DATE OF FILING : 21-04-2014.
DATE OF S/R : 28-05-2014.
DATE OF FINAL ORDER : 26-11-2014.
1. Pradyot Kumar Ghosh,
2. Mira Ghosh,
B-II/E, Ganges Niwas, 34, R.N.R.C. Ghat Road,
P.O. & P.S. Shibpur, Howrah,
PIN – 711 102. ……………………………………….. COMPLAINANTS.
Versus -
1. The Director,
MPS Greenery Developers Ltd.,
P/112, Block – B, Lake Town, P.O. & P.S. Lake Town,
Kolkata – 700089.
The Director,
MPS Greenery Developers Ltd.
Unit : OFE – HW -009 ( Branch Office ),
11/2/1, Bhagawan Chatterjee Lane, P.O. Kadamtala, P.S. Bantra,
Howrah – 711101…………………………………………………………………… 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
Complainants by filing apetition 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 invested amount of monthly income scheme being Rs. 7,55,000/-, to pay an amount of Rs. 50,000/- in total as compensation for causing mental agony and harassment and litigation costs of Rs. 5,000/- along with other orders as the Forum may deem fit and proper.
Brief fact of the case is thatcomplainantsmade one time investment in
monthly income scheme issued by the o.ps., on different dates vide Annexures ‘A’ to ‘G’collectively. Their certificate nos. are as follows :
Shri Pradyot Kumar Ghosh - Bond No. HW 009 O/09/11/006378, HW 009 O/05/12/011560, HW 009 O/05/12/011555,
Smt. Mira Ghosh - Bond No. HW 009 O/10/11/004110, HW 009 O/10/11/004112, HW 009 O/10/11/004116, HW 009 A/11/11/009354
O.Ps. promised to pay the monthly interest of Rs. 2375/- & Rs. 3,325/- to the complainants through ECS. But it is alleged by the complainants that o.ps. have not paid the monthly interest to the complainants even after the expiry of the monthly due dates without assigning any valid reason. Complainants repeatedly went to the office of o.ps. but on different pleas they have returned the complainants without giving their monthly interest amount. Complainants filed a petition on 13-03-2014 vide Annexures H & I with the request to release the monthly interest amount but no fruitful result came out . It is further stated by the complainants that with the monthly interest amount, they are to run their livelihood, meet medical expenditure, children’s education etc. which are really at stake and they have been compelled to pass through severe financial hardship. So, finding no other alternative, complainants filed this instant petition praying for the aforesaid relief.
Notices were served. Theyappeared and filedwritten version. Accordingly, case was heard on contest.
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. 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 which would be evident from the series of Annexures attached with the BNA filed by them. Even the o.ps. have also attached 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. 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 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? 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 their 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. 231 of 2014 ( HDF 231 of 2014 ) be allowed on contest with costs against the O.Ps.
That the O.Ps. are directed jointly and severally to pay the entire invested amount of Rs. 7,55,000/- along with the upto date monthly interest with respect to the certificates in question held by them within one month from this order i.d., 10% p.a. interest shall be charged till actual payment.
The complainants do get an award of Rs. 2,000/- 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 @ 10% p.a. till actual payment
No order as to compensation.
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.
