DATE OF FILING : 22-04-2014.
DATE OF S/R : 28-05-2014.
DATE OF FINAL ORDER : 10-11-2014.
1. Sri Deb Kumar Majhi,
son of Sudanya Charan Majhi.
2. Smt.Aparna Majhi,
wife of Sri Tapan Majhi.
As a constituted attorney of or self and the complainant
no.1 & 3 to 15
3. Sibasis Majhi,
son of Sankar Majhi,
4. Ankon Majhi,
son of Deb Kumar Majhi,
5. Jayanti Majhi,
wife of Rabindra Majhi,
No 1. to 4 are residing at 18,
No Jadu Mukherjee
Lane, Kadamtala, Howrah - 1
6. Dola Majhi,
wife of Raj Kumar Majhi,
7. Sanat Maji,
son of Dulal Mahji,
No 6 & 7 Residing at Ramrajatala, Baxibagan,
Santragachi Howrah
8. Kalyani Mondal,
wife of Chittaranjan Mondal,
9. Lalita Mondal,
wife of Mondal, residing at
10. Chittaranjan Mondal,
son of Nirapada Mondal,
11. Sujata Mondal,
wife of Sanat Mondal,
No. 8 to 11 are residing at 5/2, Inchapur Road,
Kadamtala, Dist Howrah
12. Sanjit Koley,
son of Mohan Koley,
13. Asit Koley,
son of Madan Koley,
Gazipur, Amta, Howrah
14. Debashis Koley,
son of Ramchandra Koley,
Ichapur Canal Side Purbapara, Santragachi, Howrah
15. Asta Hazra,
son of Nemai Hazra.
Khaerbagan Dharmatala, Santragachi,
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. Mr. Pramatha Nath Manna,
Chairman CUM Managing Director,
344A, Lake Town Kolkata
Kolkata 700 089.
5. 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 fifteen 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. 2,74,139/-, to pay an amount of Rs. 30,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs. 15,000/- along with other orders as the Forum may deem fit and proper.
2. Brief fact of the case is that complainants made one time investments in monthly income scheme as well as in fixed deposit scheme issued by the o.ps., on different dates vide Annexures of P/1 to P/18 collectively. Their certificate nos. are as follows :
Shri Deb Kumar Majhi - Recurring deposit A/c no. 8277,
Smt.Aparna Majhi - Recurring deposit A/c no. 8290
& Fixed Deposit A/c no. 1599.
Shri Sibasis Majhi - Recurring deposit A/c no. 8296.
Shri Ankon Majhi - Recurring deposit A/c no. 8310.
Smt. Jayanti Majhi - Recurring deposit A/c no. 8428.
Smt. Dola Majhi - Recurring deposit A/c no. 6480.
Shri Sanat Maji - Recurring deposit A/c no. 7093.
Smt. Kalyani Mondal - Recurring deposit A/c no. 8306.
Smt. Lalita Mondal - Recurring deposit A/c nos. 8307 & 7224
and Fixed Deposit A/c no. 9307.
Shri Chittaranjan Mondal - Recurring deposit A/c no. 8313.
Smt. Sujata Mondal - Recurring deposit A/c no. 14674.
Shri Sanjit Koley - Recurring deposit A/c no. 8305.
Shri Asit Koley - Recurring deposit A/c no. 8308.
Shri Debashis Koley - Recurring deposit A/c no. 19825.
Smt. Asta Hazra - Recurring deposit A/c no. 6479.
3. O.Ps. promised to pay the maturity amount of investments being Rs. 2,74,139/- in total on respective due dates. But it is alleged by the complainants that o.ps. have not paid their maturity amount even after the expiry of the due dates without any valid reason. Complainants repeatedly went to the office of o.ps. in August, September, 2013 and February, 2014 but on different pleas they have returned the complainants without giving their maturity amount. 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. 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 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. 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. 242 of 2014 ( HDF 242 of 2014 ) be allowed on contest with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay principal amounts as well as maturity amount of all deposits 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.
The complainants do get an award of Rs. 5000/- as compensation and Rs. 5,000/- 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.
