NCDRC

NCDRC

RP/3539/2011

NARESH KUMAR - Complainant(s)

Versus

BANK OF BARODA & ORS. - Opp.Party(s)

MR. NARESH KUMAR AGGARWAL

16 Jan 2012

ORDER

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NEW DELHI
 
REVISION PETITION NO. 3539 OF 2011
 
(Against the Order dated 17/06/2011 in Appeal No. 1414/2006 of the State Commission Haryana)
1. NARESH KUMAR
Proprietor M/s N.K Perforators Railway Road
Rewari
Haryana
...........Petitioner(s)
Versus 
1. BANK OF BARODA & ORS.
Circular Road, Through its Manager
Rewari - 123401
Haryana
2. Bank Of Baroda,
(Through its Manager,) Baroda House Mandvi
Baroda - 390006
Gujarat
3. The Registrar, ( Unit Bank Of Baroda)
Karvy Consultant Ltd, Karvy House, 46 Avenue 4,Street No-1, Banjara Hills
Hyderabad
A.P
...........Respondent(s)

BEFORE: 
 HON'BLE MR. JUSTICE ASHOK BHAN, PRESIDENT
 HON'BLE MRS. VINEETA RAI, MEMBER

For the Petitioner :MR. NARESH KUMAR AGGARWAL
For the Respondent :NEMO

Dated : 16 Jan 2012
ORDER

Bank of Baroda issued Public Notice for allotment of equity shares of Rs.10/- each for cash at premium of Rs.75/- per share.  Complainant/petitioner submitted an application for allotment of 100 shares and the same were allotted to the petitioner.  Share certificates were acknowledged by the petitioner.  Respondent forwarded allotment advice to the petitioner along with original share certificates and requested to make payment of the balance amount on or before 22.3.1997.  Payment was not made.  Notice was issued on 8.8.1997 with a request to pay the amount on or before 15.9.1997 but to no effect.  Accordingly, forfeiture notice was issued on 20.1.1998 for payment of the amount on or before 28.2.1998.  Four reminders dated 12.3.1999, 10.10.2000, 6.3.2003 and 30.6.2003 were also sent.  As the petitioner did not deposit the amount, the shares were forfeited.  Petitioner, being aggrieved, filed the complaint before the District Forum.

        District Forum allowed the complaint and directed the respondents to accept the call money and to allot the shares to the complainant within one month from the date of receipt of the copy of the order.

        Respondents, being aggrieved, filed the appeal before the State Commission.  State Commission set aside the order of the District Forum and dismissed the complaint applying the law laid down by the Supreme Court in Sonic Surgical vs. National Insurance Co. Ltd. – IV(2009)CPJ 40 (SC) and held that the District Forum at Rewari did not have the jurisdiction to entertain the complaint.  It was also held that the petitioner was not a consumer within the meaning of Section 2(1)(d) of the Consumer Protection Act.

        From the perusal of the facts, we find that the petitioner did not pay the call money in spite of 5 letters sent to him.  Respondents were justified in forfeiting the shares.

        No ground for interference is made out.  Dismissed.

 

 
......................J
ASHOK BHAN
PRESIDENT
......................
VINEETA RAI
MEMBER

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