INDIA INFOLINE SECURITIES PRIVATE LIMITED REP. BY ITS MANAGER Vs. CONSUMER GUIDANCE SOCIETY REP. BY SRI POTHURU RAMA KRISHNA ANJANI KUMAR

JUDGEMENT

(1.) The learned counsel for the respondent, Mr.Masthan Vali, reported 'no objection' for the party in person to conduct his case. Heard both sides.

(2.) This is an appeal preferred by opposite party No.1, the Manager of India Infoline Securities Private Limited against the order of the District Forum directing it along with opposite party no.2, the Managing Director to pay Rs.1,85,000/- together with interest at 9% p.a. and costs of Rs.2,000/-.

(3.) The brief facts leading to the filing of the appeal are that the complainant filed a complaint against the appellant and the Managing Director of the company alleging that he deposited Rs.2,22,000/- with the appellant for purchase of one lot of GMR INFRA, 25 RELIANCE CAPITAL, 25 RELIANCE ENERGY, 200 CAIRN INDIA, 200 IDBI BANK, 1000 ASHOK LEYLAND. However, they were not allotted and even the amount was not refunded. On persuasion, the appellant gave a cheque for Rs.35,000/- and the same was bounced on the ground of insufficient funds and later they promised to pay but failed to pay the same. On that a registered notice was issued but to no avail. Therefore, he filed the complaint for recovery of the amount of Rs.1,85,000/- with compensation of Rs.20,000/- and costs.