K.P.S. DAGUR Vs. DARSHAN SINGH

JUDGEMENT

(1.) THE petitioner, Deputy General Manager, Domestic Resources Department (Customer Relation), Industrial Development Bank of India Ltd. has challenged the summoning order dated 18th September, 2006, passed on a private criminal complaint made by the respondent, Mr. Darshan Singh.

(2.) THIS private complaint was filed on 10th February, 2006, inter alia, stating that the respondent had purchased a bond with a face value of Rs. 5,000/ - on 22nd February, 1992, which was to be redeemed on 31st March, 2002 at a premium of 5% of the face value. The respondent was entitled to interest @ 15% per annum payable half yearly with effect from 31st March, 1992 till redemption. It is stated in the complaint that legal notice was served on the petitioner on 10th March, 2004 and thereafter the maturity proceeds of Rs. 5,250/ - were paid. Thus, there was delay of two years in payment of the maturity proceeds. The second allegation made in the complaint is that the respondent wrote a letter dated 24th December, 2005 asking for comprehensive details of interest, etc. paid to him since 15th June, 1992 onwards, but the petitioner herein had not replied to the said letter.

(3.) WITH regard to non -payment of interest, it is submitted that IDBI had obtained details from Investor Services of India Ltd. for dispatch and payment of interest warrants as per the prescribed schedule. Investor Services of India Ltd. has given details of interest warrants dispatched to the respondent with dates. It is further stated by the petitioner that they have verified from Andhra Bank, Karol Bagh, New Delhi with regard to the encashment of the interest warrants. The said bank has been able to give details of four warrants and certified that payments were duly deposited in the account of the respondent. With regard to other warrants, the bank has stated that these details are very old and they cannot confirm the same.