MUKUND K FONDEKAR Vs. SATYAM COMPUTER SERVICES LTD

JUDGEMENT

(1.) THE case of the complainant in brief is that he had applied for 1500 shares of the opposite party and was allotted 300 shares of Rs. 10 each. Accordingly, three share certificates of 100 shares each bearing numbers 176169, 180989 and 180990 were sent to the complainant which he received at his place of residence here in Goa.

(2.) CONSEQUENT to the introduction of the Depository System, it had become necessary for share certificates to be lodged with the National Securities Depository Limited (NSDL) for Demateralisation Process under which the shareholder had to deposit the share in a depository account with a Depository Participant (DP) along with a Demat Request form (DRF). These defaced share certificates and DRF form are sent to the company and also intimated to the NSDL. The shares of the investor are then held in an electronic form.

(3.) THUS , the complainant lodged the three share certificates through the D.P. i.e., IndusInd Bank Ltd., Margao, Goa, for demating on 20.8.1999. Consequent to depositing the share certificates for demating , only 100 shares were credited to the account of the complainant as on 20.12.1999 and which were in respect to share certificate No. 176169. On declaration of bonus shares in the ratio 1:1, 100 bonus shares were credited to the account of the complainant on 23.10.1999.