MANJOG INVESTMENTS Vs. MINGU CHALAPATI RAO

JUDGEMENT

(1.) Delay of one day in filing the First Appeal No. 357 is condoned.

(2.) Opposite parties are the appellants before us. Opposite parties 1 and 2 have filed First Appeal No. 357/2001 and opposite party No. 3 filed first appeal No. 3. The appellants and their associated companies had taken fixed deposits from the respondent-complainants and had agreed to repay the same on maturity with interest. This having not been done complainants filed complaints before the State Commission which were allowed. While in the complaints all the investment firms were impleaded, the appeal has only been filed by Manjog Investments, one of the associate firms.

(3.) Certain preliminary objections were raised as to its pecuniary jurisdiction. However, it was found that if the deposits made by all the complainants are taken into consideration the amounts will be more than Rs. 5.00 lakhs falling within the pecuniary jurisdiction of the State Commission. We do not think in the circumstances State Commission erred in entertaining the complaint. It is unfortunate that after having taken the deposits and not paying the same with interest, petitioner should have made the complainants to approach the State Commission and when order has been passed to come to this Commission in appeal. Since facts as regards of deposit and rate of interest are not disputed, we do not find any merit in these appeals. These are dismissed. Appeals dismissed.