Mr. Justice R.N. Mittal, President—This order will dispose of A-234 and A-228 of 1992 which contain common questions of law and fact.

2. The facts in the judgment are being given from A-234 of 1992. The complainant applied for 10 debentures of the respondent company which were allotted to him vide letter dated 14.8.84. According to condition No. 4 the debentures were to be redeemed by the respondent at par in three installments of Rs. 40/-, 40/- and 35/- at the expiry of 7th, 8th and 9th year. The 7th year expired in 1991 but the respondent did not redeem the part of the debentures which were to be redeemed in the 7th year and showed its inability to do so. A resolution was passed by them in their general meeting in Sept.’91 by which the installments were rescheduled. It is pleaded that the said resolution is not binding on the complainant. Consequently he has prayed that the respondent be directed to redeem the part of the debentures according to the terms of the agreement.

3. In the District Forum the respondents were served but they did not appear inspite of service. Consequently they were proceeded against ex-parte. The learned District Forum held that in view of the resolut