DATE OF FILING                    :     19-03-2014.

DATE OF S/R                            :      29-04-2014.

DATE OF FINAL ORDER      :     13-10-2014.

1.             Sourov Kolley,

s/o late Gobinda  Ch. Kolley, 

2.       Sumitra Kolley,

wife of Sourov Kolley,

both are residing at North Shanpur  Shibtala,

P.O. & P.S. Dasnagar,

District – Howrah. ----------------------------------------Complainants.

1.     MPS Greenery Developers Ltd.,

      MPS ENCLAVE Commercial Building Village Dighisole,

      P.O. Dahijuri Jhargram

      West Midnapore 721504.

2.    MPS Greenery Developers Ltd.

being represented by its Director. Mr. Santanu Chowdhury

          having its Kolkata Office at MPS ENCLAVE, P- 112, Block B Lake Town

          Kolkata 700 089.

3.    MPS Greenery Developers Ltd.

          In-Charge Viz Mr. Palash Pattanayak and Mr. Amit Adya,

          11/2/1 Bhagawan Chatterjee Lane,

          Howrah – 711101.

4.    Mr. Pramatha Nath Manna,

Chairman CUM Managing Director,

          344A, Lake Town Kolkata

          Kolkata 700 089.

5.    Mr. Santanu Chowdhury Executive Director,

          P-112, Block B Lake Town Kolkata

          Kolkata 700 089.

6.       Nimai  Chandra Khan,

son of late Khan,

residing at Balitikuri ( Sethpara ),

Howrah – 711113.

7.       Tufan Hazra,

son of late Asit Hazra,

residing at Jhultala, Paikandansi, Salap,

P.S. Domjur, District – Howrah. ----------------- 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 of two  numbers, namely 1)  Sourov Kolley,    2) Sumitra Kolley    

by filing a joint 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 their respective maturity amount of the investments along with due monthly  interest, to pay an amount of Rs. 40,000/- in total as compensation for causing mental agony and harassment along with litigation costs of Rs. 10,000/- and other orders as the Forum may deem fit and proper. 

2.               Brief fact of the case is that complainant nos. 1 & 2    made one time investments in monthly income scheme  as well as in fixed deposit scheme issued by the o.ps., on different dates vide  Annexures of  P/1 to P/22 and P/23 to P/48     collectively.  Their certificate nos. are as follows :

Sourov Kolley - Bond No. HW009 O/05/12/011819, HW009 O/05/12/011806, HW009 O/05/12/011808, HW009 O/05/12/011811, HW009 O/05/12/011814, HW009 O/05/12/011816, HW009 O/05/12/011818, HW009 O/04/13/010990, HW009 O/04/13/010989, HW009 O/04/13/010988, HW009 O/04/13/010987, HW009 O/04/13/010986, HW009 O/04/13/010985, HW009 O/03/13/005344, HW009 O/03/13/005351, HW009 O/03/13/005348, HW009 O/04/13/009054,  HW009 O/04/13/009056, HW009 O/04/13/009058,   HW009 O/04/13/009060,  HW009 O/04/13/009061, HW009 O/04/13/009062, 

Sumitra Kolley–  Bond No. HW009 O/03/13/010955,    HW009 O/03/13/010959,  HW009 O/03/13/010964, HW009 O/03/13/010968, HW009 O/03/13/010973,  HW009 O/03/13/010979, HW009 O/03/13/010941, HW009 O/03/13/010982, HW009 O/03/13/010950, HW009 O/03/13/010945,  HW009 O/03/13/008670,  HW009 O/03/13/008669, HW009 O/03/13/008668, HW009 O/03/13/008666, HW009 O/03/13/008665, HW009 O/03/13/008672, HW009 O/04/13/006383, HW009 O/04/13/006377, HW009 O/04/13/006378  HW009 O/04/13/006380, HW009 O/04/13/006381, HW009 O/04/13/006384, HW009 O/04/13/006386,  HW009 O/04/13/006388, HW009 O/04/13/006390, HW009 O/04/13/006392.

O.Ps.  promised to pay the maturity amount   of investments made by the complainants on different dates. But due to dying necessity of the complainant with respect to medical treatment complainants asked for the return of the respective  amounts of their investments. So they filed a joint application before the o.p. on 15-02-2014 which was also received by the o.ps. on 19-02-2014 duly forwarded by the local  M.L.A. But the o.ps. did not pay any heed to that request and no payment was made by the o.p. till the filing of this complaint.  So, finding no other alternative, complainants 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 complainants are  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’  attached with the BNA filed by them. 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.  But o.ps. have not annexed any order of any higher authority   showing that there is any kind of specific embargo with respect to making payment to the investors in an urgent necessity. We have carefully gone through the medical documents annexed by the complainants vide Annexures 58 to 63  as well as the medical certificate given by Dr. Biplab Chatterjee vide Annexure 58 dated 07-02-2014.  And for argument sake, even if the bank accounts are attached by the SEBI, are the complainants responsible for that ?  People invest their hard earned money in a reputed company to get the 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.   Accordingly, the plea taken by o.ps. is not at all. May be it is true that the maturity dates have not yet been over,  the complainants are in real necessity of getting  the return of their invested amount which o.ps. have severely neglected.   Accordingly, we allow the petition in part. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 148  of 2014 ( HDF 148 of 2014 )  be  allowed on contest in part with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the principal amounts  of Rs. 7,10,000/- ( Rs. 3,20,000 + Rs. 3,90,000/-)  with respect to all the certificates held by the complainants  within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts of different complainants till actual payment.

            No order as to compensation.

      The complainants do get an award of 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.