NAMTECH ELECTRONICS DEVICES LIMITED Vs. CUSTODIAN

JUDGEMENT

(1.) BY this Petition, the Petitioners claim to be owners of certain 9% IRFC Bonds. In the alternatively they are seeking return of monies paid to the

(2.) ND Respondent, who is a Notified Party. 2.The Petitioners claim that on 12th May 1992 they entered into an Agreement to purchase 9% IRFC Bonds of Face Value of Rs. 30 lakhs at the rate of Rs. 98.9890 per Bond. The Petitioners claim that the 2nd Respondent had made a firm commitment to repurchase these Bonds on 11th July 1992 at the rate of Rs. 100.7972 per Bond. In support of this the Petitioners rely upon Exhibits-'B' and 'C' which is Memorandum of Sale and Purchase respectively. These are issued by the 2nd Respondent. Petitioners also rely on Exhibit-'A' which purports to be a Security Receipt. As this Petition is based upon Security Receipts it would be preferable that a form of Security Receipt be set out. The Security Receipt reads as follows :

(3.) THE Petitioners claim that on 15th June 1992 they entered into another Contract to purchase 9% IRFC Bonds of Face Value of Rs. 1 crore at the rate of Rs. 98.1506 per Bond. The Petitioners claim that the 2nd Respondent had made a firm commitment to repurchase on 30th June 1992 at the rate of Rs. 98.6027 per Bond. The Petitioners rely upon Exhibits-'H' and 'I' which are Memorandum of Sale and Purchase respectively. These are issued by 2nd Respondents. Petitioners also rely on Exhibit-'G' which is the Security Receipt in respect of this transaction.