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2013 (7) TMI 605 - SC - Indian LawsRecovery - Liability for pay order - Whether Defendant proved that the pay order was issued by Plaintiffs on behalf of CMF – Held that:- the plaintiff had proved that it had bought the securities through the broker - It is the specific case of defendant that the broker informed it that the plaintiff has made payment - defendant had not been able to prove that payment was made by the plaintiff - the natural corollary thereof was that the payment was made by the plaintiff to defendant to purchase the bonds - it had delivered the bonds to the plaintiff - the payment had been made with a clear understanding and arrangement that the bonds would be delivered by Canbank Mutual Fund to the plaintiff on account of the money having been paid by the plaintiff to said defendant.
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