9911796707
TMI Blog2000 (8) TMI 1030X X X X Extracts X X X X X X X X Extracts X X X X ..... Protection Act, 1986 ( the Act ), stating therein that the appellant/complainant was the holder of 100 Part B secured fully Convertible Debentures of Ispat Alloys Ltd. (respondent) at the rate of Rs. 160 each. In the month of December, 1992, the appellant received a letter of option dated 24-12-1992 alongwith Consent Form, from the respondents for conveying her consent for conversion of Part B 14 per cent Convertible Debentures either into non-convertible 14 per cent secured debentures or equity shares. The appellant, as per requirements, sent the said consent form alongwith 100 Part B Convertible Debentures to the respondent No. 4 on 4-2-1993 under registered cover vide Postal Receipt No. 295 alongwith forwarding letter indicating the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Computech International Ltd. (respondent No. 4) by 10-2-1993. It was also stated that mere exercise option was not enough and that it was clearly mentioned in the option form that unless the same is delivered at or reaches the correct address within the appointed time, the company would proceed to allot equity shares in lieu of convertible debentures. It was further stated by the respondent Nos. 1 to 3 that the option form of the appellant did not reach the respondents by the due date, i.e., 10-2-1993 and as such, the respondents had converted the same into equity shares and, therefore, there was no mala fide intention on their part. 4. The learned District Forum dismissed the claim of the complainant vide order dated 9-1-1995 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore 10-2-1993, but the respondents had with mala fide intention and deliberately converted the same into equity shares on the ground that her option for converting the same into non-convertible debentures did not reach the respondents in time. The respondents on the other hand, have contended that the same letter accompanied by the option form of the appellant had not reached the respondents in time and as such in accordance with the conditions of letter of option, the same had been converted into equity shares and sent to the appellant. The appellant has placed on record a copy of the Receipt No. 295 dated 4-2-1993 in support of her averments that the option had been exercised by her and duly sent to the respondents by registered cover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e did not receive your option letter within the stipulated time, i.e., 10-2-1993." (Emphasis supplied) 9. In view of the admission of the respondent No. 4 regarding receipt of the appellant s letter dated 4-2-1993, the onus was on the respondents to show that the said letter had not reached them in time, i.e., on or before 10-2-1993. It is also pertinent to point out that in ordinary course a letter posted on 4-2-1993, should have been delivered to the respondent No. 4 within 3-4 days and in order to rebut the said presumption in law, the respondents have not placed on record any material/evidence that the respondents did not receive the said letter in time. Since only a question of fact is involved in the present appeal, we may conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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