A P JAIN Vs. BARYTE CHEM PVT LTD

JUDGEMENT

(1.) the case of the 1st complainant is that he and his wife viz. , the complainants together invested a total sum of Rs.4,42,000/- with the opposite party in Fixed Deposits and the opposite party returned only a sum of Rs.2,92,000/- and has failed to refund the balance. Therefore, the complainants have approached the District Forum on the ground of deficiency in service.

(2.) The opposite parties contended that they never received any amount for and towards Fixed Deposits from the complainants nor they issued any receipt and that the complainants of course paid certain amounts, but it was for the purpose of purchasing shares, since the 1st complainant desired to invest Rs.12 lakhs to become an Executive Director of the Company with cheque signing power for bank facility of Rs.25 lakhs. Thus the complainants made deposits only towards share applications. Since the 1st complainant stated that he has some urgent commitment, a sum of Rs.2,92,000/- from out of the deposits was remitted back to him. There was no fixed deposit and the complainants are not consumers.

(3.) The lower Forum agreed with the contention of the opposite parties and dismissed the complaint without costs. Hence this appeal.