DATE OF FILING                    :     26-11-2014.

DATE OF S/R                            :      29-12-2014.

DATE OF FINAL ORDER      :     06-05-2015.

Sri Samir Kumar Khanra

son of late Jahorlal Khanra,

village & P.O. Polgustia via Maju, P.S. Jagatballavpur,

Howrah 711414………………………………………………………  COMPLAINANT.

• Versus -

   

         1. MPS Greenery Developers Ltd.,

        MPS ENCLAVE, Commercial Building, Village – Dighisole,

        P.O. Dahijuri, Jhargram, West Midnapore,

        PIN – 721504. 

   

  2. The Managing Director,

•  MPS  ENCLAVE,

   P-112,  Block ‘B’ Lake  Town, P.S. Lake Town, 

   Kolkata – 700089.

   

• 3. The Director,

  11/2/1, Bhagawan Chatterjee Lane,

  1^st & 2^nd floor, P.O. Kadamtala, P.S. Bantra,

  Howrah 711101………………………………………………………………………Opposite Parties.

   

                                                P    R    E     S    E    N     T

Member  In Charge     :      Smt. Jhumki Saha.

                                        Member       :   Shri Subrata Sarker.

F   I   N   A    L       O   R   D    E     R

1. 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 him  the entire maturity amount of  fixed deposit scheme being Rs. 68,382/-,  to pay an amount of Rs. 50,000/- as compensation  for causing mental agony and harassment and  litigation costs along with other  orders as the Forum may deem fit and proper. 

2. Brief fact of the case is that complainant made investment in fixed deposit Scheme namely Agro Bond  issued by the o.ps vide  Annexure.  His certificate no. is  as follows :

         Agro Bond Certificate No. HW009 A/04/11/007983.

     3.  O.Ps.  promised to pay the maturity amount of investment of  fixed deposit scheme  made by the complainant 20.4.2011.  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 date on 20.4.2014 without any valid reason.  Complainant repeatedly went to the office of o.ps. but on different pleas they have returned the complainant  without giving their  maturity amount.  It is further stated by the complainant that with the 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. 

4. Notices were served. O.ps. neither appeared nor filed any written version. Accordingly, case was heard ex parte.

5. 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      :

6. 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 complainant has not made SEBI as an opposite party who has attached his bank account. 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 complainant 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 ofcomplainant. 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. 609  of 2014 ( HDF 609678  of 2014 )  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 fixed deposit in question held by them 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 In Charge , C.D.R.F.,Howrah.