BILASPUR DEVELOPMENT AUTHORITY Vs. PUSHPA GAREWAL

JUDGEMENT

(1.) By way of this complaint the complainant has prayed for following reliefs from the opponents: " (B) To direct the opponents to pay to the complainant an amount of Rs.1,80,238 being the difference of amount secured by them through Court as sale proceeds of the sold out shares of Infosys and the price quoted at the Stock Exchange on the date of retransfer of shares i. e. , on 15.10.2001 together with interest at the rate of 12% p. a. (C) To direct the opponents to pay to the complainant an amount of Rs.25,000 by way of mental shock and agony the expenses she was required to spend for her journeys to Mumbai and back which the complainant had to undergo on account of negligent acts on the part of opponents. (D) To direct the opponents to pay Rs.10,000 by way of cost to the complainant. "

(2.) It is the complainant's case that opponent No.1 is engaged in the activities of a Depository Participant and Merchant Banker at its office at Mumbai as per the particulars set out in the title as Opponent No.2. As a Depository Participant the first opponent accepts applications for compulsory dematerialization of Equity Shares of various Public Limited Companies by opening account and maintaining the same for such consumers. The complainant had equity shares of various public limited companies. Since she wanted to convert them from physical to electronic form (dematerialized form) she opened a depository account with the first opponent through its branch office at Mumbai i. e. , as opponent No.2 on 11.1.1999 by making payment of Rs.3,000. The complainant was assigned 10379703 as client ID number. She received statement of transactions from 1.1.2001 to 31.3.2001 showing balance of the equity shares of following companies: Name of the company Balance of equity shares (a) Godrej Soaps Ltd.150 (b) Gujarat Ambuja Exports Ltd.66 (c) Infosys Technologies Ltd.1600 (d) Larson & Toubro Ltd.50

(3.) The complainant received a letter dated 15.9.2001 from the Sr. Inspector of Police G. B. , C. B. , CID Mumbai, calling her to his office at Bombay in connection with a complaint filed by Shri Ganesh Raman of first opponent's Divisional Office at Mumbai regarding fraudulent transfer dated 1.9.2001 in respect of the aforesaid shares from the complainant's aforesaid Demat Account. The complainant also received letter dated 19.9.2001 from opponent No.1 informing her about such fraudulent transfer and that the first opponent was undertaking the process of transferring the shares from one of its group Companies.