SUMANPREET SINGH Vs. GURVINDER SINGH

JUDGEMENT

(1.) The present appeal has been filed against order dated 30.4.2001 in Complaint Case No.962 of 1997, passed by the District Consumer Disputes Redressal Forum-I, U. T. , Chandigarh (for short hereinafter referred to as the District Forum-I ).

(2.) The contextual facts may be briefly narrated as under : the appellant/complainant, Sh. Sumanpreet Singh, resident of 2985, Phase-7, SAS Nagar, Mohali, purchased 10 shares of ACC Ltd. @ Rs.1,719.20 through Sh. Gurvinder Singh impleaded as O. P. No.1 who ran his firm in the name and style of M/s. Sahil Investment Consultants. Payment for these shares was made through adjustment against the shares sold by Mr. Sumanpreet Singh through respondent No.1/o. P. No.1. The respondent No.1/o. P. No.1 gave two shares certificates (each for 5 shares) bearing No.801560 and 00607136 to the appellant/complainant on 21.8.1993. These share certificates when sent by the complainant to the company i. e. ACC Ltd. for the purpose of transfer, Certificate No.00607136 (5 shares) was withheld by the Company for being tainted i. e. involved in the infamous securities scam. Copy of the letter sent by the company to the appellant/complainant has been brought on record. However, after prolonged correspondence with the company the appellant/complainant was eventually informed by the Company i. e. ACC Ltd. on 3.12.1998 that they could not transfer the 5 disputed shares as they had not received the form of application/certificate of the stock exchange for their release. The company asked the appellant/complainant to do the needful at his end advised him to contact his main broker in this regard. This letter of the company has also been brought on record. On receiving this information the appellant/complainant approached the respondent No.1/o. P. No.1 and informed him that his assurance to the appellant/complainant that the form of application/certificate of the stock exchange have already been sent to the company have been proved wrong. He also advised the respondent No.1/o. P. No.1 to take the matter seriously or else he will take recourse to a Court of Law, photocopy of the same has been placed on record of the complaint case. There was no response thereafter from the respondent No.1/o. P. No.1.

(3.) The appellant/complainant has alleged to have suffered a loss of Rs.41,978/- i. e. , Rs.15,900/- being the difference of peak price and value of the share on 7.10.1997, loss of 24% interest on Rs.25,100/- i. e. the peak value of 5 shares from September, 1994 to December 1997. He has also claimed Rs.5,000/- towards mental agony and harassment and Rs.2,000/- towards costs i. e. legal expenses.