N CHELLAPERUMAL CHETTY Vs. N M JAYARATHNAM CHETTIAR

JUDGEMENT

(1.) The plaintiff appeals from the judgment and decree of the Additional City Civil Judge Madras, in A. S. No. 29 of 1956 on his file. The learned Judge allowed the appeal preferred by the defendant from the judgment decree of the Sixth Assistant Judge on the file of that court in O. S. No. 1462 of 1953, and, dismissed the plaintiff's suit with costs.

(2.) There was a public limited company known as the Conjeevaram Funds Ltd. The company was conducting chits. The defendant was subscribing to a chit conducted by the company in the years 1949-53. The chit commenced in April 1949. The defendant subscribed to five tickets in that chit. The amount payable per ticket per month was Rs. 30. The duration of the chit was forty months. The defendant paid the amount for the five tickets for five months. In September 1949 he purchased the chit and had to pay Rs. 5250 on account of the remaining 35 instalments of the chit. He had to pay Rs. 150 per instalment. The total sum payable by him was Rs. 5250. For that sum of Rs. 5250, he executed a promissory note, Ex. A. 1, in favour of the company.

(3.) The plaintiff was another subscriber in the same chit. He had subscribed to the chit fully and had not been paid the money due to him. On 13-10-1952, he instituted an O. P. on the file of this court for having the company wound up. The petition was being adjourned from time to time for settlement. On 11-31953, the company endorsed in favour of the plaintiff the promissory note for Rs. 5250 which the defendant had executed on 5-9-1949. The plaintiff reported to this court on 12-3-1953, that this petition for having the company would up was not pressed. The petition was dismissed on that date.