DATE OF FILING                    :     21-03-2014.

DATE OF S/R                            :      02-05-2014.

DATE OF FINAL ORDER      :     07-01-2015.

1. Sri Debi Chatterjee,

son of late Paresh Chandra Chatterjee,   

2. Smt. Saswati Chatterjee,

wife of Shri Debi  Chatterjee,

3. Kumar Pritha Chatterjee,

daughter of  Shri Debi Chatterjee,  

residing at 44, Dalalpara, Kona near  Hospital, P.O. Kona,

District – Howrah,

PIN 711114. …………………………………….…………....  COMPLAINANTS.

• Versus -

   

  1.         Shri Santanu  Chowdhury, Director,

             MPS Greenery Developers Ltd.,

        Kolkata Office MPS Enclave,

        P 112, Block B, Lake Town,

        Kolkata 7000 89.

   

• 2. Shri Promotha Manna,

  Chairman and Managing Director,

  MPS Greenery Developers Ltd.

  residing at 344A, Lake  Town,  

  Kolkata 700 089,

  Office Address

  P 166, Block ‘B’, Lake Town,

  Kolkata 700089.

   

• 3. Shri Amiya Kumar Banerjee,

  Director,

  Residential address No. 6, Haripada Bhattacharya Lane, 4^th 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       :     Smt. Jhumki Saha.

F   I   N   A    L       O   R   D    E     R

1. Complainants threein numbersby 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, monthly interest scheme and monthly recurring deposits scheme being Rs. 10,01,500/-, to pay an amount of Rs. 2,00,000/- in total as compensation  for causing mental agony and harassment and  litigation costs of Rs.10,000/- 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, monthly interest scheme and monthly recurring deposits scheme issued by the o.ps., on different dates vide  Annexures collectively.  Their certificate nos. are as follows :

1. Sri Debi ChatterjeeHW009 A/09/10/002471, HW009 A/03/11/005083, HW009 O/03/12/022988, HW009 O/07/12/006303, HW009 A/11/11/006165, A/04/11/001859, A/06/11/000337, A/07/11/006610, A/09/11/012055, A/06/12/013714, A/08/12/002951, A/09/12/007383, A/10/12/007716, A/04/13/006487..

    

2. Smt. Saswati Chatterjee, HW009 A/09/10/002474, HW009 A/02/11/001135, HW009 O/03/10/003128, O/04/10/004742, HW009 O/08/11/002488, HW009 O/08/11/002490, O/07/10/000179, O/07/10/000180, O/07/10/000182, O/12/10/014265, A/05/11/004209, A/06/12/003981, A/07/12/009205, A/09/12/004480, A/12/12/000083, A/12/12/000083.

3. Kumari Pritha Chatterjee HW009 O/07/12/006298..

3.        O.Ps.  promised to pay the monthly interest with respect to the MIS Scheme  on different dates as well as the maturity amount on the due dates.  But it is alleged by the complainants that o.ps. have not paid the monthly interest amount and maturity amount of certain investments  to the complainants even after the expiry of  the due dates without any valid reason.  Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants  without giving their  due interest  amount and the maturity amount.  O.Ps. paid the monthly interest only upto October, 2013. Thereafter they stopped to make any payment to the complainants.   It is  stated by the complainants that with the monthly interest 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.

4. Notices were served. Theyappeared and filedwritten version. Accordingly, case was heard on contest.

5. Upon pleadings of both parties 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      :

6. 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 fromthe series of Annexuresattached 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 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.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 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.O.ps. have miserably failed to keep their promise which they made on the face of the Bond certificates issued by them in favour ofcomplainants. For their own wrong doings, why complainants 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. complainants have lost theirfaith on O.Ps.O.ps. have miserably failedto keep their own promise which certainly amounts to deficiency inservice 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 complainants should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 156  of 2014 ( HDF 156  of 2014 )  be  allowed on contest with  costs  against  the O.Ps.  

      That the  O.Ps. are directed jointly and severally  to pay the principal  amounts  as well as the maturity amounts of all investments made by the   complainants of this instant petition with respect to  Fixed deposits, Recurring deposits and M.I.S. Schemes  in question along with upto date monthly interest  within one month from this order i.d., 9 per cent  p.a. interest shall be charged till actual payment.                 

      The complainants do get an award  Rs. 5,000/- as compensation and Rs. 2,000/-  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 per cent 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.