SENIOR MANAGER/PUNJAB NATIONAL BANK Vs. SHADI LAL

JUDGEMENT

(1.) On a complaint of Shadi Lal, the District Forum-Il ordered on 27.8.1997 that a sum of Rs.5,000/- shall be payable by the Punjab National Bank on account of its deficiency that the complainant could not get 600 equity shares of M/s. Paam Pharmaceuticals (Delhi ). Aggrieved against it, the Punjab National Bank has preferred this appeal.

(2.) Shadi Lal applied for 600 equity shares offered by M/s. Paam Pharamaceuticals (Delhi ). He remitted a sum of Rs.21,000/- by means of a cheque dated 15.3.1993 which was drawn on Punjab National Bank, Sector 17b, Chandigarh. The aforesaid cheque was dishonoured on 17.3.1993 for want of adequate funds. It appears that a cheque of Rs.12,000/- was still in the process and it was to be credited to the account of the complainant prior to presentation of the aforesaid cheque of Rs.21,000/-. Thus, it is a case where the cheque of Rs.21,000/- was issued in anticipation though the complainant did not possess sufficient funds in his Savings Bank Account.

(3.) The learned Counsel for the appellant has pointed out that as per practice of Clearing House, the instruments which the Bankers are not in a position to honour are sent back usually by 1.00 p. m. or 2.00 p. m. In this case since the funds were not sufficient, there was no deficiency on the part of the Bank and it could not be held deficient. It appears that M/s. Paam Pharmaceuticals (Delhi) even offered to issue 600 shares in favour of the complainant as a special case (as contained in their letter dated 1.4.1994, Annexure C4), but the complainant declined to accept this offer. We hold that there was no deficiency on the part of the appellant Bank, the appeal is accepted and the impugned order is set aside.