Bolaria Financiers vs BABU SINGH

THESE two appeals attempted by M/s. Bolaria Financiers (Regd.), New Delhi and another (bearing Nos. 219 and 220 of 1999) in respect of the order dated 2.11.1999 passed against them.

BABU Singh made three deposits of Rs. 8,000/ - on 25.3.1985, Rs. 5,000/ - on 16.4.1985 and Rs. 5,000/ - on 22.5.1985 and his wife also made three deposits of similar amounts on corresponding dates totaling Rs. 36,000/ - with M/s. Bolaria Financiers (Regd.), the bankers in their branch at No. 226, Sector 9C, Chandigarh. On account of non -payment, a complaint was instituted on 8.1.1996 and the District Forum -II, Chandigarh passed an order against the aforesaid Finance Company on 2.11.1999 together with interest at the agreed rate and costs Rs. 550/ -. Aggrieved against it, the present appeal bearing No. 219 of 1999 has been taken up. We have perused the record of the District Forum with the help of learned Counsel for the parties. The original receipts were issued by Smt. M. Kaur, Manager of M/s. Bolaria Financiers on 25.3.1985 for a period of three years and the rate of interest has specifically been mentioned as 15% per annum. One day before the expiry of limitation it was extended to 24.3.1991 and then to 22.3.1994 and thereafter on 9.4.1994 by the same Manager Smt. M. Kaur. The specific extension obviously extended the period of limitation and the complaint instituted on 8.1.1996 was thus within time.

SINCE the amount was invested at Chandigarh branch of the appellants, the District Forum at Chandigarh had the jurisdiction. At one stage on 19.6.1994 the appellant wrote a letter to all the depositors and its Annexure -8 relied upon by the respondents is reproduced as under : ''Bolaria Financiers (Regd.) Branch Office : Head office : Bazpur Road, E -19, Jangpura Extension, Kashipur (Nainital) New Delhi -110014 Phone : 145 Ph. 4623556, 4631501 226, Sector 9C, Chandigarh. Ref. No. BF/JSP/94 June 19, 1994 To All Depositors M/s. Bolaria Financiers (Regd.) Dear Sir/Madam, In continuation to my letter of 11.4.1994, I would like to assure all the depositors through this letter that we will be refunding full deposit with interest upto date, to each depositors by and before 20th September, 1994. Kindly bear with us till then. Yours faithfully, For Bolaria Financiers (Regd.) Sd/ - Partner.'' This would go to show that the appellant Finance Company not only made individual acknowledgement of the money and interest due, it also informed the various depositors including the two respondents whose deposits also find mention in the minutes of a meeting recorded on the subject in Annexure -9. Thus the genuineness of the deposit, the fuctum that it remained due and unpaid at the time the complaint was instituted was well established and the finding of fact arrived at by the District Forum did not call for any interference at all.

HERE also the learned Counsel for the appellant has drawn our attention to para 4 of the affidavit of Shri Jagjit Singh Bolaria, a partner of the Finance Company that he is confined to bed for the last more than 5 years and was not aware of the business and its liabilities and was not liable to pay any amount to the complainant in his personal capacity nor he has funds to pay to the complainant, does not help him or weaken the claim of the respondent -depositors. The plea that Jagjit Singh Bolaria has been exempted by the Criminal Court from appearance in several cases on account of is ill -health also cannot be considered to be a factor, which may go against the respondents. The conclusion is that the appeal is dismissed and the finding in favour of Babu Singh and another is hereby affirmed. Similarly in Appeal No. 220 of 1999 attempted against Smt. Kulbir Kaur and others where Kulbir Kaur and her one son and one daughter the depositors have been held entitled to Rs. 44,000/ - being the principal amount together with interest is also decided against the appellants M/s. Bolaria Financiers (Regd.) and in favour of the respondents Smt. Kulbir Kaur and others. Thus both the appeals are hereby dismissed with costs Rs. 500/ - each. Appeals dismissed with costs. - ===========================================================================