Punjab

Sangrur

CC/436/2016

Raj Paul Kansal - Complainant(s)

Versus

CRB,Trustee Ltd. - Opp.Party(s)

Shri Paramjit Singh Khadial

15 Nov 2016

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, SANGRUR.

                                                               

                                                Complaint No.  436

                                                Instituted on:    01.07.2016

                                                Decided on:       15.11.2016

 

Raj Paul Kansal son of Sh. Bhagwant Rai Kansal, resident of House No.S-C/15, Park Road, Dhuri, District Sangrur (Pb).

                                                        …Complainant

                                Versus

1.             CRB Trustee Ltd. through its authorized signatory, 201, A-16, Priyadarshini Vihar, Delhi-110 092.

2.             Karvy Consultants Limited through its Manager, 21, Road No.4, Street No.1, Banjara Hills, Hyderabad.

                                                        …Opposite parties

 

For the complainant  :               Shri P.S.Khadial, Adv.

For OPs                    :               Exparte.

 

Quorum:   Sukhpal Singh Gill, President

                Sarita Garg, Member

              

Order by : Sukhpal Singh Gill, President.

 

1.               Shri Raj Pal Kansal, complainant (referred to as complainant in short) has preferred the present complaint against the opposite parties (referred to as OPs in short) on the ground that he purchased 100 shares of Bank of Punjab having certificate number 364462, Folio No.BOP003998 distinctive numbers 0066780901 to 0066781000 standing in the name of CRB Trustee Limited A/C CRB Mutual Fund from Ramesh Chander son of Babu Ram of Sangrur, who had given the delivery of the share certificate along with a duly executed transfer deed and the value of the shares were Rs.1650/-. It is further averred that the shares were purchased by Ramesh Chander from AR Investments, Sangrur and were forwarded to Ramesh Chander vide letter dated 3.5.1997 and he had on the reverse side of the letter dated 3.5.1997 issued by A.R. Investments, Sangrur written “sold to Mr. Raj Paul Kansal”. It is further averred that the complainant had lodged the shares for transfer through registered AD post and the same were not transferred in the name of the complainant. It is further stated that letter dated 17.11.1997 and 18.12.1997 were written by the complainant and vide letter number R/Bank of Punjab/CRD/T-1/4 dated 8.12.1997 issued by Op number 2, it was intimated that the Bank of Punjab had filed an application before the company courts, Delhi High Court vide CA No.1276 of 1997. It is further averred that vide letter number R/BOP/CRB/TI/4034 dated 14.7.1998 of OP number 2, it was required that the share certificate was to go for certification procedure.  The OP number 2 issued letter dated 22.4.2014 intimating the complainant that the special committee was in receipt of application for certification of securities and certain information was required from the complainant.  The complainant is entitled to the dividend, shares of HDFC Bank, bonus shares and immediately after the issuance of letter dated 22.3.2016 by OP number 1. The complainant wrote so many letters for the necessary relief, but all in vain.   Thus, alleging deficiency in service on the part of the OPs, the complainant has prayed that the Ops be directed to issue the shares of HDFC Bank in favour of the complainant as per entitlement of the complainant and to pay the dividend on shares since 21.5.1997 up to date and to pay damages for mental tension and harassment.

 

2.               In reply filed by OP, preliminary objections are taken up on the grounds that the complainant has concealed the material facts from this Forum, that the complainant has not come to the Forum with clean hands and that the complainant is not a consumer of the OPs. The complainant has failed to disclose before this Forum that the Special Committee/respondent has laid down certification procedures to carry out the certification procedures to carry out the certification of securities as directed by the Delhi High Court vide order dated 29.5.2013.  The said CA firm on several occasions requested the complainant to supply the copies of documents, which the complainant failed to supply.  On merits, it is stated that the letters dated 12.5.2014 and 25.4.2016 written by the complainant do not contain the information required by the said Chartered Accountant firm. It is further stated that the said Chartered Accountant firm demanded various documents, such as, PAN card, Voter Card, D-Mat particulars, payment details, bank statement, affidavit cum undertaking on the stamp paper, indemnity bond on the stamp papers of Rs.200/-.  It is further stated that the Op is ready and willing to carry out certification of 100 shares of Bank of Punjab as applied by the complainant subject to submission of the relevant documents as required.  The other allegations levelled in the complaint have been denied. 

 

3.               The learned counsel for the complainant has produced Ex.C-1 affidavit, Ex.C-2 copy of letter dated 3.5.1997, Ex.C-3 copy of hand writing, Ex.C-4 postal receipt, Ex.C-5 copy of cheque of Rs.2875/- dated 28.9.2016, Ex.C-6 postal receipt, Ex.C-7 copy of transfer deed, Ex.C-8 to Ex.C-15 copies of letters/applications and closed evidence. On the other hand, no evidence has been produced by the OPs as the Ops were proceeded exparte on 2.11.2016.

 

4.               We have carefully perused the complaint and heard the arguments of the learned counsel for the complainant. In our opinion, the complaint merits acceptance, for these reasons.

 

5.                 It is an admitted fact between the parties that the complainant had purchased 100 shares of Bank of Punjab having certificate number 364462, folio number BOP003998 distinctive numbers 0066780901 to 0066781000 standing in the name of CRB Trust Limited A/C CRB Mutual Fund, which were sent to the OPs for transfer through registered AD post and the same were not transferred in the name of the complainant despite written so many letters.

 

6.               Further perusal of the file as well as written reply shows that the OPs are ready and willing to carry out certification of 100 shares of Bank of Punjab as applied by the complainant subject to submission of the relevant documents as required by the Chartered Accountant firm appointed by the Special Committee/Respondent herein for completion of process of the certification of securities.  In the circumstances, we feel that it is obvious that the Ops will take further action in the matter of issuance of the shares in case, the complainant submits the documents as demanded by the Ops, such as, PAN card, Voter Card, D-Mat particulars, payment details, bank statement, affidavit cum undertaking on the stamp paper and indemnity bond on the stamp papers of Rs.200/-.

 

7.               In view of our above discussion, we allow the complaint of the complainant and direct the complainant first to submit the copies of the  documents i.e. PAN card, Voter Card, D-Mat particulars, payment details, bank statement, affidavit cum undertaking on the stamp paper, indemnity bond on the stamp papers of Rs.200/- to the OPs and thereafter the OPs shall issue the shares to the complainant as detailed above within a period of thirty days of receipt of the documents from the complainant. The OPs  shall also pay to the complainant an amount of Rs.5000/- in lieu of compensation for mental tension, harassment and  litigation expenses within a period of thirty days of its communication. A copy of this order be issued to the parties free of cost. File be consigned to records.

                Pronounced.

                November 15, 2016.

                                                (Sukhpal Singh Gill)

                                                     President

                               

 

                         

                                                     (Sarita Garg)

                                                         Member