MODERN GROUP OF INDUSTRIES Vs. BHANWAR LAL BHAVSAR

JUDGEMENT

(1.) This appeal is directed against the order of the learned District Forum, Udaipur dated 8.12.1998 in Complaint No.469/98 filed by the respondent and which has been allowed by the learned District Forum directing the appellant to pay to the respondent the amount of Rs.13,500/- invested by the respondent in Time Deposit Scheme floated by the appellant along with interest @ 15% p. a. w. e. f.1.10.1998 till payment besides awarding cost of litigation at Rs.200/-.

(2.) Facts relevant for disposal of this appeal in brief are that the respondent had originally invested an amount of Rs.15,000/- with the appellant for a period of 12 months repayable with interest @ 15% p. a. When the aforesaid amount was not paid by the appellant after the date of its maturity, the respondent initially filed a complaint before the District Forum. That complaint was disposed of by a compromise between the parties whereby the appellant had promised to pay the amount due to the respondent in terms of the directions given by the Company Law Board in such matters. The appellant, however, refunded only 10% of the deposited amount but failed to pay the balance. A demand was made by the respondent vide his communication dated 27.9.1998 to refund the rest of the amount also as per the scheme laid down by the Company Law Board. When the appellant failed to honour his communication, he had to approach the learned District Forum. The District Forum after consideration of the matter, decreed the claim of the respondent as stated earlier.

(3.) We heard the learned Counsel for the appellant as none appeared on behalf of the respondent despite due notice and perused the material on record.