SREEKANTH JOIS Vs. K. RAGAVENDRAN

JUDGEMENT

(1.) THIS is a defendant's regular first appeal challenging the judgment and decree of the Trial Court, which has decreed the suit of the plaintiff for a sum of Rs. 20,00,000/ - with interest at 18% p.a. from the date of the suit till realization. The suit of the plaintiff for mandatory injunction to return the shares has been dismissed.

(2.) FOR the purpose of convenience, the parties are referred to as they are referred to in the original suit.

(3.) AFTER service of suit summons, the defendant entered appearance. He filed a detailed written statement denying all the plaint averments. It is the specific case of the defendant that he has already paid the entire share amount, which was settled by one Sri. Raghavendra Rao who had got released some of the shares pledged by the plaintiff in I.C.I.C.I. Bank. At that time, the transaction was also entered into and agreement was entered into between the plaintiff and said Raghavendra Rao. The cheque of Rs. 20,00,000/ - was issued by the defendant in favour of the plaintiff for security purpose only at the time of transferring the shares. The plaintiff has misused the said cheque and without any prior permission of the defendant, the plaintiff presented the same for encashment. Since the agreement was entered into between the plaintiff and Raghavendra Rao, the said Raghavendra Rao, is also necessary party to the dispute. The defendant has paid Rs. 26,00,000/ - [through HDFC Bank cheque] as per the direction of the plaintiff to Rajalakshmi Gold Palace since the plaintiff had got prepared gold cradle to Lord Krishna. The defendant has paid the entire amount to the plaintiff and therefore, the question of attaching or alienating 'B' schedule property does not arise. The plaintiff has created a story to get the mercy from the Court for his claim of Rs. 20,00,000/ -.