PANDEY R K Vs. ARCADIA SECURITIES (P) LTD

JUDGEMENT

(1.) THE complainant has filed this complaint seeking for a direction to O.P. to pay Rs. 4,09,400/ -, Rs. 4,96,000/ - and Rs. 1,00,000/ - as damages to the complainant.

(2.) THE facts in this case are follows :

(3.) THE complainant had purchased certain shares referred to in Para 6 of complaint in the month of March 2001 through O.P. According to the complainant after the purchase of the above said shares, as per the bye -laws, the O.P. ought to have transferred the said equity shares to the demat A/c of the complainant in Canara Bank. O.P. instead of transferring the said shares to the demat A/c has sold the said shares on 10.4.2001 and got adjusted the sale proceeds towards the loss incurred by him, by purchase and sale of shares in the name of the complainant without any authority of law. The further case of the complainant is that he has entrusted five thousand equity shares of Sathyam Computers for sale on 9.4.2001. O.P. instead of selling the shares on 9.4.2001 has sold the same on 10.4.2001 and thereby caused loss to the extent of Rs. 4,96,000/ -. The complainant has also sought for damages of Rs. 1,00,000/ -.