VENVE LIGHT METAL LTD Vs. ARPITHA REDDY

JUDGEMENT

(1.) PRESENT revision petition has been filed by Petitioner/Opposite Party assailing the impugned order dated 10.09.2007 passed by A.P.State Consumer Disputes Redressal Commission, Hyderabad (for short, 'State Commission ').

(2.) BRIEF facts are that Respondent/Complainant paid an amount of Rs.1.00 lakh by way of cheque and Rs.1.40 lakh by way of cash in installments for allotment of shares and the same had been acknowledged by petitioner in their Board Meeting held on 31.1.2001. But petitioner did not allot the shares nor refund, the amount. Therefore, respondent got issued legal notice dated 11.4.2002 demanding to pay Rs.2.40 lakhs with interest @ 24% p.a. from 31.1.2001, to which petitioner replied on 25.4.2002 expressing its inability to pay on the ground that they do not have particulars and requested the respondent to furnish the particulars. Accordingly, respondent furnished copy of the Board Resolution dated 31.1.2001 and Bank Statement showing withdrawal of an amount of Rs.1.00 lakh by the petitioner. In response to respondent 's notice dated 4.5.2002, petitioner issued reply dated 16.5.2002 admitting receipt of Rs.1.00 lakh and stated that the cheques issued by the respondent, bearing Nos. 200509 and 200510 of Andhra Bank, Malakpet could not be realized. According to the respondent, she informed her banker that she lost two cheques and instructed not to honour them. The petitioner has no authority to retain the cheques issued by her. Thus, respondent prayed to direct the petitioner to pay Rs.2.40 Lakhs with interest @ 24% p.a., from 31.1.2001 together with costs of the complaint.

(3.) DISTRICT Consumer Disputes Redressal Forum, Hyderbad (for short, 'District Forum ')dismissed the complaint of the respondent, vide order dated 28.1.2005.