JASDEV SINGH Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) The appellants Jasdev Singh, Gurdev Singh and Richa Consultants Pvt. Limited, by this Intra Court appeal, have assailed the judgment dated 26 th October, 2004 passed by the learned Single Judge dismissing their writ petition. Learned single Judge has held that the appellant No. 3 had furnished an incomplete application for re-purchase of units under the Unit Scheme 1964 (US64 or units, for short) on 30 th May, 2001 and, therefore, the respondent Unit Trust of India had rightly refused to accept the units and make payment.

(2.) The question which arises for consideration in the present appeal is whether the application submitted by the appellant No. 3 on 30 th May, 2001 was incomplete and liable to be rejected. The facts are almost undisputed and the principal issue pertains to the interpretation of the terms of the brochure and statutory requirements of the Companies Act, 1956 (Act, for short).

(3.) The appellant No. 3 is a corporate body and it is a limited company incorporated under the Act. It had purchased US 64 units as per the details given below:- <FRM>JUDGEMENT_5655_ILRDLH21_2011_1.html</FRM>