Date of filing:17.2.2014
Date of Disposal:12.6.2014
BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II::
VIJAYAWADA, KRISHNA DISTRICT.
Present: SRI A. M. L. NARASIMHA RAO, B.SC., B. L., PRESIDENT
SMT N. TRIPURA SUNDARI, B. COM., B. L., MEMBER
THURSDAY, THE 12th DAY OF JUNE, 2014.
C.C.No.50 OF 2014.
Between :
Narayanam Seetharama Sarma, S/o Narayanam Venkata Mattapalli Narasimha Murthy, Hindu, 45 years, Private Employee, R/o D.No.41-16-34, Katuri Vari Street, Nellagate Down, Krishna Lanka, Vijayawada – 520 013.
….. Complainant.
And
1. The Managing Director, HDFC Bank Ltd., Hindu, 45 years, R/o Ramon House, 169, Back Bay Reclamation, H.T.Prekh Marg, Church Gate, Mumbai – 400 020.
2. The Managing Director, Datamatics Financial Services Ltd, Hindu, 45 years, R/o Plot No.B-5, Part B Cross Lane, MIDC, Andheri (East), Mumbai – 400 093
…..Opposite Parties.
This complaint is coming before us for final hearing on 4.6.2014 in the presence of Sri P.L.Prabhakar, Counsel for complainant and opposite parties are remained absent and upon perusing the material available on record, this Forum delivers the following:
O R D E R
(Delivered by Hon’ble Member Smt N. Tripura Sundari)
This complaint is filed under Section 12 of the Consumer Protection Act, 1986.
The averments of the complaint are in brief:
1. The complainant purchased bank of Pubjab Limited shares. Later the said bank was amalgamated with Centurion Bank and the said bank issued shares in the name of the complainant. Thereafter the said bank merged with HDFC Bank Limited and got issued 7 shares to the complainant at the face value of Rs.10/- each. In the year 2011 the 1st opposite party changed the face value of their share and got issued 35 shares to the complainant in place of 7 shares. The complainant signed necessary documents in the year 1995 and since then he never signed on any document. All the transfers are made on previous documents. Due to age factor and accident the complainant’s signature was slightly changed. As per SEBI rules every investor has to open demat account for purchase or sale of shares. In view of the same the complainant opened demat account in M/s Karvy Stock Broking Limited, Vijayawada. The complainant sent all shares of various companies for dematerialization. Then only he came to know that his specimen signature was differed. Then the complainant submitted required documents to all the companies for change of address and specimen signatures in their records. Except the opposite parties all the companies changed the address of the complainant and specimen signatures in their records. The complainant tried his level best since 2009 for change of address and specimen signatures in the records of the opposite parties by submitting necessary documents as required by the opposite parties. But the 2nd opposite party every time refused to change the same by demanding more and more documents which the complainant unable to get the same. Due to acts of the opposite parties the complainant is unable to sell his shares at higher rate and sustained monetary loss. Hence the complainant is constrained to file this complaint against the opposite parties praying the Forum to direct the opposite parties to change address and specimen signatures in the records of the 1st opposite party to pay Rs.35,000/- towards loss incurred by the complainant, to pay Rs.50,000/- towards compensation and to pay costs.
2. The notices were served and the opposite parties are remained absent.
3. On behalf of the complainant he gave his affidavit and got marked Ex.A.1 to Ex.A.16.
4. Herd and perused.
5. Now the points that arise for consideration in this complaint are:
1. Whether there is any deficiency in service on the part of the opposite parties towards the complainant in not changing his address and specimen signatures in their records as requested by the complainant?
2. If so is the complainant entitled for any relief?
3. To what relief the complainant is entitled?
POINTS 1 AND 2:-
6. on perusing the material on hand the complainant purchased Bank of Punjab Limited shares. Later the said bank was amalgamated with Centurion Bank and the said bank issued shares in the name of the complainant under Ex.A.3. Thereafter the said bank merged with HDFC Bank Limited and got issued 7 shares to the complainant under Ex.A.2 at the face value of Rs.10/- each. In the year 2011 the 1st opposite party changed the face value of the shares and got issued 35 shares to the complainant in place of 7 shares under Ex.A.1. The complainant says that he signed on necessary documents in the year 1995. Since then he never signed on any document. All the transfers are made on previous documents. Due to age factor and accident the complainant’s signature was slightly changed. As per SEBI rules every investor has to open demat account for purchase and sale of shares. In view of the same the complainant opened demat account in M/s Karvy Stock Broking Limited Vijayawada. The complainant sent all shares of various companies’ shares to Karvy Consultants Ltd., to get in demat account under Ex.A.4. Then he came to know that his specimen signature was differed. Then the complainant submitted required documents to M/s Detamatics Financial Services Ltd., for change of address and specimen signatures in their records under Ex.A.5. Except the opposite parties all the companies changed the address of the complainant and specimen signatures in their records. The complainant tried since 2009 for change of address and specimen signatures in the records of the opposite parties by submitting necessary documents as required by the opposite parties. But the 2nd opposite party refused to change the same by demanding to execute the affidavit on Rs.100/- non-judicial stamp paper and send them duly notarized under Ex.A.6. The complainant gave legal notice Ex.A.7 dated 15.1.2013 to opposite parties to change his address and his signature in their records with enclosing documents immediately from the date of receipt of the notice. The opposite parties gave a reply notice Ex.A.8 dated 30.1.2013 to the complainant to clarify the facts and provide the requisite details with supporting documents in respect of the details of purchase of shares with copies of contract note, delivery challan made and proof of payment of consideration amount transferred on application form etc., and let them know as to when the complainant changed address to the present address with documentary evidence of both the addresses viz., ration card, election/voter card, driving license, passport etc., and specimen of old and new signatures with his bankers and also let them know the details of dividend, if any, received by him against the subject share certificates. Again the complainant sent legal notice Ex.A.9 dated 10.2.2013 to the opposite parties demanding the complainant to take into consideration documents sent by him and change the address and signature in their records immediately from the date of receipt of notice and inform the same. The opposite parties again sent another reply legal notice Ex.A.10 dated 18.3.2013 stating that although the complainant has been staying in his present address for last about 3 years, there is nothing on their record about the intimation. Therefore in previous letter they had requested the complainant to confirm as to when he had changed address and also availed the documentary evidence of both the addresses and also about the signature with his earlier bank and the details of his present bank account and to provide the particulars of dividend that may have been received by him. The initials of complainant’s father as per the records are different. The complainant has not complied with the requisite information with supporting documents. The complainant again gave legal notice dated 20.4.2013 under Ex.A.11 stating that he is including some other proofs i.e., (1) bank manager’s authentication, (2) self attested copy of share certificate, (3) aadhar card issued by Govt., of India (present address), (4) PAN Card issued by Govt., of India, (5) Present Bank account pass book photocopy, (6) previous bank account pass book photocopy (7) previous account copy in Karvy Consultant Ltd., required by opposite parties for early action and demanded to take enclosed documents and change the address and signature in opposite parties records immediately from the receipt of notice. The opposite parties sent other reply notice Ex.A.12 dated 30.4.2013 stating that the complainant has not provided them the copies of proof of old address, voter/election card driving license, electricity or telephone bill, ration card and also a copy of his pass book pertaining to the account in his area and also signature card from his previous bank and the details of dividend received by him and stated to comply the same to enable to take further steps. The complainant gave reply notice under Ex.A.13 dated 2.8.2013 stating that the opposite parties are intentionally dragging the matter by demanding unnecessary papers which are not possible to get the complainant. The complainant sent all available papers along with previous share certificates. If any information the opposite parties required should collect the same at their end. The complainant demanded to change the address and signature in opposite parties records immediately from the date of receipt of legal notice. Ex.A.14 is Aadhar card of the complainant issued by Government of India. Ex.A.15 is Pan Card of the complainant issued by Income Tax Department of India. Ex.A.16 is Oriental Bank of Commerce pass book of the complainant with present address. On perusing all these documents we came to know that the complainant submitted all the documents to the opposite party but the opposite parties are dragging the matter to change the address and specimen signatures of the complainant in their records by asking various documents. There is clear deficiency in service on their part towards the complainant and they are liable to change the address and specimen signatures of the complainant as he asked. Hence the complainant is entitled for relief from the opposite parties.
POINT No.3:-
7. In the result the complaint is allowed in part and the opposite parties are directed to change the address and specimen signatures of the complainant in the records of the 1st opposite party; to pay compensation of Rs.5,000/- for causing delay to change the address and specimen signatures of the complainant in their records and to pay Rs.1,000/- as costs to the complainant. Time for compliance one month. If the opposite parties fails to comply this order in due time the awarded amount carries interest at the rate of 12% per annum from the date of order till realization. Rest of the claims of the complainant are rejected.
Dictated to the Stenographer K.Sivaram Prasad, transcribed by him, corrected by me and pronounced by us in the open Forum, this the 12th day of June, 2014.
PRESIDENT MEMBER
APPENDIX OF EVIDENCE
WITNESSES EXAMINED
For the complainant: For the opposite parties:-
P.W.1 N.Seetharama Sarma, None
Complainant
(by affidavit)
DOCUMENTS MARKED
On behalf of the Complainant:
Ex.A.1 20.07.2011 Photocopy of share certificate issued by opposite party.
Ex.A.2 24.06.2008 Photocopy of share certificate issued by opposite party.
Ex.A.3 19.10.2005 Photocopy of share certificate issued by Centurion Bank of Punjab Limited.
Ex.A.4 06.05.1995 Photocopy of Share Certificate issued by Bank of Punjab Ltd.,
Ex.A.5 18.12.2012 Letter from the complainant to the 2nd opposite party.
Ex.A.6 09.01.2013 Photocopy of letter from the 2nd opposite party to the
complainant.
Ex.A.7 15.01.2013 Office copy of legal notice.
Ex.A.8 30.01.2013 Letter from the 2nd opposite party to the complainant.
Ex.A.9 10.02.2013 Reply notice issued by the complainant.
Ex.A.10 18.03.2013 Letter from the 2nd opposite party to the complainant.
Ex.A.11 20.04.2013 Office copy of final notice issued by the complainant.
Ex.A.12 30.04.2013 Letter from the 2nd opposite party to the complainant.
Ex.a.13 02.08.2013 Office copy of final notice issued by the complainant.
Ex.A.14 . . Aadhar card of the complainant.
Ex.A.15 . . Photocopy of Pan card of the complainant.
Ex.A.16 . . Photocopy of Oriental Bank of Commerce pass book.
For the opposite parties:-
Nil.
PRESIDENT
