MANJIT KAUR Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) Uncalled for delay on the part of the Unit Trust of India in transferring the shares in the name of the complainant, in short, is the pith and substance of the present complaint. Aggrieved by that delay, the complainant has preferred the present complaint.

(2.) The wheel of the facts around which the present complaint moves is short. The complainant has stated that she had purchased 500 shares, with distinct numbers stated in the complaint, from the stock market and the seller was Rajiv Kumar Jain of Darya Ganj, New Delhi. The shares sold by the seller were duly registered in his name at Folio No. MF 435874, under transfer No.43842/44. In September 1990 the complainant despatched the shares, along with duly executed and stamped transfer deed to respondent-2, who are the Registrar and Share Transfer Agents to the Company forgetting the transfer of the shares registered in her name. The complainant received a letter dated 27-11-1990 from respondent-2 that the shares despatched by her could not be registered in her name since these belonged to Rajiv Kumar Jain of Rajouri Garden and not to Rajiv Kumar Jain of Daryaganj who had sold these to her. The signatures of the transferor differed with the specimen signatures recorded with them. In October 1992 the complainant has been duly transferred the shares submitted by her to respondent-2 in September 1990, manifestly at much belated stage and after a long period without any cause or reason.

(3.) On the notice being served, respondent-1 Unit Trust of India has filed the written statement, admitting that the mistake had occurred due to an error of computer programme as the computer could not differenttiate between Sh. Rajiv Kumar Jain of Rajouri Garden and Sh. Rajiv Kumar Jain of Darya Ganj, New Delhi.