https://www.taxtmi.com/caselaws?id=459410 Bombay HC dismissed a summary suit for recovery of investment amount with 24% annual interest. Plaintiffs claimed privity of contract with defendant for investment in Index Option Funds. Court found no direct privity between parties, noting amounts weren't deposited directly with defendant and regulatory concerns over promised fixed returns at high rates. Defendant raised substantial defense of no contractual relationship and potential document forgery. Citing SC precedent in State Bank of Hyderabad v. Rabo Bank, HC granted defendant unconditional leave to defend, finding fair and reasonable defense warranting full trial rather than summary judgment. en-us Tue, 23 Feb 2021 00:00:00 +0530 Wed, 11 Dec 2024 15:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459410 Bombay HC dismissed a summary suit for recovery of investment amount with 24% annual interest. Plaintiffs claimed privity of contract with defendant for investment in Index Option Funds. Court found no direct privity between parties, noting amounts weren't deposited directly with defendant and regulatory concerns over promised fixed returns at high rates. Defendant raised substantial defense of no contractual relationship and potential document forgery. Citing SC precedent in State Bank of Hyderabad v. Rabo Bank, HC granted defendant unconditional leave to defend, finding fair and reasonable defense warranting full trial rather than summary judgment. Case-Laws Indian Laws Tue, 23 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459410