A.K. Menon v. Fairgrowth Financial Services

125

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The Petitioners claim that they are the sole and absolute owners and entitle to full right, title and interest in respect of 17% Nuclear Power Corporation Bonds of the face value of Rs. 19.98 crores. The Petitioners claim that they are entitled to hold the said Bonds and to sell off the same. The Petitioners also pray for specific performance of a contract under which the 2nd Respondents were to purchase these Bonds from the Petitioners.

The Petitioners also claim that they are the sole and absolute owners and entitled to full right, title and interest in various Public Sector Utility bonds.

The arrangement was to be that the Nuclear Power Corporation would place with the Petitioners the amounts required for such subscription. This was to be repayable with interest. These Funds were then to be utilised for subscribing to the Bonds. The Petitioners were then to make available to the 2nd Respondents fund against Ready Forward transactions in PSU bonds Units.

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