NCDRC

NCDRC

RP/1961/2007

UNIT TRUST OF INDIA AND ANR. - Complainant(s)

Versus

K. JAGAJEEVAN HEGDE AND ANR. - Opp.Party(s)

MR. DHARAM DEV

10 Aug 2011

ORDER

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NEW DELHI
 
REVISION PETITION NO. 1961 OF 2007
 
(Against the Order dated 02/06/2007 in Appeal No. 1002/2005 of the State Commission Karnataka)
1. UNIT TRUST OF INDIA AND ANR.
UTI INVESTORS SERVICES LIMITED CPC PLOT NO. 3. SECTOR, 11 CBD BELAPUR
NAVI MUMBAI
-
...........Petitioner(s)
Versus 
1. K. JAGAJEEVAN HEGDE AND ANR.
ASST . GENERAL MANAGER VIJAYA BANK
CREDIT CREDIT CARD DIVISION
HEAD OFFCE BANGALORE-5
...........Respondent(s)

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

For the Petitioner :MR. DHARAM DEV
For the Respondent :MR. D. BHARAT KUMAR

Dated : 10 Aug 2011
ORDER

Complainant/respondent No.1 had put 940 Master Shares of UTI in their Demat account with ING Vysya bank (OP-1/Respondent No.2 herein).  Complainant filed the complaint before the District Forum claiming payment of Rs.50,000/- together with costs of Rs.5,000/- on account of non-credit of 580 shares in his Demat Account. 

UTI, the petitioner herein, in their reply has stated that on verification it was revealed that the earlier Registrar, M/s.M.N. Dastur & Co. Ltd. had received the said shares for demat from the complainant.  It was seen from the records that before the subject shares were received for demat from the complainant in respect of 480 shares out of 940 shares, duplicate shares were issued to one MCT Nachiappan Chettiar of Chennai on 10.6.1997.  It was seen from the record that the said duplicate shares were issued to one MCT Nachiappan Chettiar of Chennai after the same were cancelled in the name of the respondent.  As the duplicate shares in respect of 480 shares were issued to MCT Nachiappan Chettiar, the same were not demated to the credit of the complainant.

District Forum allowed the complaint and directed the ING Vysya Bank as well as the UTI to pay a sum of Rs.30,000/- by way of compensation within 4 weeks from the date of receipt of the order.

ING Vysya Bank filed the appeal before the State Commission.  Petitioner, UTI, also filed the appeal which was dismissed as barred by limitation.  State Commission, by the impugned order, in the appeal filed by the ING Vysya Bank held that the Bank was not liable to pay the amount as there was no deficiency on its part.  The order of the District Forum was modified and the petitioner only was held liable to comply with the order of the District Forum.  The State Commission directed the petitioner to pay the sum of Rs.30,000/- as compensation with interest at the rate of 6%.

On a contention raised by the counsel for the petitioner that, in the absence of any appeal filed by the complainants, the State Commission could not direct payment of interest on the awarded amountthis Commission, on 12.10.2007, issued limited notice to the respondents regarding interest only. 

District Forum had held the petitioner jointly and severally liable to pay the amount along with ING Vysya Bank.  The appeal filed by the petitioner was dismissed by the State Commission as barred by limitation.  Against the said order, petitioner filed R.P. No.1960/2007, which was dismissed on 2.7.2007.  The order of the District Forum, as against the petitioner, attained finality. 

Against the order passed by the State Commission absolving the ING Vysya Bank of its liability, the complainant has not filed any revision.  The order passed by the District Forum holding the petitioner liable to pay the amount of Rs.30,000/- has attained finality. 

We agree with the learned counsel for the petitioner that in the absence of any appeal by the complainants, the State Commission could not direct payment of interest on the awarded amount.  District Forum did not award any interest on the awarded amount.  In the absence of any appeal by the complainant seeking interest on the awarded amount, State Commission has erred in directing the petitioner to pay interest on the awarded amount.  Order of the State Commission to that extent cannot be sustained.

Accordingly, the order of the State Commission directing the petitioner to pay interest on the awarded amount is set aside.  Revision Petition is allowed to the extent indicated above.

This Commission, while admitting the Revision Petition, had directed the petitioner to deposit the sum of Rs.30,000/- before the District Forum.  Liberty was reserved with the complainant to withdraw the said amount.  Counsel for the petitioner states that in pursuance to the direction issued, the petitioner had deposited the sum of Rs.30,000/-, which have been withdrawn by the complainant.

        Revision Petition stands disposed of in above terms.

 

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

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