DATE OF FILING                    :     02-04-2014.

DATE OF S/R                            :      27-05-2014.

DATE OF FINAL ORDER      :     23-04-2015.

Subha Lakshmi Ghosh,  

wife  of  Surojit Ghosh

of 28, Panchanantala  Road,  District – Howrah,

PIN 711101……………... …..…………………………...……….…...  COMPLAINANT.

• Versus -

   

         1.  MPS Greenery Developers Ltd.

   

• 2. Director,

  MPS Greenery Developers Ltd.

   both of  MPS Enclave, Commercial Building,

   village Dighisole, P.O. Dahijuri, Jhargram,

  West Midnapore,

  PIN 721504 ( W.B. ) India and also at

  MPS  Enclave P 112, Block Lake Town, P.S. Lake Town,

  Kolkata 700089, West Bengal,

  India.  

   

   

• 3. Annapurna Dey,

  agent of MPS Greenery Developers Ltd.,

  daughter of late Lalit Mohan Dey

  of 54, Charu Chandra Singha Lane, P.S. Howrah,

  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 her maturity amount of Agro Bond  being Rs. 1,29,850/-, to pay an amount of Rs. 50,000/-  as compensation  for causing mental agony and harassment, litigation costs of Rs.20,000/- and  to pay Rs. 1.50 per hundred per month for delayed payment along with other  orders as the Forum may deem fit and proper. 

2. Brief fact of the case is that complainant made investments in Agro Bond for 36 months being bond no. A/06/10/001926 dated 08.06.2010 issued by the o.ps., vide  Annexures collectively. The certificate was matured on 08.06.2013.  

3.        O.Ps.  promised to pay the maturity amount of investment  on 08.06.2013 with respect to Agro Bond made by the complainant  on 08.06.2010.  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 without any valid reason.  Complainant repeatedly went to the office of o.ps. but on different pleas they have returned the complainant  without giving her  due maturity value. It is  stated by the complainant that with the maturity amount, she 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. They appeared and filed written 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 complainant is 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 from the 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 complainant has 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, is 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 ofcomplainant. 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 her all faith 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 complainant should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 175  of 2014 ( HDF 175  of 2014 )  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  Agro Bond  made by the   complainant of this instant petition being Rs. 1,29,850/- 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 @ 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.