M.THANIKACHALAM J. - (1.) The complainants are the appellants.
(2.) The complainants/appellants, have acquired 300 equity shares of M/s.Coimbatore Cots & Coatings Ltd., (hereinafter called M/s.CCC Ltd.), for Rs.9000/-, on the basis of personal and confidential letter of the opposite party, dt.9.5.94, wherein they have offered to buy back the equity share, which was acquired by the complainant, for face vale of each share of Rs.10/- and premium of Rs.20/-, thereby worth of RS.30/- per share. As per the buy back offer, which was available for 6 months, no communication emanated, and the company did not send any letter also.
(3.) The complainants came to know in 1998, M/s. CCC Ltd., was amalgamated with M/s.Textool Company Ltd., and thereafter it was amalgamated with the opposite party. But, as per the buy back offer, as assured the opposite party, failed to honour the same, whereas, they have offered only a sum of Rs.500/-, quantifying the equity share 50, for 300 equity share, that too compelling to execute, indemnity bond. As the obligation and liabilities of the previous two companies, are vested with the opposite party, they cannot disown the by back commitment, and the refusal should be construed as deficiency of service. Despite repeated request, since for the share acquired by the complainants, amount was not paid, the complainants are constrained to file a case, for the recovery of a sum of Rs.9000/-, invested on 9.3.95, with compensation of RS.5000/-. Thus, a consumer complaint, came to be filed, before the District Forum, Chennai (South), including, at later point of time, the head office of the 1st opposite party, since it is available at Chennai.;