DATE OF FILING                    :     23-03-2015.

DATE OF S/R                            :      15-05-2015.

DATE OF FINAL ORDER      :     06-08-2015.

             Hon’ble President  :   Shri  B. D.  Nanda,  M.A. ( double ), L.L.M., WBHJS.

                               Hon’ble Member      :      Smt. Jhumki Saha.

                                      Hon’ble Member : Shri A.K. Pathak .   

                                                            F  I   N   A    L       O   R   D    E     R

1. Complainant, namely, , 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  maturity amount of the investment being Rs. 21,642/-   and to pay compensation of Rs. 50,000/-  for causing mental and physical harassment along with other orders as the Forum may deem fit and proper. 

2. Brief fact of the case is that complainant made a recurring deposit of Rs. 500/- per month for 36 months and the o.ps. issued a Bond Certificatebeing no. HW009 A/11/10/007426 in favour of the complainant. The date of acceptance of the bond certificate is20.11.2010 and the maturity dateis 20.11.2013 and the maturity amount of the certificate is Rs. 21,642/-. O.Ps.promised to pay the maturity amount on the date of maturity which was on 20.11.2013 and the complainant submitted original bond certificate. But it is alleged by the complainant that o.ps. did not pay the maturity amount till the filing of this case. Complainant repeatedly went to the office of o.ps. but on different pleas they have returned the complainant after receiving the original certificates without giving his maturity amount. It is further stated by the complainant that due to this non action and gross negligence on the part of the o.ps., complainant has been compelled to face tremendous problem due to scarcity of money with which he was supposed to meet his day to day expenditure, 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.

3. Notices were served. They did not appear and file written version. Accordingly, case was heard ex parte against the o.ps.

4. Two points arose for determination :

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

2. 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. 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 their  property 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 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.  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   complainant. 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 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 complainants should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

           That the C. C. Case No. 114  of 2015 ( HDF 114  of 2015 )  be  allowed ex parte  with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the maturity amount of the   complainant of this instant petition with respect to  Recurring deposits in question within one month from this order i.d., 9% p.a. interest shall be charged till actual payment.

           The complainant do get an award of Rs. 2,000/- as compensation and Rs. 1,000/-  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 @ 9% 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.