9911796707
TMI Blog2000 (6) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... akur for the Appellant. ORDER Brar, President - Brief facts as stated in the complaint are that the opposite party No. 1, G.P. Forests Development (India) Ltd. (opposite party No. 1) is the head office of Non-Banking Financial Company with branch office at Patiala, i.e., opposite party No. 2. The complainant had invested money under Monthly Investment Scheme commencing on 30-9-1997. He was issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Companies Act. The Securities & Exchange Board of India (for brevity SEBI) has issued guidelines for making repayments of the investors and sales of assets for repayment. The opposite party had already submitted its proposal and the approval of SEBI was still awaited. On facts it had been pleaded that the complainant joined the Monthly Investment Scheme on 30-9-1997 for two years and was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1 was further ordered to pay interest @ 15 per cent p.a. from the date of maturity i.e., 29-9-1998 till actual payment. The complainant was also allowed costs of Rs. 500. 5. We have heard the learned counsel for the parties. We do not find any fault with the reasoning of the District Forum while allowing the complaint. 6. The opposite party No. 1 had admitted in the reply that the complainan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inant. It has rightly been held by the District Forum that it was not a case of allotment of shares and the opposite party was bound to refund the amount due to the complainant irrespective of the proceedings pending before the SEBI.
In these circumstances, we do not find any infirmity in the order of the District Forum, which is hereby affirmed and the appeal is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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