12/002225, CHN 026 CKA001 A/10/12/000559.
Sumana Koley – Bond No. CHN 026 CKA001 O/01/12/002231.
Debasis Das – Bond No. KA001 CKA001 O/04/13/004620, KA001 CKA001 O/04/13/004622, KA001 CKA001 O/04/13/004625, KA001 CKA001 O/04/13/004627, KA001 CKA001 O/04/13/004629, KA001 CKA001 O/04/13/004631, KA001 CKA001 O/04/13/004635.
Sumana Das – Bond No. KA001 CKA001 A/02/11/008374.
Tapan Kr. Dhara – Bond no. 6818.
Provat Kumar Dhara – Bond No. KA001 CKA001 A/03/13/016975.
Soumen Adak – Bond No. CHN 026 CKA001 A/08/11/010386.
Gobindapada Das – Bond No. O/03/10/2286.
O.Ps. promised to pay the maturity amount of investment made by the complainants on different dates. But it is alleged by the complainants that o.ps. have not paid the maturity amount to the complainants even after the expiry of the due dates without any valid reason. Even o.ps. have not paid their monthly interest. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants without giving their maturity amount. Complainants filed a joint petition in the year January, 2014 but no fruitful result came out . It is further stated by the complainants that with the maturity amounts, they are to run their livelihood, meet medical expenditure, children’s education etc. which are really at stake. So, finding no other alternative, complainants filed this instant petition praying for the aforesaid relief.
2. Notices were served. They appeared and filed written version. Accordingly, case was heard on contest.
3. 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 :
4. 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’ series 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 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 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 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. 302 of 2014 ( HDF 302 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 amounts as well as the principal amounts of different complainants of this instant petition with respect to Bond certificate in question 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. 11,000/- as compensation and Rs. 4,000/- 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
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.
