J. S. W. STEEL LIMITED Vs. ABHISHEK KUMAR

JUDGEMENT

(1.) These appeals have been filed against the judgments and decrees dated 18.07.2019 passed by the Additional District Judge No.2, Sriganganagar, whereby the learned Judge allowed the appeals filed by the plaintiffs-appellants against the judgments and decrees dated 19.09.2016 passed by the Additional Civil Judge No.2, Sriganganagar, dismissing the suits filed by the plaintiffs seeking declaration, mandatory and perpetual injunction against the appellants.

(2.) The suits were filed by the plaintiffs (i)- Abhishek Kumar; (ii)- Ram Pratap and (iii)- Ram Pratap and Smt. Anju Bala as legal representatives of the deceased unmarried daughter Santosh Bala, inter-alia, with the averments that each plaintiff had applied for and were allotted 100 Secured 'Zero' interest Fully Convertible Debentures CFCD') of Jindal Iron and Steel Company Limited. The plaintiffs were required to pay the value of debentures in three installments of Rs.2,000/- each. The debentures were to be converted in 100 shares of face value of Rs.10/- with Rs.50/- as premium. The first installment was paid alongwith the application and the second installment was also paid on receiving notice in this regard. Both the installments were received by the defendant.

(3.) Suddenly, on 14.06.2004, a letter was received, whereby the plaintiffs were informed that the Company has forfeited plaintiffs' right to receive the equity shares and the principal amount paid by the plaintiffs thereof.