DATE OF FILING                    :     21-05-2014.

DATE OF S/R                            :      24-07-2014.

DATE OF FINAL ORDER      :     08-12-2014.

1.         Sefali Sen,

            wife of Sri Manas Sen,

            residing at village – Jagacha near Santrgachi Station Road,

            P.O. G.I.P Colony, District – Howrah,

            for self and the constituted attorney of the

            complainant nos. 1, 2 and 4 to 15.

2.         Smt. Pali Mitra,

            wife of  late Babuni Mitra,

            residing at Santragachi, Mandirpara, P.O. Jagacha,

            District – Howrah.    

3.         Puspa Ghosh,

wife of Sri Tapan Ghosh,

residing at  Sultanpur, Jagacha,

District – Howrah.,

4.         Rajballav Sharma,

son of late Jugheswar Sharma,

residing at Lalit Mohan Colony, P.O. Jagacha,

District – Howrah.

5.         Sandip Guhathakurta,

son of Sri Parimal Guhathakurta, residing at North Baksara,

Faridpur Block, P.O. Baksara, P.S. Jagacha,

District – Howrah.

6.         Dipali Goswami,

wife of Sri  Sachindananda Goswami,

residing at Manasa Villa, Faridpur, P.O. Baksara,

District – Howrah. 

7.         Ashoke Kumar Choudhury

s/o lt. Debu Choudhury,

residing at Santragachi Rly Qtr.

P.O. & P.S. Jagacha, District Howrah.

8.         Binod Shaw

S/O Sri Arjun Shaw,

residing at Mourgram, P.O. Unsani, District Howrah.

9.         Sk. Sabir,

son of Sk. Yasin,

residing at Jagacha Dakshin Sundarpara,

Press Colony, District Howrah.

10.       Sahida Bibi

wife of  Sk. Asgar,

residing at Mandirpra Sultanpara

P.O. Jagacha, District- Howrah.

11.       D. Appa Rao

son of D.S.P. Rao,

residing at Ramkrishna Mandirpara P.O. Jagacha,

District Howrah.

12.       S.Rajeswari

wife of lt. Ramna Rao,

residing at  SRC, Rly Qtr. Jagacha

District – Howrah.

13.       Netai Das

son of late Janmenjoy Das,

residing at Garpa Khalpar P.O. Unsani.

District Howrah

14.       Jaida Bibi

wife of  Sk. Jamal

residing Moukhali Musalmanpara P.S. Jagacha

District Howrah

15.       Anu Radha Swami

wife of  Sri Ganesh Swami,

residing at Mandirpara Jagacha

District Howrah………………………………………………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. 

   

  2. MPS Greenery Developers Ltd.

      being represented by its Director

      viz. Mr. Santanu Chowdhury

      having its Kolkata Office at MPS  ENCLAVE, P-112,

      Block ‘B’ Lake  Town,

      Kolkata – 700089.

      

     3. MPS GREENERY DEVEOPERS 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 – 7111 01.

4. MPS GREENERY DEVEOPERS LTD.

having its corporate office at

OM TOWERS, 32,  Chowringhee Road,

Kolkata – 700071.

5. Mr. Pramatha Nath Manna,

Chairman  Cum Managing Director,

Residing at 344A, lake Town,

Kolkata – 700089

6. Mr. Amiya Kumar Banerjee, Director,

having its residential address at

6, Haripada Bhattacharya, 3^rd floor, P.O. Santragachi,

District – Howrah,

PIN – 711104………………………………………………………………………….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 15in numbers by filing apetition 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  the entire amount of  fixed deposits scheme, M.I.S.,  monthly recurring deposits scheme  being Rs. 3,82,119/- to pay an amount of Rs. 7,00,000/- 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. 

2. Brief fact of the case is thatcomplainantsmade investments in fixed deposits scheme, M.I.S.,  monthly recurring deposits scheme issued by the o.ps., on different dates vide  Annexures of  P/1 to P/29   collectively.  Their certificate nos. are as follows :

1. Sefali Sen - Recurring deposit certificate nos. 013651,

   Fixed deposit certificate nos. 010630, 026861, 010632, 000406, 000407,

   MIS Certificate nos. 027481, 027474, 027476, 027492.

2.         Smt. Pali Mitra  Fixed Deposit Certificate Nos. 006824, 011813, 011810,  

3.         Smt. Puspa Ghosh -  Fixed Deposit Certificate Nos. 010208

4.         Rajballav Sharma- Fixed Deposit Certificate Nos. 000244

5.         Sandip Guhathakurat-Recurring  Deposit Certificate Nos 014140

6.         Dipali Goswami- Fixed Deposit Certificate Nos.   013641

7.         Ashoke Kumar Choudhury- Recurring  Deposit Certificate Nos006203

8.         Binod Shaw- Fixed Deposit Certificate Nos.006822,006823

9.         Sk. Sabir- Recurring  Deposit Certificate Nos 011796

10.       Sahida Bibi- Recurring  Deposit Certificate Nos 004073

11.       D. Appa Rao- Recurring  Deposit Certificate Nos018594

12.       S.Rajeswari- Recurring  Deposit Certificate Nos014485, - Fixed Deposit Certificate Nos. 001958

13.       Netai Das- Recurring  Deposit Certificate Nos 002591

14.       Jaida Bibi- Fixed Deposit Certificate Nos.000538

15.       Anu Radha Swami- Fixed Deposit Certificate Nos.005025,002254

            O.Ps.  promised to pay the maturity amount of investment  made by the complainants on different dates in fixed deposits scheme, M.I.S.,  monthly recurring deposits scheme. But it is alleged by the complainants that o.ps. have not paid the maturity amount as well as the monthly interest to the complainants even after the expiry of  the due dates without any valid reason.  Complainants repeatedly went to the office of o.ps. in the months of August, 2013, and ultimately on 5-09-2013 they submitted a joint application requesting them for release of maturity amount as well as monthly interest but on different pleas they have returned the complainants  without giving their  maturity amount and monthly interest.  It is further stated by the complainants that with the maturity amounts and monthly interest amount, 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. 

3. Notices were served. But o.ps. appeared but never filed written version. Accordingly, case was heard ex parte.

4. Two points arose for determination :

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

2. 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. Although o.ps. have not filed written version in this particular case, they have filed written version and annexures in other alike cases like HDF Case Nos. 119 of 2014, 120 of 2014 and so on. It is to be mentioned here that o.ps. took a specific plea that SEBI had attached the bank account of the o.ps. since 25-10-2013. Even the o.ps. have also mentioned about 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 theirproperty 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 oppositeparty 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.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? 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.Moreover, in this particular case the o.ps. have not filed any written version wherefrom it is crystal clear that they have nothing to put forward in their favour. And the allegations of the complainants against the o.ps .remained unchallenged and uncontroverted. 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 ?O.ps. have miserably failed to keep their own promise which certainly amounts to deficiency inservice on the irpart 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. 129  of 2014 ( HDF 129  of 2014 )  be  allowed ex parte  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 investments of different  complainants of this instant petition with respect to  Fixed deposits, M.I.S.  and Recurring deposits in question held by them along with the upto date interest 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. 15,000/- as compensation and Rs. 5000/-  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.