1996 (1) TMI 331

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....he appellant herein to pay Rs. 4,97,000 with interest at the rate of 18 per cent per annum from the date of the order till the date of payment and Rs. 20,000 as damages besides costs of Rs. 5,000. 2. The case set up by the complainant in the complaint is this. The complainant holds valid general power of attorney on behalf of his son Shri Arun Sharma, presently employed with the Emirates, Airlines, Dubai, U.A.F., as Development Engineer and his wife Smt. Anita Sharma. The complainant contacted the appellant Shri Pramod Bothra of Bothra Brothers, Stock & Share Broker & Financial Consultants in September, 1991 to arrange for the sale of the shares held in the joint names of Shri Arun Sharma and Smt. Anita Sharma and to discuss the prelimin....

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....but one of the cheques for the largest amount for Rs. 1,96,176 was again received back unpaid, thus leaving a balance of Rs. 6,34,762 still to be paid by the appellant. For the remaining amount of Rs. 6,34,762, the appellant issued six cheques amounting to Rs. 4,44,668 on 10-3-1992 but five of these cheques were dishonoured because of insufficiency of funds and only one cheque for Rs. 6,357 was cleared by the bank. The complainant issued notice to the appellant under section 138 of Negotiable Instruments Act. The appellant issued 4 pay orders amounting to Rs. 4 lakhs, thus leaving a balance of Rs. 2,34,762 still to be paid. It is further pleaded that because of the delay on the part of the appellant in transferring the amount of Rs. 5,62,65....

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....he complaint early April 1993 and got the written version prepared through the counsel, but in the meantime the complainant approached the appellant for out of Court settlement by promising to remove the defects for some shares like Premier Industries & Punjab National Fertiliser and also to rectify the bad deliveries for the remaining shares and also get the power of attorney registered in respect of shares held in Western Electronics, Usha Micro Processor and Western India Enterprises. The submission is that the State Commission erred in proceeding ex parte against the appellant, the ex parte order should be set aside and the case remanded for de novo trial or in the alternative the appellant may be permitted to lead evidence in the appea....