ICICI TRUSTEESHIP SERVICES LTD. Vs. GARLAPATI LAXMANA SWAMY

JUDGEMENT

(1.) These Revision Petitions have been filed against the order dtd. 1/10/2013 of State Consumer Disputes Redressal Commission, Andhra Pradesh, Hydrabad (in short "the State Commission) in First Appeals Nos.183 to 186 of 2012, whereby the State Commission allowed the Appeals filed by the Appellants.

(2.) Complainants were shareholder in Salute Water House Pvt. Ltd./Opposite Party No.6. Opposite Party No.1 is the Head Office of ICICI Bank Ltd. Opposite Parties Nos.2 and 3 are Branches of Opposite Party No.1. ICICI Trusteeship Services Ltd./Opposite Party No.4 is the associate of Opposite Parties Nos.1 to 3. The Complainants pledged shares with Opposite Party Nos.1 to 3. Amrex Marketing Pvt. Ltd./Opposite Party No.5 is the transferee of the shares alleged to have been transferred by Opposite Party No.4.

(3.) Case of the Complainants is that Opposite Party No.6 availed financial assistance from ICICI Bank Ltd./Opposite Parties Nos.1 to 3. At the time of sanctioning of loan, the Bank obtained securities and guarantee for repayment of the loan amount. The Complainants pledged thier share certificates with the Bank. The Complainants also executed an undertaking to buy back the shares in case Opposite Party No.6 fails to discharge the debt. Opposite Party No.6 discharged the loan amount and the Bank returned all documents, except the share certificates of the Complainants. The Complainants sent email dtd. 31/1/2007 to the Bank requesting to release share certificates, but in vain. Later, the Complainants came to know that the Bank had wrongly transferred the shares to Opposite Party No.5 and Opposite Party No.5 failed to return the share certificates to the Complainants. Alleging deficiency in service on the part of the Opposite Parties, the Complainants filed two separate Consumer Complaints Nos.184/2010 and 185/2010 with the District Forum with the same prayer, which reads as follows:-