V.K. AGARWAL Vs. INFOSYS TECHNOLOGIES LTD.

JUDGEMENT

(1.) Dr. V.K. Aggarwal, the Complainant, a Shareholder picks up a conflict with the company M/s. Infosys Technologies Ltd, arrayed as opposite party No.1 (to be referred as OP 1, hereinafter) in this Original Petition. The key point pivots round the question, "Whether the complainant is a 'consumer'?" The facts emanating from the record may be stated as follows.

(2.) M/s. Infosys Technologies Ltd., OP 1, for its new Company, floated certain equity shares and published advertisement. In the year, 1993, Dr. V.K. Aggarwal, was allotted 200 shares having distinctive Nos.03304901-03305100 and Certificate Nos. 34485-34486 by OP 1. In the year, 1994, OP 1 allotted 200 shares, each of Rs.10/- paid up, in favour of the Complainant, having distinctive Nos. 3925001-3925299 and Certificate Nos. 40849-40850. In the year, 1997, OP 1, again allotted bonus share 1:1, each of Rs.10/- paid up, in favour of the complainant. Consequently, the Complainant owned 800 shares of OP 1.

(3.) Out of these, Complainant sold 100 shares on 04.07.1997, including bonus shares having distinctive Nos. 3925101 to 3925200 and Certificate No. 40850. On 21.08.1997, Complainant again sold 100 shares, excluding Bonus Shares, having distinctive Nos. 3925001-3925100 and Certificate No. 40849 and also sold 200 shares, excluding Bonus on 18.09.1997, having distinctive Nos. 03304901-03305100 and Certificate Nos. 34485-34486. The complainant sold 500 shares of his total ownership of 800 shares.