KANTA LAMBA Vs. TANYA ASSET MANAGEMENT COMPANY

JUDGEMENT

(1.) Mrs. Kanta Lamba has filed this complaint against M/s. Tanya Asset Management Company and M/s. S.K.S. Limited. The case of the Complainant is that she had deposited a sum of Rs.16,00,000/- in two cheques, No.100153 of 20.2.1997 drawn on Bank of Baroda and No.157803, of the same date, drawn on Central Bank of India. The deposits were made with OP-1 for a period of six months at 12% per annum rate of interest. Accordingly, OP-1 issued cheque No.771029 dated 6.9.1997, drawn on State Bank of Hyderabad for Rs.48,000/-towards interest. This cheque was allegedly dishonoured, when presented for payment, on the ground of insufficiency of fund in the account of OP-1.

(2.) One year later, OP-1 transferred the fix deposit in favour of OP-2. Therefore, OP-2 wrote to the Complainant on 31.10.1998, acknowledging the liability to pay the amount after 180 days with 18% per annum interest. A Copy of this letter No.SKS/ROLLOVER/1998 dated 31.1.1998 is placed on record by the Complainant. The letter reads as follows:-

(3.) The first cheque of Rs.39,000/- dated 10.2.1998 was presented for payment and amount thereon realise. However, the other two cheques dated 30.7.1998 for Rs.18 lakhs and Rs.159973/- were also subsequently presented, but were allegedly dishonoured.