DATE OF FILING                    :     21-05-2014.

DATE OF S/R                            :      24-07-2014.

DATE OF FINAL ORDER      :     08-12-2014.

1. Avijit Pandit,

son of Tarun Pandit,

residing at 224 Naskar Para, P.O. Kona,

District – Howrah,

for self and the constituted attorney of the

complainant nos.2 to 15.  

1. Chhabi Pandit,

wife of Sri Tarun Pandit,

      residing at 224, Naskar Para, P.O. Kona,

      District – Howrah.

1. Arpita Pandita,

wife of Sri Avijit Pandit,

residing at 224, Naskar Para, P.O. Kona,

District – Howrah.

1. Archana Pandit,

daughter of Debaprasad Pandit,

residing at 224, Naskar Para, P.O. Kona,

District – Howrah.

1. Soumitra Banerjee,

son of Sri Somenath Banerjee, 

residing at village & P.O. Paltagrah, Singur,

District – Hooghly.

1. Somnath Banerjee,

Son of  Sri Hrishkesh  Banerjee,

Residing at village & P.O. Paltagrah, Singur,

District – Hooghly.

1. Sujay Kumar Das,

son of Becharm Das,

      residing at Dakshin Rajyadharpur, Das Para,

      P.O. Malickpara Serampore,

      District – Hooghly.

1. Nazma Khatton,

wife of Md. Anwar,

residing at 16, Guru Charan Roy  Chowdhury Ghat Road,

P.S. Shibpur, District- Howrah.

1. Lakshmi Koley,

wife of Amal Koley,

residing at 42, Nirmal Chandra Street,

Kolkata – 700012.

1. Nisith Kumar Dey,

son of late Aboni Kumar Dey,

residing at Kona Purbapara, Aswathtala, P.O. Kona,

District – Howrah.

1. Sitanath Mukherjee,

son of late Amarendra Mukherjee,

residing at 109, D.P. Mukherjee Road, Shheoraphuli,

District-Hooghly.

1. Payel Mukherjee,

wife of Susanta Mukherjee,

residing at 109, D.P. Mukherjee Road, Sheoraphuli,

District – Hooghly.

1. Gopal Pandit,

son of late Debaprasad Pandit,

residing at 35/1, ‘I’ Road, Belgachia,

District- Howrah.

1. Krishna Pandit,

wife of Sri Gopal Pandit,

residing at 35/1, I Road, Belgachia,

District – Howrah.

1. Mamoni Sarkar,

wife of Sri Ashim Sarkar,

residing at 35/1, I Road, Belgachia,

District – Howrah…………………………………………………COMPLAINANTS.

• 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 DEVEOPERS 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 – 7111 01.

   

• 3. Mr. Pramatha Nath Manna,

  Chairman  Cum Managing Director,

  residing at 344A, lake Town,

  Kolkata – 700089.

   

• 4. Mr. Santanu Chowdhury,

  Executive Director,

  having its official address MPS Enclave,

  P-112, Block ‘B’ Lake Town,

  Kolkata – 7000 89.………………………………………………………………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. Complainants 15 in numbers by filing a petition 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  M.I.Ss. being Rs. 15,09,514/-,  to pay an amount of Rs. 1,00,000/- in total as compensation  for causing mental agony and harassment and  litigation costs of Rs. 75,000/- along with other  orders as the Forum may deem fit and proper. 

2. Brief fact of the case is thatcomplainantsmade investments in Monthly Income Schemes issued by the o.ps., on different dates vide  Annexures.  Their certificate nos. are as follows :

1. Avijit PanditMIS 1201,

2. Chhabi PanditMIS 16211, 12299, 8109,

3. Arpita Pandita MIS 27002,

4. Archana Pandit MIS 19153, 12372, 4257, 8111, 16049,

5. Soumitra Banerjee MIS 4870,

6. Somnath Banerjee MIS4504,

7. Sujay Kumar DasMIS 5552,

8. Nazma Khatton MIS12309,

9. Lakshmi Koley MIS 1559, 1560,

10. Nisith Kumar Dey MIS 1838, 1843, 1848, 11855,

11.  Sitanath Mukherjee MIS 17822, 17824, 17827, 17831, 17833, 17840, 17844,

12. Payel Mukherjee MIS 17966, 17967, 17968, 17970,

13. Gopal Pandit MIS4640, 1847,

14. Krishna Pandit MIS1849,

1. 15. Mamoni Sarkar MIS 19957, 19970.

    

   3.        O.Ps.  promised to pay the monthly interest on the investments   made by the complainants on different dates in MIS Scheme.  But it is alleged by the complainants that o.ps. have not paid the monthly interest in MISs to the complainants since December, 2013 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 monthly interest amount.  It is further stated by the complainants that with the monthly interest amount, 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. They neither appeared and nor filed written version. Accordingly, case was heard ex parte.
   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.  ?

1. 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. 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 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.  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 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.  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 complainants 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 of   complainants. For their own wrong doings, why complainants should suffer at all ? Complainants have lost all faith and hope about the 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 complainants should be allowed. Points under consideration are accordingly decided.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 294  of 2014 ( HDF 294  of 2014 )  be  allowed ex parte  with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the principal  amounts of investments of different  complainants of this instant petition with respect to  MISs  in question held by them along with the upto date interest within one month from this order i.d., 10% p.a. interest shall be charged till actual payment.

      No order as to compensation.

      That the o.ps. are directed jointly and severally to pay the litigation costs of Rs. 10,000/-  within 30 days from the date of this order i.d., 10% p.a. interest shall be charged 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.