JUDGEMENT

        In the present complaint complainant has alleged that he purchased 100 shares of ITC Hotels through op no.1 who is the member of the Calcutta Stock Exchange having Code No.03/743, SEBI Regd. No.INB030581638 and those shares i.e. 200 shares on 25.02.2000 and 800 shares on 28.02.2000 were purchased.  But the complainant received only 400 shares in physical mode out of 1000 shares of ITC Hotels having face value of Rs.10/- each and so balance 600 shares having Face Value of Rs.10/- each lying in the custody of op no.1 which the op no.1 did not disburse to the complainant from the year 2000 till date.  So, complainant repeatedly requested the op to supply those shares but they did not take any step and also did not handover the said 600 shares.  Ultimately complainant wrote a letter to the ITC Ltd. with a request to provide the present status of 600 shares and also dividends which are lying in the custody of the op no.1 and against that ITC Ltd. replied on 25.04.2011 wherein it was clearly stated that those shares were converted to 2160 ITC Ltd. shares of Re. 1/- each after amalgamation, splitting and bonus and according to shares by the ITC Ltd. those 600 shares of ITC Hotels since 2000 were converted to 2160 shares of ITC Ltd. after splitting and bonus issued by the company and as per declaration of the dividend time to time by the company the total dividend of those shares in question amounts to Rs.39,174/- (from 2000 to March 2010).  In the above circumstances, complainant as a consumer for negligent and deficient manner of service sent notice asking the op no.1 to deliver the shares in questions according to the present quantity i.e. 2160 ITC Ltd. along with dividend amount of Rs.39,174/- and further compensation.

          Practically in this case op no.1 appeared and submitted that the op no.1 Company had already been in liquidation and Official Liquidator is appointed by Hon’ble High Court, Calcutta to take charge of the assessed properties of the op no.1 and so the Official Liquidator of Hon’ble High Court, Calcutta is required to be made party and the complainant may submit his claim before Official Liquidator of Calcutta High Court.

          Further the Deputy Director Legal Office of Liquidator, Kolkata High Court at 9, Old P.O. St., 5^th Floor, Kolkata – 700001 sent a reply to this Forum stating that no suit or other legal proceeding shall be commenced against the company, except by leave of the Hon’ble Court and subject to such terms as the Hon’ble High Court may impose as per Provision of Section 456 of the Companies Act, 1956 and official Liquidator, Dy. Director (Legal) also informed that complainant may be directed to take appropriate step as per provision of the said Act and in accordance with the provision of Section 528 and 529 of Companies Act 1956.

                                              Decision with reasons

          In fact op nos. 1& 2 submitted their written versions and pointed that Forum has no jurisdiction to dispose of the matter in view of the fact op no.1is in liquidation and it is under control of the Official Liquidator High Court, Calcutta.

          But fact remains that ITC  shares were purchased in the name of the complainant by the op no.1 and ITC Hotels reported the complainant that those shares were issued and said 600 shares of ITC shares of Rs.10/- each after amalgamation 72 ITC Ltd. Rs.10/- each were allotted and 272 shares of Rs.10/- each were converted and in Re.1/- of 720 shares + 360 bonus shares and company issued bonus in 2010 i.e. 1080 shares were converted  to 2160 shares and total bonus Rs.39,174/- was given.  So, considering that fact, it is clear that ITC Hotels issued shares in the name of Suvra Dey and it is no doubt purchased by the op no.1.  So, invariably op no.1 shall have to hand over shares certificate but it has not been done.  It is no doubt unfair trade practices on the part of the op no.1 and it was done by the op no.1 prior to the company went on liquidation.  But invariably those shares were in the custody of the company and it was issued in the name of the complainant.

          In the above circumstances, invariably op no.1 is liable to hand over shares certificate to the complainant.  But when it is on liquidation in that case, the company op no.1 is liable to hand over the same through Liquidator and in this regard Ld. Official Liquidator shall have to take step for hand over those certificates in favour of the complainant or shall have to decide the matter by taking such legal step so that complainant may get the same from the op no.1 company and no doubt in the present situation no compensation should be awarded but the matter should be referred to the Official Liquidator Hon’ble High Court Kolkata for proper adjudication of the claim of the complainant and to give him proper justice.

          In view of the above situation and position we are deciding this case by referring the matter to the Ld. Liquidator of Kolkata High Court in the matter of St. J. Thomas Investment Services Pvt. Ltd.,(for liquidation) for granting proper relief to the present complainant.

          In the result, the complaint is disposed of finally in exparte form because op did not turn up to contest finally.  Accordingly the matter is referred to the Ld. Official Liquidator of Kolkata High Court at 9, Old P.O. St., 5^th Floor, Kolkata – 700001for handing over the shares certificates of 600 of ITC Hotels (after amalgamation) as early as possible and invariably Ld. Ld. Official Liquidator shall take up the matter seriously and to dispose of the same without any further delay.

          Accordingly the complaint is disposed of finally and complainant is directed to appear before the Ld. Official Liquidator of Hon’ble High Court, Kolkata.

          We are directing our office to send a copy of this order to the Official Liquidator’s Office at 9, Old P.O. St., 5^th Floor, Kolkata – 700001 at once for taking such steps.