MANOJ KUMAR GUPTA Vs. RUCHI SOYA INDUSTRIES LTD

JUDGEMENT

(1.) This appeal has been filed by Sh. Manoj Kumar Gupta, 2089/45 C Chandigarh against the order dated 1.9.2000 in Complaint Case No.92 of 1998 passed by the District Consumer Disputes Redressal Forum-II, U. T. , Chandigarh (for short hereinafter to be referred as the District Forum-II ). The District Forum-II has found opposite party deficient in not making balance payment due to the complainant on account of dividend due on the debentures allotted to him in the year 1987. Consequently, the complaint was allowed and the opposite party was directed to pay Rs.937/- to the complainant along with interest @ 12% from 1.1.1997 till realisation. The complainant was further held entitled to get the costs of Rs.250/-.

(2.) Aggrieved against the above order of the District Forum-II, the appellant/complainant, Mr. Manoj Kumar Gupta has preferred this appeal and prayed that against the just and reasonable prayer of the appellant/complainant for the grant of Rs.20,000/- as compensation for harassment and mental agony and 15,000/- for financial loss suffered by the appellant/complainant on account of non-receipt of shares and late receipt amount of the debentures and interest thereon the District Forum-II has granted only a meagre amount of Rs.250/- which is too inadequate and unreasonable. Briefly, the complainant/appellant was allotted 20 partly convertible debentures of Rs.150/- each on 20.1.1987. The convertible portion of Rs.50/- per debenture was converted into shares on 20.7.1987. The non-convertible portion of Rs.100/- per debenture carried interest @ 13.5% payable half-yearly till the date of redemption. The complainant was also allotted 90 shares of the opposite party was right shares at the rate of Rs.60/- per share and the complainant deposited Rs.4,800/- in that connection in a Delhi Bank on 16.9.1992 as the application money. The balance amount of Rs.600/- as call money was also deposited on 12.12.1992 as per the instructions and allotment letter No.7293 which bears the stamp of the Bank as a proof of deposit. The allotment letter No.7293 of 90 shares was sent to the Company on 10.2.1994 by registered post (Receipt of the registered letter attached as Annexure A) for exchange with fully paid share certificate. In the same registered envelope, 4 debentures vide allotment letter No.35809-812 of 5 debentures each and a letter of allotment (Para B) No.210244 for 10 debentures were also sent for exchange with debenture/share certificates along with a request for change of address, copy of the letter enclosed as Annexure-B. The complainant requested the opposite party, M/s. Ruchi Soya Industries Ltd. and its Registrar/transfer Agent for the confirmation of change of address, sent the interest @ 13.5% debenture series 1987, in lieu of allotment letter No.35809-812 return the debenture certificate, in lieu of allotment letter No.210244, return the share certificate, return the share certificate in lieu of allotment letter No.7293, to send the Annual Reports regularly, and send the dividend from 1.4.1992 onwards.

(3.) The complainant had received certificate against the Share Certificate No.210244 and also received the interest on debenture upto 30.6.1993 except for the period 1.7.1991 to 31.12.1991. The opposite party neither took any action nor gave a reply in regard to the other complainants. The opposite party sent a reply to the complainant on 26.11.1996 intimating that call money of Rs.600/- against right offer is unpaid. The complainant wrote back to the opposite party on 11.12.1996 that call money of Rs.600/- had already been paid in the Bank as per the allotment letter, which has been sent to the opposite party Company on 10.2.1994. The opposite party Company sent 4 warrants, in the month of January, 1997 for interest and redemption amount of debenture totalling Rs.2,423/-, whereas the principal amount of the debenture was Rs.2,000/- and interest for the period 1.7.1991 to 31.12.1991 and for 1.7.1993 to 31.12.1996 (1,420/-) totalling Rs.3,420/-. Accordingly an amount of Rs.997/- was still due which is to be paid by the opposite party Company along with interest from 1.1.1997 till the date of payment. In spite of sending the legal notice and a number of reminders, the opposite party did not refund the amount due to him. The appellant/complainant has also prayed that the District Forum-II failed to appreciate his prayer in which he had prayed for the grant of Rs.20,000/- compensation for harassment and mental agony suffered by him and Rs.15,000/- for financial losses suffered by the complainant on account of non-receipt of shares and late receipt amount of the debentures and interest thereon from respondent/opposite party. The District Forum-II has granted only a meagre amount of Rs.250/- which is too inadequate and unreasonable.