MASTER TRUST LTD. Vs. NATIONAL INSURANCE CO.LTD.

JUDGEMENT

(1.) IT is the contention of the complainant, M/s. Master Trust Ltd., that the company offers wide spectrum of activities which include merchant banking, consultancy services, corporate finance, lease & hire purchase finance, portfolio investment services, structuring of capital syndication of domestic overseas funds and is also carrying on the activities of full -fledged money changer and is registered with Reserve Bank of India (RBI) for providing Forex Services from all its offices. It is submitted that foreign currencies lying in Ludhiana office are kept in Safe. One set of keys of the Safe is kept with Shri B.B. Sharma, Director of the complainanant company and second set is kept with Mrs. Shilpa Malhotra, Senior Executive of the complaint company. It is also stated that in case Director Shri B.B. Sharma is not present in the office, his set of keys is delivered to Shri Tejinder Singh, Executive of the complainant company.

(2.) COMPLAINANT has taken Money Insurance Policy from the opposite Insurance Company which was valid from 8.4.1998 to 7.4.1999.

(3.) IT is further stated that on 25.1.1999 Shri B.B. Sharma, Director of the complainant company left the office at 7.30 p.m. and delivered the keys to Shri Tejinder Singh. It is contended that at around 8.00 p.m. on 25.1.1999 foreign currency amounting to Rs. 34,04,420.50 (Rs. Thirty -four lacs four thousand four hundred twenty and paise fifty only) was packed by Shri Tejinder Singh, Shri Baljinder Singh and Sh. Raj Kumar, Executives of the complainant company in a packet along with required documents for sending it to Delhi Office. This packet was kept by them in Safe.