LAKSHMI VILAS BANK LTD MADRAS MAIN BRANCH Vs. AASISH & CO MADRAS SOLE PROPRIETOR MANOHARRAJ KANHARIA

JUDGEMENT

(1.) This appeal suit is directed against the dismissal of original suit O.S.No.9553 of 1995 filed for recovery of Rs.9,11,668.75/- being principal and interest alleged to have been fraudulently paid by the 2nd defendant to the 1st defendant under the pretext of commission in respect of the allotment money received for new equity shares of the companies, which came out inviting applications from general public.

(2.) Gist of the plaint:-

(3.) It is alleged in the plaint that by fraudulently paying commission under the garb of service and postage, a sum of Rs.5,66,484.75/- has been paid to the first defendant by the second defendant and thereby cause loss to the bank to a sum of Rs.5,66,484.75/-. Hence, they are liable to repay the money with interest at the rate of 23% p.a.