Fact of the case of the Complainant in short is that these Complainants purchased several certificates of Fixed Deposits on different dates in total 28 numbers from Micro Finance Institute through their Branch Leader Bankura i.e. O.P. no.2.  After the maturity of the said Fixed Deposits Complainants went to the O.P. no.2 Branch Leader of the O.P. no.1 Company i.e. Micro Finance Institute for getting the maturity value of the said certificates of Fixed Deposits issued by the Micro Finance Institute.

O.P. no.1 Company did not pay the same.  So, these Complainants have filed this Complainant jointly against O.P. no.1 who is Managing Director of the Micro Finance Institute and O.P. no.2.  Branch Leader of O.P. no.1 Company and O.P. no.3, staff of O.P. no.1 Company.  So, these Complainants have made prayer for realization of maturity value of the said Fixed Deposits and also made further prayer for compensation and litigation cost etc.

 This case is being contested by O.P. no.3 Ashish Mondal by filing W.V. denying all allegations as made in the petition of complaint contending inter alia that the complaint is not maintainable.  He has been impleaded as O.P. no.3 in this case with ulterior motive and only to harass him.

So, O.P. no.3 has made prayer to dismiss this Complaint against him.

                                                           Points for Determination.

1).  Whether these Complainants purchased the certificates  of Fixed Deposits Annexure – A-1 to A-28 (Exhibit – 1 series) from the O.P. no.1 Company.

2).Whether the O.P. no.1 Company has filed to pay the maturity value of the said Fixed   Deposits.

3).Whether there was any unfair trade practice and deficiency in service by paying maturity value of the case Fixed Deposits to these Complainants by the O.Ps.

4).Whether the Complainant is entitled to get relief as prayed for.

In this case photocopy of certificates of Fixed Deposits have been filed and marked as exhibit – 1 series.

                                                            Decision with reasons.

In this case Ld. Advocate for the O.P. no.3 submitted his written argument.

Ld. Advocate for the Complainants argued inter alia that these Complainants purchased several Fixed Deposits certificates issued by the O.P. no.1 Company and O.P. no.2 is the Branch Leader of the O.P. no.1 Company and O.P. no.3 is the staff of O.P. no.1 Company.

He has also further submitted that these Complainants made prayer to pay maturity value of the said Fixed Deposits certificates to O.P. no.1 Company through O.P. no.2 but O.P. no.1 has not paid the maturity value.  So, these Complainants have filed this case and prayed for passing order as made in petition of complaint.

 We have heard the submissions made by Ld. Advocate for Complainant and perused the written argument submitted on behalf of O.P. No.3.

On perusal of the written argument submitted by O.P. no.3 it appears to us that O.P. no.3 has claimed inter alia that this O.P. no.3 has no role in the matter of transaction of money in purchasing Fixed Deposits certificates.  So, he prays for dismissal of this case against him.

In this case we find from the certificates of Fixed Deposits that these 28 Complainants purchased certificates of Fixed Deposits on different dates and months in the year – 2009 from Micro Finance Institute.  O.P. no.1 is Managing Director of Micro Finance Institute and these Fixed Deposits certificates were issued in favour of the Complainants on different dates and months in the year – 2009 under his signature.

O.P. no.1 has not come to contest this case and this case is proceeding exparte against him.  So, issuance of these certificates of Fixed Deposits marked as exhibit – 1 series by the Micro Finance Institute is remained for challenged.

So, we do not find any reason to disbelieve the contents of certificates of Fixed Deposits (Exhibit – 1 series).

Accordingly, we hold that certificates of Fixed Deposits 28 in numbers Exhibit – 1 series were purchased by these Complainants from Micro Finance Institute under signature of O.P. no.1.  It also reveals that said Fixed Deposits Exhibit – 1 series that these Fixed Deposits were issued under also signature of Authorised signatories of Micro Finance Institute /O.P. no.1.

It also reveals from the certificates that all Fixed Deposits that there is clause in said certificate mentioning maturity amount i.e. agreement to pay the double amount on maturity of the amount invested by its purchaser.  Complainants have claimed that no maturity amounts have been paid.  This O.Ps. have not claimed that maturity amount have been paid to this Complainants.  So, we hold that the maturity value of the certificates have not been paid to this Complainants by O.P. no.1 Company / Institute.

In view of the circumstances we have sufficient reason to hold that there was unfair trade practice as well as deficiency in service by not paying maturity amount of the case Fixed Deposits certificates to these Complainants by O.P. no.1 / Company / Institute i.e. Micro Finance Institute.

So, Complainants are entitled to get the maturity amount of the certificates i.e. exhibit – 1series from Micro Finance Institute, who is being represented by its Managing Director /O.P. No.1.So, Complainants are entitled to get the maturity amount of the certificates i.e. exhibit – 1series from Micro Finance Institute, who is being represented by its Managing Director / O.P. No.1 as well as signatories of ca se Fixed Deposit certificates .

Let us see whether there was any involvement / role of O.P. no.2 & 3 in the matter of issuance of certificates of Fixed Deposits after receiving money from these Complainants or O.P. no.2 & 3 have any responsibility or liability of payment of maturity amount of the said certificates to Complainants.

In this case no documents have been submitted by Complainants to show that the O.P. no.2 is the Branch Leader of O.P. no.1 Company / Institute and O.P. no.3 is the Cash Receiving Staff of O.P. no.1 Company / Institute.  No appointment letter showing appoint of O.P. no.2 & 3 as Branch Leader and staff of O.P. no.1 Company have been filed by Complainants.

No receipts have been filed to show that these O.P. no.2 & 3 have received any amount on behalf of O.P. no.1 Company / Institute from these Complainants in lieu of issuance / selling of case certificates of Fixed Deposits to Complainant’s.

No documents have also been filed to show that these O.P. no.2 & 3 stood as guarantors of O.P. no.1 Company / Institute to pay the maturity value of the case Fixed Deposits to these Complainants.

In view of the above facts & circumstances and discussions made above we hold that there was no role / involvements of O.P. no.2 & 3 in the matter of selling as well as payment of maturity amount of case Fixed Deposits certificates to the Complainants and O.P. no.2 and 3 have got no liability or responsibility in the matter of payment of maturity value of case certificates of Fixed Deposit.

So, we hold there is no cause of action against O.P. no.2 & 3.

Accordingly, this Complaint is not maintainable against O.P. no.2 & 3 and is liable to be dismissed against O.P. no.2 & 3.

In view of the above facts & circumstances and discussions made above we hold that these Complainants are entitled to get the maturity value of case certificate of Fixed Deposit and it’s interest from Micro Finance Institute / O.P. no.1 only ; but case is liable to be dismissed against other O.Ps.

In the result this complaint succeeds in respect of O.P. no.1 only.

Hence, it is

                                                                                                            Ordered

That the Complaint Case No. 15 of 2015 be and same is hereby allowed exparte against O.P. no.1, Sri Manojit Parua, Managing Director, Micro Finance Institute with cost of Rs.500/- (Five hundred) payable to each Complainants 28 in numbers.

This Complaint is dismissed exparte against O.P. no.2 Sri Ranjit Nandi and also dismissed on contest against O.P. no.3 namely Sri Ashish Mondal ; but without cost.

O.P. no.1, Sri Manojit Parua, Managing Director, Micro Finance Institute is hereby directed to pay the maturity amount / value of case Fixed Deposit Certificates stands in the name of the Complainants along with simple interest @ 10% p.a. to each Complainants within sixty (60) days from the date of receipt of copy of Judgement.

If the O.P. no.1 fails to pay the maturity value / of case Fixed Deposit Certificate amount along with its interest and the cost imposed above within the stipulated period mentioned above then Complainants are at liberty to realize the same with due course of law.

No further compensation as well as relief as prayed for are awarded.

Let a plain copy of this Judgement be sent to O.P. no.1 & 2 by registered post with A/D and be also supplied to Complainants & O.P. no.3 free of cost.