9911796707
TMI Blog2002 (11) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... ant Nos. 2 and 3 are the Directors of Defendant No. 1. Defendant No. 4 is the Company Secretary of Defendant No. 1. 4. The Defendant No. 2 is stated to have induced the Plaintiffs, vide his telefax dated 5-6-1996, for subscribing to the NRI share for Neha Export issue. In the said telefax, Mr. Anand Gaggar, the Defendant No. 2, made representation to the effect that 20 per cent deduction is available on capital gains on the sale of Viniyoga Clothes shares and thereby induced the Plaintiffs to send two cheques of Rs. 3,00,000 each for applying for 20,000 shares. 5. The plaintiffs reposing faith on the representations of the Defendant No. 3, in good faith, applied for 20,000 shares each of Neha Exports Limited at Rs. 15 per share in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to plaintiffs, makes it clear that the defendants had concealed material facts and misrepresented to the Plaintiffs regarding the profitability on the purchase of the said shares. The Defendants are alleged to be acting mala fidely and that without issuing the shares to the Plaintiff, they have illegally withheld the amount of the plaintiffs. 9. Despite the numerous requests made by the plaintiffs to the Defendants, the Defendants not only failed to deliver the shares to the Plaintiffs, but also failed to refund the sum of Rs. 6,00,000. 10. The Plaintiffs sent a Legal Notice dated 30-7-1997 by registered A/D pointing out to the Defendants, that they (Plaintiffs) were being unduly harassed by the Defendants and that the Defendants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Order dated 12-9-2001. The matter was heard and the judgment was reserved on 2-8-2002. Since the defendants were proceeded ex parte , all the contentions raised and the documents exhibited by the plaintiff remained unrebutted and thus stood duly proved it has been duly established that plaintiffs made payment of Rs. 6,00,000 to the defendants. The statement of account has been duly proved as Ex. PW-1/B. It stands unrebutted that defendants neither delivered the shares nor refunded the amount to the plaintiff. The legal notice (Ex. PW-1/D) was neither replied to nor complied with. 15. In view of the above, I pass a decree of Rs. 9,24,000 along with pendente lite and future interest @ 24 per cent per annum from the date of filing till ..... X X X X Extracts X X X X X X X X Extracts X X X X
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