BAJAJ CAPITALS And INVESTMENT CENTRE LTD. vs PEEYUSH SHARMA

THE District Forum-II, UT, Chandigarh ordered on 8.10.1998 that a sum of Rs. 10,000/- deposited shall be refunded by all the three persons impleaded as respondents in the complaint together with interest. Aggrieved against it, M/s. Bajaj Capitals & Investment Centre Ltd., Chandigarh has preferred this appeal.

THE plea raised on behalf of the appellant is that it was only acting as a kind of broker on behalf of the Finance Company and the money was deposited with S.M. Finance Limited and only the aforesaid Finance Company was liable to repay it together with interest to the depositer. Our attention has been invited to a specimen form Rl usually utilised by the appellant while acting as an agent of the Finance Company and it bears a printed condition that it shall not be responsible legally or otherwise for repayment of the money or the interest. None has appeared on behalf of the complainant to oppose this appeal despite service. After hearing the learned Counsel for the appellant, we hereby accept the appeal and modify the impugned order holding that the liability of the deposit of Rs. 10,000/- and interest awarded by the District Forum shall rest with the S.M. Finance Ltd. situated at New Delhi as well as Bombay i.e. respondent Nos. 2 & 3 as mentioned in the Memorandum of Appeal (respondent Nos. 1 & 2 as enumerated in the complaint). With this modification the appeal stands disposed of. Appeal disposed of.