DATE OF FILING : 03-11-2013.
DATE OF S/R : 15-01-2014.
DATE OF FINAL ORDER : 05-01-2015.
Sri Sibprasad Parui,
son of late Arabainda Parui,
residing at Burikhali, P.O. Burikhali, P.S. Bauria,
District – Howrah. …..…………………………………………….…... COMPLAINANT.
Versus -
1. MPS Greenery Developers Ltd.,
Unit Office HWH 009 having its registered office at
11/2/1, Bhagaban Chatterjee Lane,
Howrah 711 101.
- MPS Greenery Developers Ltd.
MPS Enclave, ) 166, Block B, Lake T own,
Kolkata 700 089.
- Partha Ghosh,
Son of Sankar Kumar Ghosh,
Village & P.O. Sahapur, P.S. Panchla,
District Howrah…..………………………………………….………………………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
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 her the entire deposited amount of Rs. 1,00,000/-, to pay an amount of Rs. 2,00,000/- in total as compensation for causing mental agony and harassment and litigation costs along with other orders as the Forum may deem fit and proper.
- Brief fact of the case is that complainant made investments in Orchard Bond issued by the o.ps. for 75 months vide Annexures collectively. His certificate nos. are as follows :
Orchard Bond Certificate nos. KA001/O/03/07/B02236 dated 31.03.2007 for Rs. 20,000/- and KA001/O/03/07/004060 dated 31.03.2007 for Rs. 30,000/-. The maturity amount of the certificates is Rs. 40,000/- and Rs. 60,000/- respectively.
3. O.Ps. promised to pay the maturity amounts of investments with respect to the aforesaid certificates on the due date i.e., 30.06.2013. 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. but on different pleas they have returned the complainant without giving his due maturity value, although complainant deposited the original certificates on 21.3.2013. It is stated by the complainant that with the maturity amounts, 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.
- Notices were served. They appeared and filed written version. Accordingly, case was heard on contest.
- Upon pleadings of both parties two points arose for determination :
i) Is there any deficiency in service on the part of the O.Ps. ?
- Whether the complainant is entitled to get any relief as prayed for ?
DECISION WITH REASONS :
- 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 the series of Annexures attached 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 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. 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 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 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 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.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 ? Accordingly, the plea taken by o.ps. is not at all tenable with respect to the non-payment of maturity values. complainant has lost her all faith on O.Ps.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. 390 of 2013 ( HDF 390 of 2013 ) be allowed on contest with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay the maturity amount of all investments made by the complainant of this instant petition within one month from this order i.d., 9% p.a. interest shall be charged till actual payment.
The complainant do get an award Rs. 5,000/- 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 @ 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.
