By Sri. Mohamed Ismayil.C.V, Member

The grievance of the complainant is as follows:-

1. The complainant is a shareholder of the opposite party after making payment of Rs.5000/-. The opposite party assured that after calculating the income and expenditure of the company in every year, it will pay dividends to the shareholders including the complainant. It is stated in the complaint that for the last six years no communication was received from the opposite party. So the complainant directly approached the opposite party and demanded back the deposited amount. But the opposite party did not refund the amount to the complainant, instead advised to sell the share in market by using a whatsapp number of other shareholders. According to the complainant, he was not using a smart phone and he went to the office of opposite party after undergoing much constraints. The opposite party not heeded to the lawful demand of the complainant. According to the complainant, he bought share of the opposite party expecting some small income in his last days of life. The opposite party neither given profit nor refunded the share amount to the complainant. The act of the opposite party caused much mental agony and hardship to the complainant. According to the complainant, the opposite party committed deficiency in service. So he prayed for an direction to the opposite party to give Rs. 50,000/- to the complainant as compensation for the sufferings of financial loss, mental agony and hardship.

2. The complaint is admitted and notice was issued to the opposite party. The opposite party entered appearance and filed version.

3. In the version, it is stated that the opposite party is working transparently under the supervision of the Central Coconut Development Board with the participation of coconut farmers. The opposite party is a company formed under Part IX A of the Companies Act 1956. The opposite party known as Valluvanad Coconut Producer Company Limited and it came into existence after affiliating 159 CPS with 12 Coconut Producer Federations within the local limit of Perintalmanna Taluk, Malappuram District. The opposite party is functioning under the control and monitoring of Company Registrar. In every year, income and expenditure accounts of the company is subject to internal as well as social auditing and same is presented before Annual General Body meeting and copy of report is served to the share holders. The resolution of General Body meeting is filed before the Registrar of Companies. The opposite party admitted that the complainant is the share holder of the opposite party holding value of Rs. 5000/-. According to the opposite party, the representation of the CPS where the complainant was belonged, were participated in the Annual General Body meeting. As per the Memorandum of Association the first class shareholders got right to contest in Director Board and also got voting power in election. The share holders, who subscribed the shares for multiples of Rs. 25,000/- are belonged in the group of first class Share holders. It is stated in the version that audit report and financial statement of the opposite party is approved by the Registrar of Companies. According to the opposite party, the complainant never approached the office of the opposite party to get back the amount paid for the shares. So for no application was received on that aspect. There is no ban to handover the shares of the complainant to any member of CPS after availing permission from CPS and CPF. The allegation put forwarded by the complainant is baseless and false.

4. The complainant and the opposite party filed affidavit and documents. The documents produced by the complainant is marked as Ext.A1 document. Ext. A1 document is the copy of certificate No.211 Folio No.1315 issued by the opposite party to the complainant showing the investment of Rs. 5000/- in the equity shares of the opposite party. The documents produced by the opposite party are marked as Ext.B1 to B3 documents. Ext. B1 document is the copy of Director’s report of the company for the year ended 31^st March, 2021. Ext.B2 document is the copy of Director’s report of the company for the year ended 31^st March 2022. Ext. B3 document is the copy of ordinary resolution of the company.

5. Heard both sides. Perused documents and affidavits. The points considered by the Commission are:

1. Whether there is any kind consumer disputes arised between the parties?

2. If yes, then relief and cost.

6. Point No.1 and 2:-

According to the complainant, he invested Rs. 5000/- and thereby availed shares of the company of the opposite party. The complainant produced certificate of the share issued by the opposite party showing his investment and same is marked as Ext. A1 document. It is stated in both the complaint and affidavit that the opposite party assured him of giving profit of the shares in every year after calculating the income and expenditure. But it is alleged by the complainant that no profit was received ever since the investment was made. According to the complainant, be bought shares of the opposite party expecting some small income in his last days of life. It is stated that the opposite party neither refunded the amount invested nor given profit of the amount invested with the company. The opposite party also admitted the fact that he is a shareholder of company as stated in the complaint. The opposite party produced Director’s Report including audited statements of accounts for the year ended 31^st March, 2021 submitted in the Annual meeting of the company. The said document is marked by the Commission as Ext.B1 document. The opposite party also produced cash flow Statement of the company for the year ended 31st March, 2022 and same is marked as Ext.B2 document. Another document produced by the opposite party is copy of ordinary resolution dated 26/09/2017 passed by the Member at Annual General Meeting of the company of opposite party and same is marked as Ext.B3 document. Ext.B1 to B3 documents clearly shows that the opposite party is a company formed under the Companies Act, 1956. The complainant himself admitted that he purchased shares in the company of opposite party. So the Commission finds that the prayer of the complainant cannot be considered as the complainant is availed with another statutory remedy for redressing his grievances. The contents of the complaint itself shows that the complainant is not a consumer as defined in the Consumer Protection Act. Ext.A1 document produced by the complainant is not capable of revealing a consumer dispute to entertain the complaint. In this juncture other issues need not considered. So Commission finds that complainant is not a consumer and hence complaint is dismissed.

Dated this 16^th day of February, 2023.

MOHANDASAN K., PRESIDENT

PREETHI SIVARAMAN C., MEMBER

MOHAMED ISMAYIL C.V., MEMBER

APPENDIX

Witness examined on the side of the complainant : Nil

Documents marked on the side of the complainant : Ext.A1

Ext. A1 : Document is the copy of certificate No.211 Folio No.1315 issued by the

opposite party to the complainant showing the investment of Rs. 5000/- in

the equity shares of the opposite party.

Witness examined on the side of the opposite party : Nil

Documents marked on the side of the opposite party : Ext. B1 to B3

Ext. B1 : Document is the copy of Directors report of the company for the year

ended 31^st March, 2021.

Ext.B2 : Document is the copy of Director’s report of the company for the year

ended 31^st March 2022.

Ext. B3 : Document is the copy of ordinary resolution of the Company.

MOHANDASAN K., PRESIDENT

PREETHI SIVARAMAN C., MEMBER

MOHAMED ISMAYIL C.V., MEMBER