K ASHOKA Vs. N L CHANDRASHEKAR

JUDGEMENT

(1.) Leave granted.

(2.) N.G.E.F. Employees House Building Cooperative Society Limited (for short, "the society") is a society incorporated and registered under the Karnataka Cooperative Societies Act, 1959 (for short, "the Act"). Appellant herein was a Director of the society. He filed a complaint petition alleging inter alia that the respondents herein who were the office-bearers of the society, earned a huge amount for themselves by alloting a site bearing No. 509 measuring 30 x 40 for a sum of Rs. 2,40,000/- to one Gopal, a name lender who in turn, sold the said site for a sum of Rs. 28,00,000/- to one Hanumanthegowda by a deed of sale dated 3.7.2006. However, in the sale deed, the consideration amount was shown as Rs. 10,20,000/-.

(3.) The following facts are admitted.