Date of FIling : 30/06/2016
Order No. 15 dt. 08/01/2018
The case of the complainant in brief is that the complainant was persuaded by authorized agent of the o.ps for deposit the money of the complainant with a promise to provide high return and for that purpose the complainant invested the money towards fixed deposit as well as Recurring Deposit Scheme. The complainant duly paid the RD premium till the month of August, 2014 and the said premium was paid by the complainant after receiving the amount from MIS. The two FDs were matured but the o.ps failed to pay the matured amount. The complainant made several correspondences with the o.ps but the o.ps did not give any reply. Some of FDs were in the name of Sunanda Bhattacharya wife of the complainant and the said holder of the FDs executed power of attorney to the complainant authorizing him to claim the said amount from the o.ps. The complainant had further stated that one Mihir Chatterjee holding to RD A/c have been transferred in the name of the complainant by the o.ps mentioning the complainant as nominee and on the basis of the said fact the complainant claimed the amount deposited by said Mihir Chatterjee. The complainant further emphasized that in total the complainant will be entitled to get the refund of the amount of Rs.14,20,097.50 . The complainant also claimed Rs.5,00,000/- for compensation and Rs.50,000/- for litigation cost.
O.p.s contested the case by filing w/v and denied all the material allegations of the complaint. It was stated that the Bank accounts of the company have been freezed by the economic offence wing Orissa and Enforcement Directorate, Kolkata, and as a result of which the company is unable to operate their bank a/cs and to discharge its liability towards its investors. A committee has been formed by Hon’ble High Court for the purpose of selling the assets of the company to pay its investor in such scenario the company is not in a position to pay the amount to the complainant. The complainant invested the amount for the purpose of booking plot of land as well as booking of hotel room of the company. The complainant did not avail of the hotel room facilities and failed to pay the regular payment towards RD and claimed the amount. It was further stated that the claim made by the complainant regarding the maturity of the FD amount is yet to be matured and before the date of maturity the complainant filed this case. The o.ps further stated that due to intervention of various investigating agencies the offices of the o.ps have been locked for which the investors claimed could not be entertained. On the basis of the facts and circumstances stated above the o.ps prayed for dismissal of the case.
On the basis of the pleadings of the respective parties following points are to be decided :-
- Whether the complainant along with his wife and Mihir Chatterjee invested amount to the o.ps?
- Whether the complainant in spite of demand of money the o.ps failed to refund the amount?
- Whether there was any deficiency in service on the part of the o.ps?
- Whether the complainant will be entitled to get any relief as prayed for?
Decision with reasons :-
All the points are taken up together for the sake of brevity and avoidance of repetition of facts.
Ld. Lawyer for the complainant argued that the complainant was persuaded by authorized agent of the o.ps for deposit the money of the complainant with a promise to provide high return and for that purpose the complainant invested the money towards fixed deposit as well as Recurring Deposit Scheme. The complainant duly paid the RD premium till the month of August, 2014 and the said premium was paid by the complainant after receiving the amount from MIS. The two FDs were matured but the o.ps failed to pay the matured amount. The complainant made several correspondences with the o.ps but the o.ps did not give any reply. Some of FDs were in the name of Sunanda Bhattacharya wife of the complainant and the said holder of the FDs executed power of attorney to the complainant authorizing him to claim the said amount from the o.ps. The complainant had further stated that one Mihir Chatterjee holding to RD A/c have been transferred in the name of the complainant by the o.ps mentioning the complainant as nominee and on the basis of the said fact the complainant claimed the amount deposited by said Mihir Chatterjee. The complainant further emphasized that in total the complainant will be entitled to get the refund of the amount of Rs.14,20,097.50 . The complainant also claimed Rs.5,00,000/- for compensation and Rs.50,000/- for litigation cost.
Ld. Lawyer for the o.ps argued that the Bank accounts of the company have been freezed by the economic offence wing Orissa and Enforcement Directorate, Kolkata, and as a result of which the company is unable to operate their bank a/cs and to discharge its liability towards its investors. A committee has been formed by Hon’ble High Court for the purpose of selling the assets of the company to pay its investor in such scenario the company is not in a position to pay the amount to the complainant. The complainant invested the amount for the purpose of booking plot of land as well as booking of hotel room of the company. The complainant did not avail of the hotel room facilities and failed to pay the regular payment towards RD and claimed the amount. It was further stated that the claim made by the complainant regarding the maturity of the FD amount is yet to be matured and before the date of maturity the complainant filed this case. The o.ps further stated that due to intervention of various investigating agencies the offices of the o.ps have been locked for which the investors claimed could not be entertained. On the basis of the facts and circumstances stated above the o.ps prayed for dismissal of the case.
Considering the submissions of the respective parties it is an admitted fact that the complainant invested the amount towards RD and as well as he paid amount to the o.ps towards MIS. From the materials on record it appears that the complainant started to pay the amount for RD after receiving MIS in respect of the amount invested by him. It appears that the wife of the complainant Ms Sunanda Bhattacharya also invested the amount to the o.ps towards the scheme launched by o.ps. The complainant received power of attorney from Smt Sunanda Bhattacharya for pursuing this case as well as to receive the amount on her behalf. The o.ps claimed that Mihir Chatterjee never assigned any right to the complainant for realization of the amount. It is true that various investigating agencies are investigating regarding the financial irregularities committed by the o.ps for which the investors had to rush to Hon’ble High Court and Hon’ble High Court formed a committee giving right to sell the property of the o.ps to pay the amount invested by depositors. Simply because Hon’ble High Court is monitoring the process for realization of the amount of the investors it cannot be said that the complainant cannot file the case for realization of the amount due from the o.ps. If the amount is paid by the o.ps the direction can be given for clarification of the matter from the investor namely Mihir Chatterjee to clarify the claim of the complainant. Because of such technical irregularity the claim of the complainant cannot be denied. On perusal of the record we find that the complainant filed several documents in support of the claim of the amount which has not been denied by the o.ps regarding the investment made by the complainant vis-à-vis the other investors namely Sunanda Bhattacharya and Mihir Chatterjee. Having regard to the facts and circumstances of the case we hold that the o.ps illegally withheld the amount invested by the complainant and thereby the investors including complainant, Smt Sunanda Bhattacharya and Mihir Chatterjee will be entitled to get the amount from the o.ps.
Thus all the points are disposed of accordingly.
Hence, it is ordered,
that the case no.258/2016 is allowed on contest with cost against the o.ps. The o.ps are jointly and/or severally directed to refund the amount of Rs.14,20,097.50 (Rupees fourteen lakhs twenty thousand and ninety-seven) only and to pay compensation of Rs.1,00,000/-(Rupees One lakh) and litigation cost of Rs.5,000/- (Rupees five thousand) only to the complainant within 30 days from the date of communication of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization. If the amount is paid by the o.ps the complainant must get endorsement from Smt Sunanda Bhattacharya and Mihir Chatterjee to allow the complainant to receive the amount on their behalf and file a document to that effect.
Supply certified copy of this order to the parties free of cost.
