BISHAN CHAND GOEL Vs. B P CONSULTANTS

JUDGEMENT

(1.) Feeling aggrieved of the impugned order dated 10.5.1999 passed by the District Forum whereby the complaint of the appellant claiming interest on Rs.4,50,000/- paid by him to the respondent as a Fixed Deposit was dismissed he has preferred this appeal.

(2.) Put briefly the facts are that the appellant had purchased 45000 shares from promoters quota through respondent against payment of Rs.4,50,000/-. The respondent agreed to pay back the said shares @ Rs.13.60. per share after one year and issued post-dated cheque for Rs.6,12,000/- which on presentation was dishonoured. The written agreement dated 17.1.1996 shows that the appellant purchased these shares at the instance of respondent and from the promoter quota on buy back basis which in other words was for the purpose of investments which received fact support in confirmation from the factum of post-dated cheque for Rs.6,12,000/- issued by the respondent. Admittedly the appellant was paid only the principal amount of Rs.4,50,000/-, the respondent has been deficient in service in not honouring the commitment of payment of Rs.6,12,000/- by way of post-dated cheque dated 31.10.1996. The appellant is entitled for damages and compensation on account of deficiency in service on the part of the respondent. Since these were shares and the value of the shares always fluctuates, the appellant is not entitled for any interest for the period from the date of deposit of Rs.4,50,000/- with the respondent upto the date of payment of principal amount by the respondent as compensation we award interest @ 9%. The appeal is disposed of in aforesaid terms. The FDR, if any deposited by the appellant, be returned forthwith after completing necessary formalities. A copy of this order as per statutory requirement be forwarded to the parties free of charge and also to the concerned District Forum and thereafter the file be consigned to Record Room. Appeal disposed of.