P GYANCHANDER Vs. K PARVATHALU

JUDGEMENT

(1.) -AGGRIEVED by the order in C. D. No. 963 of 2004 on the file of District Forum-I, Hyderabad, opposite party No. 5 preferred this appeal.

(2.) THE brief facts as set out in the complaint are that opposite party No. 1 is the chit fund company of which opposite party No. 2 is the Managing Director, and opposite parties 3, 4 and 5 are Directors and the complainant joined as a member of opposite party No. 1 chit series No. SP 42 BDH-47 for Rs. 1,00,000 on the basis of daily subscription of Rs. 200 for 500 days. The complainant paid a total amount of Rs. 81,298 from 23. 12. 2001 to 29. 4. 2003 and in the month of May 2003, the complainant wanted his money back for the purpose of the marriage of his daughter and requested opposite party No. 1 to settle and pay the said chit amount. In spite of repeated requests of the complainant, opposite party No. 1 informed the complainant that they are facing financial problems and agreed to pay a total amount of Rs. 88,459 towards full and final settlement and issued eight post dated cheques to be encashed during the period from October 2003 to December 2003. The complainant submitted on presentation of the said cheques, they were dishonoured, he informed the said fact to opposite parties and requested to pay the agreed amount but opposite parties have failed to pay the same. Therefore, the complainant got issued a legal notice dated 24. 6. 2004 to the opposite party No. 1 and though it received the notice, failed to give any reply. Hence the complaint for a direction to the opposite parties to pay an amount of Rs. 88,459 with 24% interest from May, 2003 till the date of payment together with compensation of Rs. 50,000 and costs of Rs. 5,000.

(3.) NOTICES were sent to opposite parties and there was no representation and they were called absent and were set ex parte.