RELIANCE INDUSTRIES LTD Vs. MALLA JAYASHREE

JUDGEMENT

(1.) Aggrieved by the order in C.C.No. 295/2006 on the file of District Forum -1,Visakhapatnam, the opposite parties preferred this appeal.

(2.) The brief facts as stated in the complaint are that the complainant was allotted 50 shares of Reliance Industries vide certificate no.06268430/1 and another 50 shares vide certificate no.09322571/01. The complainant submits that she was not issued any bonus shares, dividends and other benefits in respect of 50 shares. The complainant got issued a legal notice on 29.9.98 for which the opposite parties replied 24.10.98 stating that the shares in question are in litigation and therefore the benefits like bonus and dividends are kept in abeyance. The complainant got issued another legal notice dt.13.2.99 for which opp.parties replied on 24.2.99 giving her a copy of the plaint in O.S.no.1889/95 said to have been filed by one Allu Ramakrishna and also the relevant transfer deeds for clarification. The complainant got issued another notice on 17.1.2000 and once again on 4.4.2000, 29.9.04, and 10.3.05 for which the opposite party replied stating that the 50 shares were held in the complainant's name since 1995 and also informed her that one Allu Krishna has obtained a decree on 5.12.97 restraining the transfer of shares and since the shares were already transferred in her name in 1995 the decree is infructuous. The opposite parties were negligent in not providing the benefits under the 50 shares for which she seeks compensation together with bonus shares and arrears of dividends and costs. Opposite parties were set exparte.

(3.) The District Forum based on the evidence adduced i.e. Ex.A1 to A17 and the pleadings put forward allowed the complaint directing the opposite parties to issue 50 bonus shares on the 50 shares covered by Folio no. 46728271 under certificate no.09322571. The opposite parties are also directed to pay dividends on the total 100 shares up to date. The District Forum opined that the opposite parties were of the impression that the payment of bonus shares and dividends on the disputed 50 shares is not permitted by virtue of the decree therefore the opposite parties cannot be said to be deliberately delayed payment under those circumstances , and hence the District Forum do not propose to order payment of either damages or interest as prayed by the complainant. The District Forum awarded Rs.1000/- towards costs of the complaint. Aggrieved by the said opposite parties preferred this appeal.