- (1.) THE Court: The defendant is a statutory authority, constituted under the Small Industries Development Bank of India Act, 1989. On or about 21st December, 1993, the defendant issued Bonds in the form of Promissory Note called 13. 50% SIDBI Bonds 2003 (4th series) on which interest was payable @13. 50% on 21st June and 21st December every year. Similar Bonds in the form of Promissory Note called 12. 50% SIDBI bonds 2004 (5th series) on which interest was payable @ 12. 50% on 21st june and 21st December every year was issued by the Defendant on 21st december, 1994.
(2.) THE aforesaid bonds were transferable by endorsement and were of the face value of Rs. 10 lakhs each. The maturity date of the SIDBI Bonds (4th series) was 21st December, 2003 and the maturity date of SIDBI Bonds (5th series) was 21st December, 2004 respectively. The aforesaid bonds were freely traded in the Security market.
(3.) THE plaintiff claims to have purchased, in usual course of its business, 15 bonds of face value of 10 lakh each of 4th series bearing the numbers 4/sidbi/000135 to 000149, and 26 bonds of face value of 10 lakh each of 5th series bearing the numbers 5/sidbi/000124 to 000137, 5/sidbi/000220 to 000221 and 5/sidbi/000295 to 000304 from one shankar Lal Saraf (since deceased) of 3b, Lal Bazar Street, Kolkata on 1st july, 1998, at a consideration of Rs. 3. 69 crores. The said Shankar Lal saraf had, during his life time, purchased the bonds from M/s. CRB Capital markets Ltd. which subsequently went into liquidation.;