- (1.) THE present writ petition has been preferred for the following reliefs :- A. For direction upon the respondents to forthwith release/pay the up to date maturity value as against the investments made in fixed deposit scheme at Bokaro Steel Centre branch vide FDR Certificates No. 2871 dated 21-12-95, 2876 dated 30-12-95, 6816 dated 12-5-98 and 6817 dated 8-6-98 with initial value of Rs. 33,96,591/-, Rs. 4,14,375/ -. Rs. 1803840/- and Rs. 9,66,992/- respectively, which was refused to be renewed after 21-3-04 and accordingly to renew the same with retrospective effect till the date of liquidation and pay the entire amounts which comes about Rs. 2,21,29,374/- (Two crores Twenty One Lakhs Twenty Nine thousand Three Hundred Seventy Four only) as more fully described in table chart duly annexed at Annexure-6. B. Further for direction upon the respon -. dents to also activate the SB A/c No. 1 and sb A/c No. 2 (appertaining to the Provident fund of the employees) of the society and accordingly to allow its operation and withdrawal of amount with admissible interest there from; in which the standing balance was Rs2;00,234. 75/- and Rs. 4,62,659. 39/- as on 31-3-2001, since the operation of the said accounts were stopped on non-est and frivolous ground of stay by the D. C. O. , dhanbad and Officer In-charge/investigat ing Officer in connection with B. S. City P. S. Case No. 329/96, in which after investigation, the final form has already been submitted on 9-1-1998 and therefore accordingly to direct the respondents concerned to pay the entire amount with up-to-date interest totaling to Rs. 8,43,382. 43/- (Eight lakhs Forty Three Thousand Three Hundred eighty Two and Paisa Forty Three only), as more fully described in. table chart duly annexed as Annexure-6. C. Further for direction upon the respondents to show cause as to why suitable cost and compensation in addition to the relieffs)sought for be not awarded for causing undue prejudice and hardship to the society by not paying the complete up-to-date dues amount of Rs 2,29,72,756. 43/- (Two Crore twenty Nine Lakhs Seventy Two Thousand seven Hundred Fifty Six and Paisa Forty Three only) as per Annexure-6.
(2.) THE facts, in- brief, is summarized as under :-The petitioner is a registered Co-operative housing Society bearing registration no. 47/1968 and is engaged in providing housing accommodation and maintenance thereof to its members who are the employees of the Bokaro Steel Plant, Bokaro. It appears that in the year 1973 on the request of the petitioner the company in question agreed to allocate 210 acres more land in addition and adjoining to the previously allocated 19 acres of lands to accommodate rest of the 173 members. However, land was never leased out and transferred in favour of the society due to one reason or the other. The management of the petitioner society had collected the development charges from the 173 members, for an ambunt of rs. 31,550/- each totaling to about Rs. 65 lakhs approximately. However, due to nonallotment of land the aggrieved members filed a complaint before the Assistant registrar, Co-operative Officer, Chas, Bokaro who in turn lodged an F. I. R. being B. S. City case No. 329/96 corresponding'to G. R. No. 1240/96 for the aforesaid irregularities against the Office bearers of the society. The petitioner submits that it had bona fidely in order to keep the money safe and secure invested the same in fixed deposit scheme with the respondent Central Cb-operative bank. In the meanwhile the Enquiry/investigation was completed and Final Form was submitted by the I. O. on 9-1-98 with the conelusion that it is a case of mistake of facts and no offence is made but. It was also recorded that the amount collected from the members was neither mis-utilised nor embezzled and thus the stay order passed by the police got vacated/expired automatically on the conclusion of the investigation. According to the petitioner pursuant to the investment made in the, fixed deposit with respect to a F. D. R. . No. '2871 the same matured on 21 -3-1998 and. it was renewed initially till 21-3-2001 and then up to 21st march, 2004 but thereafter neither the request for renewal was accepted nor the payment was released with its matured value.
(3.) IN the aforesaid background the petitioner submits that,when the land in question was not transferred to the society by the company, for onward allocation and handing over the same to-the Members from whom the development charges were collected, they started pressing hard for the refund of the same,, but the society being financially crippled due to. the aforesaid arbitrary, and illegal withholding of the matured amount by the respondent Bank and thus the petitioner was unable to refund the same. Resultantly several cases were filed in the District Consumer Forum by those members against society, which would be evident from the letter No. 775/02 dated 27-6-2002 written by the then Hon'ble secretary of the society. to the Officer Incharge, b. S. City Police Station but again of no avail. The petitioner society approached the respondent bank and requested to release the amount so as to liquidate the same for onward repayment to its members but the respondent paid no heed to the same.;