Aniruddha Bose, J. - (1.) These Proceedings arise out of certain disputes in relation to making repayment to the plaintiffs in pursuance of an investment scheme which was floated by the defendant. As it appears from the plaintiffs' case made out in the plaint, investments were raised from the public in a project entitled "Green Earth Platinum series". It is admitted position that the said scheme invited investors to deposit money with the defendant, which was to be utilised by the defendant inter alia for commercial plantation and also certain ancillary and leisure activities. On maturity after five years from deposit, the investors were to get specified sum, which included principal along with interest.
(2.) The plaintiffs had collectively invested on different dates in the years 2001 and 2002 a total sum of Rs.9,00,888/- in the scheme floated by the defendant. Plaintiffs are related to each other. Plaintiff no.1 is the husband of the plaintiff no.2. The plaintiff nos.3 and 4 are parents of the plaintiff no.1 and plaintiff nos.5 and 6 are his uncle. According to them, there was default in payment of maturity amount. Such default appears to be undisputed fact. It is also the plaintiffs' case that the Security & Exchange Board of India (SEBI) had examined the legality of the scheme and barred the defendant from offering any new scheme or take in fresh investments. The defendant was also directed by SEBI to return the amounts due to the existing investors according to the plaintiffs. It appears that after SEBI directions, the defendant was unable to pay the plaintiffs' dues. There was discussions and deliberations between the plaintiffs and the defendant and it was agreed that the defendant would pay to the plaintiffs maturity amount by post dated cheques and such payment was to be made between 9 and 15 months from the dates of maturity with interest @ 12% p.a. It has been submitted on behalf of the plaintiffs that such payment was to be made only upon receipt of original unit certificates. Thereafter, cheques were issued to the individual plaintiffs on different dates 11th February, 2004 and 17th July, 2005. The original certificates were deposited between 28th May, 2003 and 26th June, 2003. The cheques were however dishonoured for "insufficient fund" or instruction for "stop payment".
(3.) Altogether six plaintiffs have instituted the suit with their collective grievances claiming decree for a total sum of Rs.18,17,290/- and interest. There is claim for Rs.9,00,880/- representing the amount of dishonoured cheques, Rs.6,41,045/- representing interest @ 12 % p.a. on Rs.9,00,880/- from respective dates of maturity till the dates of dishonur. Further interest @ 12% p.a. on Rs.9,00,880/- has been claimed from the respective dates of dishonour till 31st March, 2007 and additional interest is claimed at the same rate till the date of realisation of the said sum. The suit, being CS No.78 of 2007 has been instituted in this Court upon obtaining leave under Clause 12 of the Letters Patent contending that part of cause of action of the suit arose within the territorial jurisdiction of this Court. At the time the plaintiffs made the investment, the defendant had an office within the territorial jurisdiction of this Court. It has been contended by the plaintiffs that discussions and deliberations had taken place and communications and correspondences were exchanged by and between the parties both at the said office of the defendant at Church Lane as also at its Mumbai office before the payment was made. It has also been pleaded in the plaint that the original certificates of the plaintiffs were deposited along with their singed preference forms at the said office of the defendant in Kolkata, within the aforesaid jurisdiction.;