1. P. STATE CONSUMER DISPUTES REDRESSAL COMMISSION : ATHYDERABAD

FA 

 District Forum I,Hyderabad

Between:

Mr. K.S. Raju

S/o late K. V.K. Raju

No.1, Nagarjuna Hills,

Panjagutta,Hyderabad

(wrongly described in complaint as

Chairman and Managing Director

Of Nagarjuna Finance Limited )                            

And

1. G. Savitri, W/o G. Subba Reddy

Aged 45 years, Indian

2. G. Subba Reddy, S/o Subba Reddy

3. S. Srilatha, D/o G. Subba Reddy

Aged 22 years, Student, Indian

4. G. Radhamadhavi, W/o P. Narayana Reddy

Aged 26 years, House-wife, Indian

            Hyderabad                   

5. Nagarjuna Finance Limited

( incorporated under

Represented by its Managing Director, Mr. N. selvaraj

1-2-597/12, 1^st

Domalguda, Hyderabad        

( deleted the name of R5 vide docket

Counsel for the Appellant            

Counsel for the  

CORAM    

And

Sri K. Satyanand            

Oral order :  

                                               This is an appeal preferred by the opposite party,   

The case of the complainant in brief is that the complainants have deposited amounts on 18.11.96, 14.12.96 and 31.07.97, where under, the complainants 1,2 and 4                    

The appellant filed IA 2482006 requesting the Court for deletion of his name on the ground that  

The complainants in proof of their case filed evidence affidavits and got Ex. A1 to A12 marked while the appellant filed his evidence affidavit and got Ex.B1 and B2 marked.

The District Forum, after considering the evidence placed on record, though, opined that the matter was pending before the C.L.B             

 Aggrieved by the said order, Sri K. S. Raju preferred this appeal contending that the District Forum did not appreciate the fact and law in right perspective. It ought to have seen that     the company.

 The point for consideration is, whether the order of the District Forum calls for any interference. ?

It  

The very complainants have filed Ex. A-1 proceedings which would show that the matter pertaining to M/s. Nagarjuna Finance Ltd was pending before C.L.B ( Company Law Board).  Since the present matter pertains to M/s. Nagarjuna Finance Ltd, in view of the fact that National Commission had taken cognizance of the order in RP no.1181/2005 directing the depositors to implead M/s. Mahalaxmi Factoring Services Limited,    

“ (C).   Hyderabad.

(d)      th 

Relying upon these Clauses, the State Commission came to the following conclusion :

“ We have gone through the records and the legal position arising out of this appeal.          MAHARASHTRA

The State Commission disposed of the appeal in the following terms:

“in the result, the order passed by the District Forum; in CD No.86/2003 dtd. 17.11.2003 is modified exempting the Directors and Managing Directors from personal liability and the matter is remanded back to the District Forum for giving opportunity to the first respondent/complainant to implead M/s.Mahalaxmi Factoring Services limited, 6 Nariman House, Police Court Lane Fort, Mumbai as opposite party. The District Forum is directed to dispose of the matter as expeditiously as possible after giving notice and opportunity to M/s. Mahalaxmi Factoring Services Limited.  

The Arrangement had been arrived at before Company Law Board, according to which assets and liabilities of Nagarjuna Finance Company were taken over by M/s.Mahalaxmi Factoring Services Limited which had undertaken    

In the light of above order passed by the District Forum,      

In the result,