(1.) M /s. Soya Udyog Ltd. (for short the Company) as filed this complaint for the following claims in the alternative:
(2.) THE facts alleged in the complaint are that the Company received on 18th January, 1993 in the course of its business from M/s I.T.C. Ltd., Agri Business Division, Secunderabad two Demand Drafts, one for Rs. 27,98,500.00 dated 16th January, 1993 and the other for Rs. 1,63,28,500/- dated 18th January, 1993. These Drafts had been issued by the branch of State Bank of India, St. Marry Road, Secunderabad and were payable in favour of the Complainant at lndore. These Demand Drafts were crossed and were endorsed 'account payee'. While the representative of the Company was travelling from Secunderabad to lndore by train the aforesaid Drafts were lost and they could not be traced. A report was lodged with the Police at the Police Station, Bangana, lndore. The company also reported their loss to the drawee branch i.e. the State Bank of India, Main Branch, lndore on 19th January, 1993. The Complainant instructed the said Bank not to honour the aforesaid Demand Drafts if presented for payment. A telex was also sent to the State Bank of India, St. Marry Road, Secunderabad stating that the non-payment certificate for the aforesaid Drafts had been issued by the drawee Branch of the Bank. For issuing duplicate Bank Drafts the representative of the Company presented on 27th January, 1993 the following documents along with the request letter of M/s. I.T.C. Ltd., (who were the purchasers of the said two lost Demand Drafts) at the Branch of State Bank of India, St. Marry Road, Secunderabad :
(3.) BY letter dated 19th April, 1993 the State Bank of India (drawer branch) confirmed having received the required documents and agreed to issue the duplicate Demand Drafts on fulfillment of the following requiremens :