DATE OF FILING : 14-03-2014.
DATE OF S/R : 28-04-2014.
DATE OF FINAL ORDER : 08-12-2014.
Smt. Jayasree Sen,
wife of Shri Basudev Sen Gupta,
residing at 15/9, Danesh Sk. Lane, P.S. Shibpur,
District…………………………………………………………. 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.
- 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.
- 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.
- Mr. Pramatha Nath Manna,
Chairman Cum Managing Director,
Residing at 344A, lake Town,
Kolkata – 700089.
- Mr. Santanu Chowdhury,
Executive Director,
Having its official address MPS Enclave,
P-112, Block ‘B’ Lake Town,
Kolkata – 7000 89…………………………………………………………………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
Complainant by filing a petition 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 the entire amount of fixed deposits scheme, M.I.S., monthly recurring deposits scheme being Rs. 10,14,000/-, to pay an amount of Rs. 30,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs. 5,000/- along with other orders as the Forum may deem fit and proper.
- Brief fact of the case is that complainant made investments in 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/12 collectively. Her certificate nos. are as follows :
Smt. Jayasree Sen - Recurring Deposit Certificate No. 015867.
MISs. 001370, 001108, 001112, 013426, 003804, 007882, 003974, 004946, 028385, 003898,
FDS – 008688.
3. O.Ps. promised to pay the monthly interest on due dates on the investments made by the complainant on different dates in M.I.S., recurring deposits and fixed deposit. But it is alleged by the complainant that o.ps. have not paid the monthly interest to the complainant even after the expiry of the due dates without any valid reason. Complainant repeatedly went to the office of o.ps. with the request to release the monthly interest as the cheques, given by the o.ps. towards the monthly interest, were dishnoured. So on 11-02-2014 she filed an application before the o.ps. with the same request which was received by o.ps. but no fruitful result came out. It is further stated by the complainant that with the maturity amounts and monthly interest amount, she is to run her 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.
- Notices were served. But o.ps. appeared but never filed written version. Accordingly, case was heard ex parte.
- Two points arose for determination :
i) Is there any deficiency in service on the part of the O.Ps. ?
- Whether the complainants are entitled to get any relief as prayed for ?
DECISION WITH REASONS :
- Both the points are taken up together for consideration. Although o.ps. have not filed written version in this particularcase, 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 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. 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 authorityshowing 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 complainant 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 complainant. For their own wrong doings, why complainant should suffer at all ?O.ps. have miserably failed to keep their own promise which certainly amounts to deficiency in service on theirpart 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. 142 of 2014 ( HDF 142 of 2014 ) be allowed ex parte with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay the principal amount of all investment of the complainants along with upto date monthly interest within one month from this order i.d., 10% p.a. interest shall be charged till actual payment.
No order as to compensation.
Complainant do get an award of Rs. 2,000/- as litigation costs which is to be paid by the o.ps. within 30 days from the date of this order i.d., 10% p.a. interest shall be charged 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.
