DATE OF FILING : 17-04-2014.
DATE OF S/R : 26-06-2014.
DATE OF FINAL ORDER : 28-01-2015.
1. Shri Prohlad Chandra Koley,
son of late Asutosh Koley,
residing at village Bankagacha, P.O. Chickrand,
P.S. Chanditala, District Hooghly.
2. Sri Kanailal Das,
son of late Satyanarayan Das,
residing at village Kamalpur, Purbapra, P.O. Bora,
P.S. Singur, District Hooghly.
3. Akash Das,
Son of Sri Hemanta Das,
Residing at village Bankagacha, P.O. Chickrand,
P.S. C handitala, District Hooghly.
4. Shibani Das,
Wife of Sri Gobinda Das,
Residing at village Jangalpara ( Dakshinpara ),
P.O. Jangalpara Bazar,
District Hooghly.
5. Amit Das,
son of Sri Gobinda Das,
residing at village Jangalpara ( Dakshinpara ), P.O. Jangal Para Bazra,
District Hooghly.
6. Joydev Mondal,
son of late Sanatan Mondal,
residing at village Raghunathpur, P.O. Mirzapur, Bankipur, P.S. Singur,
District Hooghly.
7. Sukanta Sarkar,
son of Dilip Sarkar,
residing at village Adan ( Mini Panchbati ), P.O. Janai,
District Hooghly.
8. Sumana Das,
wife of Debasish Das,
9. Shyamali Adak,
wife of Mrityunjay Adak,
residing at village Bankagacha, P.O. Chickrand, P.S. Chanditala,
District Hooghly.
10. Anindya Baran Ghosh,
son of Sri Gobinda Ghosh,
residing at village Bankagacha, P.O. Chickrand, P.S. Chanditala,
District Hooghly,
All are being represented by their constituted attorney
Mr. Prasanta Kumar Das,
son of late Sudhanshu Sekhar Das,
residing at siddheswari Apptt. MGM Sarani, Chandannagar,
Hooghly. …………………………….…..…………………... 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.
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.
- MPS Greenery Developers Ltd.
Having its corporate office at OM TOWERS
32, Chowringhee Road,
Kolkata 700071.
- Mr. Pramatha Nath Manna,
Chairman Cum Managing Director,
Residing at 344A, Lake Town,
Kolkata – 700089
- 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 : Smt. Jhumki Saha.
F I N A L O R D E R
Complainants ten 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 fixed deposits scheme, and monthly recurring deposits scheme being Rs. 2,15,117/-, to pay an amount of Rs. 40,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs.10,000/- along with other orders as the Forum may deem fit and proper.
- Brief fact of the case is that complainants made investments in fixed deposits scheme and monthly recurring deposits scheme issued by the o.ps., on different dates vide Annexures collectively. Their certificate nos. are as follows :
1. Shri Prohlad Chandra Koley Fixed Deposit Certificate Nos. 009683, 010964,
485, 7047, 17391.
Recurring deposit A/c. 000430.
2. Sri Kanailal Das Fixed Deposit Certificate No. 7804,
3. Akash Das Fixed Deposit Certificate No. 9597,
4. Shibani Das Fixed Deposit Certificate No. 2184,
5. Amit Das Fixed Deposit Certificate No. 10254,
6. Joydev Mondal Fixed Deposit Certificate No. 4792,
7. Sukanta Sarkar Recurring Deposit A/c 3576,
8. Sumana Das Fixed Deposit Certificate No. 1797,
9. Shyamali Adak Recurring Deposit A/c no. 3735,
10. Anindya Baran Ghosh Recurring deposit A/c. 3321.
3. O.Ps. promised to pay the maturity amount of fixed deposit and recurring deposit on different dates. But it is alleged by the complainants that o.ps. have not paid the maturity amount to some complainants even after the expiry of the due dates without any valid reason. They repeatedly went to the office of o.ps. but on different pleas they have returned the complainants with any valid reason. As a result all other complainants whose maturity dates are yet to come, became afraid of getting their maturity value from the o.ps. It is stated by the complainants that with the matured amount of fixed deposits and recurring deposits, 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.
- Notices were served. The o.ps. appeared and filed written version. So, the case was heard on contest against the o.ps.
- 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 complainants are entitled to get any relief as prayed for ?
DECISION WITH REASONS :
- 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 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 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 ? 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. 224 of 2014 ( HDF 224 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 amount as well as the maturity amounts of all investments of different complainants of this instant petition with respect to Fixed deposits and Recurring deposits in question held by them within one month from this order i.d., 9% p.a. interest shall be charged till actual payment.
The complainants do get an award of Rs. 5,000/- 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 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.
