ANIL KUMAR RASTOGI Vs. AWARD CREDIT INDIA LIMITED

JUDGEMENT

(1.) This is an appeal against the judgment and order dated 30.4.1993 passed by District Consumer Forum, Shahjahanpur in Complaint Case No.677/1993.

(2.) Briefly stated the facts of the case before the District Consumer Forum are as follows :

(3.) The complainant Sri Anil Kumar Rastogi is related to the Managing Director of opposite party (Awards Credit India Limited ). The opposite parties were in the process of raising share capital for their Company without any publication. The opposite party, Company contacted a number of acquainted person who could deposit money in terms of share holding. As a first call the complainant deposited Rs.2,000/- against receipts dated 15.2.1991 and 3.6.1991. The understanding reached between the parties at the time of depositing the money was that the opposite party will allot shares to the complainant within a period of six months on the basis of the amount of deposit. In the alternative the deposit was to be refunded to the complainant along with interest. The opposite party later on did not allot the shares nor issued the shares certificates despite demands. The meeting of the Board of Directors of the opposite party, Company held on 3.8.1991 decided that those persons who have already deposited money would be allotted shares but the complainant was not given this opportunity. On this, the complainant demanded back his deposited amount but the opposite party delayed the refund on one pretext or the other. The Company did not announce any other benefit in respect of the deposit made by the complainant. A notice was also issued to the opposite party but no shares were allotted to the complainant. The complainant, therefore, lodged a claim before the District Consumer Forum for refund of the deposited amount along with 18% interest per annum. A compensation of Rs.500/- along with cost of Rs.150/- were also claimed.