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1993 (9) TMI 279 - PUNJAB STATE CONSUMER DISPUTES REDRESSAL COMMISSIONAllotment of shares - Prohibition of, in certain cases - District Forum held that collection being far less than 90 per cent of target fixed in consultation with CCI, it was bounden duty of appellant-corporation not to have issued any shares or debentures and instead it should have returned moneys to various applicants within prescribed period with interest - Appellant was, accordingly, directed by District Forum to refund amount received from complainant, together with interest - Whether where convertible debentures were issued to complainant on 15-1-1990, when amended section 69 of Companies Act providing for refund of application money in case of collection being less than 90 per cent of targeted figure fixed with CCI's approval, was not applicable, there was lack of proper application of mind by District Forum while interpreting said provision, and consequently, matter could be remanded for fresh decision - Held, yes
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