PATI CHANDRAIAH Vs. D SATYANARAYANA

JUDGEMENT

(1.) This revision is filed by the defendant in Small Causes Suit No. 188 of 1998 on the file of the Principal Senior Civil Judge, Tirupati, against the order dated 20-11-1999.

(2.) The respondent filed the suit alleging that the petitioner is an agent of Unit Trust of India (UTI) and several other financial institutions and that on 17-4-1997, he paid an amount of Rs. 5,000.00 to the petitioner through cheque, for the purpose of purchase of Units in the UTI. According to him, neither any certificates of Units of Fixed Deposit Receipts (FDRs) from any other financial institutions were delivered to him nor the amount was refunded. Therefore, he filed the suit for recovery of the amount of Rs. 5,000.00 together with interest at the rate of 24% from 17-4-1997 to 26-8-1998.

(3.) The petitioner resisted the claim stating that on the request of the respondent, he had taken the DD in favour of the CRB Corporation Limited, Hyderabad (for short 'the Corporation') and sent the same along with the application to the Corporation through courier service and since the Corporation went into liquidation, he could not obtain and deliver the necessary FDRs. He ultimately denied his liability to refund the amount.