PURAN CHAND WADHWA Vs. HAMIL ERA TEXTILES LTD

JUDGEMENT

(1.) Petitioner was the complainant before the District Forum where he had filed a complaint alleging deficiency in service on the part of the respondent, Hamil Era Textiles.

(2.) BRIEFLY , the facts of the case are that in response to an invitation to invest in Debentures, advertised by the respondent Company, the petitioner applied for 50 partly convertible Debentures which were allotted to him on 19.6.1993. Part A of these Debentures were converted into 100 shares of Rs. 10/ - each, Part B was the non -convertible Debentures of Rs. 35/ - each, they were to mature after 17 1/2 months, i.e., on 9.12.1994, six -monthly interest @ 18% p.a. was payable on these Debentures. There is no dispute about the issue of shares and payment of two six -monthly interest on the Debentures. When the respondent Company allegedly did not pay the principal amount of Debenture and the last, i.e., third instalment of instalments after the date of maturity, a complaint was filed before the District Forum seeking following reliefs :

(3.) ON a civil appeal filed by the petitioner before the Honble Supreme Court, it set aside our above order and remanded the case for disposal on merits after giving opportunity of hearing to the parties. We heard the parties at length.