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of <h1>Company Ordered to Pay Debenture Redemption Amount Promptly Under Consumer Protection Act</h1> <h3>Kulbhushan Malhotra Versus Lohia Machines Ltd.</h3> The State Consumer Disputes Redressal Commission ruled in favor of the complainant regarding the redemption of debentures by the company. The company was ... Deficiency - Complainant applied for debentures of respondent-company which were allotted to him vide letter dated 14-8-1984 - Debentures were to be redeemed by respondent at par on expiry of seventh, eighth and ninth year - Respondent did not redeem part of debentures on expiry of the year and showed its inability to do so - A resolution was passed by respondents in their general meeting by which instalments were re-scheduled - It was stated that it was subject to approval of holders of 13.5 secured non-convertible part of debentures, Controller of Capital Issues, Financial Institutions, etc. - It was not shown that approval of resolution had been given by said persons/authorities - Whether said resolution was binding on complainant - Held, no The judgment by the State Consumer Disputes Redressal Commission involved a complaint regarding the redemption of debentures by a company. The company had rescheduled the payment dates without proper approvals, leading to a ruling in favor of the complainant. The appeal was accepted, directing the company to make the payments within three months or face action under the Consumer Protection Act, 1986.
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