RELIGARE SECURITIES LTD Vs. ANANT PRAKASH SINHA

JUDGEMENT

(1.) REVISION Petition No. 1878 of 2013 has been filed against section 21 (b) of the Consumer Protection Act, 1986 for setting aside the order dated 26.9.2011, passed in Complaint Case No.333 of 2010 by State Consumer Disputes Redressal Commission, New Delhi (short, "State Commission ").

(2.) AS per facts of the complaint filed by respondent/complainant are that the respondent is customer of the petitioners/opposite parties who opened a Trading Account No.EP90 with the petitioner/opposite party no.1 i.e. M/s Religare Securities Ltd. He had been assured by the petitioner that any transaction in his account will be done only after approval of the respondent.

(3.) WHILE perusing the statement of January, 2010, the respondent found that in the said month Mr.Maniram Mahto, who is one of the employees of the petitioner had processed an unauthorized and unapproved options trading in his account EP90 which resulted in a loss of Rs.21 lakhs approximately. The respondent immediately informed this fact to the petitioner and the respondent also sent an e -mail on 8.2.2010 to Mr.Amit Dewan and lodged his protest/complaint. On the same day, there was a meeting held in the office chamber of the respondent at Gurgaon. In response of the above said complaint, which was attended by Mr.Jyoti Kandhari, Mr.Ranjan Kumar and Mr. Ranjeet Yadav as the representative of petitioner. The representatives accepted that the option trading done by Mr.Maniram Mahto in EP90 were blatantly wrong and should not have been done without knowledge and prior approval of the respondent. Mr.Jag Jyoti Khandhari assured that the loss to the extent of Rs.21 lakhs shall be made good within the month of February. The provisions made by them were confirmed by the respondent by his e -mail sent on 16.2.2010 to Mr.Amit Dewan and Mr.Ranjeet Yadav. Unfortunately, the promises made by Mr.Amit Dewan and Ors. in the meeting held on 8.2.2010 did not yield any result and the respondent was kept in a totally dark and confused state of mind causing a lot of mental agony and monetary loss to him.