DATE OF FILING : 21-04-2014.
DATE OF S/R : 28-05-2014.
DATE OF FINAL ORDER : 10-11-2014.
Sri Debnath Das,
son of Sri Nitai Chandra Das,
residing at 59, Banerjee Bagan Lane, Salkia,
District – Howrah.------------------------------------------------------------- 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.
2. MPS Greenery Developers 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 – 711101.
3. Mr. Pramatha Nath Manna,
Chairman CUM Managing Director,
344A, Lake Town Kolkata
Kolkata 700 089.
4. Mr. Santanu Chowdhury,
Executive Director,
Having its official address at MPS Enclave,
P-112, Block “B” Lake Town,
Kolkata – 700089. --------------------------------------------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. Complainant, namely Debnath Das 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 his maturity amount of monthly recurring deposit as well as fixed deposits amounting to Rs. 54,083/-, 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.
2. Brief fact of the case is that complainant Debnath Das opened monthly investment scheme being no. 009145 with the commencement date 20-12-2010 and fixed deposit being no. 1868 with commencement date 24-05-2013.
O.Ps. promised to pay the maturity amount of investments being Rs. 54,083/- in total on 20-12-2013 and 24-05-2014. But it is alleged by the complainant that o.ps. have not paid the maturity amount to the complainant even after the expiry of the due dates without any valid reason. Complainant repeatedly went to the office of o.ps. in September, 2013 and January, 2014 but on different pleas they have returned the complainant without giving his maturity amount. It is further stated by the complainant that with this maturity amount, he is to run his 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.
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 complainant is 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. 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. 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 complainant has 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. 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 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, is the complainant responsible for that ? Why he should be harassed like anything? 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 of complainant. For their own wrong doings, why complainant 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. complainant has lost his faith on O.Ps. 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 complainant should be allowed. Points under consideration are accordingly decided.
Hence,
O R D E R E D
That the C. C. Case No. 235 of 2014 ( HDF 235 of 2014 ) be allowed on contest with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay maturity amount of monthly recurring deposit as well as fixed deposits amounting Rs. 54,083/- to the complainant within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts of till actual payment.
The complainant do get an award of Rs. 5000/- as compensation and Rs. 2,000/- as litigation cost and o.ps. are directed to pay the same with one month from this order i.d. amount shall carry an interest @ 10% 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.
