SHRI DHARAMPAL ARORA Vs. SHARE TIPS,

JUDGEMENT

(1.) PLAINTIFF Dharampal Arora has filed the present suit for recovery of Rs. 50,00,000/. Defendant No. 2 Ashok Mehta and defendant No. 3 wife of Ashok Mehta are both partners of defendant No. 1 M/s Share Tips, a partnership firm comprising of defendants No. 2 and 3.

(2.) DEFENDANTS were dealing in sale purchase of shares from 1989 till 1992. Deliveries were being made through the plaintiff after settling the money transactions with him. Defendants were also dealing in forward trading. Business with the plaintiff was either through oral communication on telephone and sometimes by meetings in the office of the plaintiff.

(3.) AS per the accounts of the plaintiff, in the course of their business a sum of Rs. 33,59,809.70 is still due and payable from the defendant i.e. from the period commencing 23.8.1991 to 27.11.1991. In spite of demand the said amount has not been paid to the plaintiff. Defendants are also liable to pay interest @ 18% per annum on this outstanding as per the custom in the market. Interest amount is calculated to Rs. 16,40,190.30; total amount outstanding against defendant is Rs. 50,00,000/ -. Pendente lite and future interest has also been claimed.