DATE OF FILING                    :     03-03-2014.

DATE OF S/R                            :      26-03-2014.

DATE OF FINAL ORDER      :     12-11-2014.

1.      Sri Ranjit Bardhan,

son of late Mahendra Chandra Bardhan,  

2.      Smt. Bandana  Bardhan,  

wife of Sri  Ranjit Bardhan,

3.       Shri Chiranjit Bardhan,  

 son of  Sri Ranjit Bardhan,

4.      Nupur Bardhan,

son of Sri Bardhan,

all are residing at 82/5, ‘P’Road, P.O. Netajigarh,

P.S. Liluah, 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 Developers Ltd.

being represented by its Director viz.

Santanu Chowdhury, having its Kolkata Office

at MPS ENCLAVE, P-112, Block ‘B” Lake town,

Kolkata – 700089.

3.    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.

4.    MPS Greenery Developers Ltd.,

Having its Corporate Office at OM TOWERS,

32,  Chowringhee Road, Kolkata – 700071.

5.    Mr. Pramatha Nath Manna,

 Chairman CUM Managing Director,

           344A, Lake Town Kolkata

           Kolkata 700 089.

6.    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.                  Complainants of four  numbers, by filing a joint 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 their   maturity amount of monthly recurring deposit as well as fixed deposits amounting to Rs. 12,10,800/-, to pay an amount of Rs. 3,00,000/- in total as compensation   for causing mental agony and harassment and  litigation costs of Rs. 25,000/- along with other  orders as the Forum may deem fit and proper. 

2.               Brief fact of the case is that complainants   made investments in monthly income scheme  issued by the o.ps., on different dates vide  Annexures of  P/1 to P/60  collectively.  Their certificate nos. are as follows :

1.      Sri Ranjit Bardhan  - MIS Certificate  nos. 005363, 5361, 5365, 5367, 5370, 5371, 5372, 5347, 5341, 5350.

2.      Smt. Bandana  Bardhan -  MIS Certificate  nos. 005408, 5406, 5400, 5394, 5389, 5384, 5381, 5379, 5375, 5397.

3.      Shri Chiranjit Bardhan - MIS Certificate  nos. 005569, 5567, 5565, 5563, 5561, 5560, 5557, 5555, 5552, 5551, 5547, 5543, 5540, 5537, 5535.

4.      Nupur Bardhan  - MIS Certificate  nos.5483, 5494, 5501, 5502, 5505, 5508, 5513, 5516, 5522, 5525, 5528, 5530, 5531, 5446, 5450, 5465, 5472, 5478, 5414, 5444, 5442, 5441, 5437, 5430, 5416.

3.         O.Ps.  promised to pay the monthly interest on the due date. But it is alleged by the complainants that o.ps. have not paid their  monthly interest since  May, 2013  without any valid reason.  Complainants repeatedly went to the office of o.ps. in  June  & July,  2013   but on different pleas they have returned the complainants  without giving their   monthly interest.  It is further stated by the complainants that with this maturity amount, they are   to  run their   livelihood, meet  medical expenditure, children’s education etc. which are really at stake. Even on 5^th September, 2013 complainants filed a joint petition with a request to release their monthly interest. But no fruitful result came out.  So, finding no other alternative, complainants  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.  ?

ii)                  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. 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 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. 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 authority   showing that there is any kind of specific embargo on the payment of maturity amount of the complainants. 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? 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   complainants. 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. complainants have 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 complainants should be allowed. Points under consideration are accordingly decided.

Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 109  of 2014 ( HDF 109  of 2014 )  be  allowed on contest with  costs  against  the O.Ps. 

      That the  O.Ps. are directed jointly and severally  to pay the  principal amounts of monthly income scheme along with upto date monthly interest  with respect to the certificates held by the complainants within one month from this order i.d., 10% p.a. interest shall be charged on the entire decreetal amounts  till actual payment.

      No order as to compensation.      

      The complainants do get an award  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.