TIMES GUARANTEE FINANCIALS LTD. Vs. SNEHAL PRAKASH GAVANKAR

JUDGEMENT

(1.) This order shall decide the two cross revision petitions, detailed above, by a common judgment.

(2.) Mrs. Snehal P. Gavnkar, the complainant and Times Guarantee Financials Ltd., the OP, entered into an agreement wherein the OP undertook the management of the complainant's shares investment portfolio for the period of one year, which period was subsequently extended. On 04.03.1994, the OP made a specific offer to the complainant terminating her portfolio to 15% appreciation level by making good the losses by infusing funds from Times Guarantee from Times Guarantee for the differential amount between the closing portfolio on the date of prices as on 28.02.1994, irrespective of losses incurred by the complainant. Further, the OP offered to infuse and endorse accordingly on 11.03.1994. Thereafter, on 24.04.1994, OP wrote a letter contending that there is negative cash balance of ? 30,369.82 and it purported to make adjustment on issue of rights, bonus shares of items beyond specific offer made earlier. According to the OP, net amount payable to the complainant after this adjustment comes to ? 80,161.25 out of ? 1,56,811.07 which was payable. The complainant disputed the same but preferred to accept the amount offered at ? 81,161.25, under protest. She claimed the residue amount before the District Forum. The District Forum dismissed the complaint.

(3.) The State Commission, however, partly allowed the appeal filed by the complainant and passed the following order :-