KOTAK SECURITIES LIMITED Vs. BHARATKUMAR RANCHHODDAS RANA

JUDGEMENT

(1.) Since common question of law and facts are involved, these revision petitions are being disposed of by this common order.

(2.) Case titled as Kotak Securities Ltd. Vs. Bharat Kumar Ranchoddas Rana and others (RP No.719 of 2012) is taken as the lead case.

(3.) Respondents No.1 and 2 who were the Complainants before the Consumer Disputes Redressal Forum, Valsad (for short,'Consumer Forum') filed consumer complaints on the allegations that respondent no.1 is running a Grocery shop and is jointly holding a D-mat Account with respondent no.2 holding shares of certain companies. It is further stated that respondent no.1 came in contact with Petitioner/Opposite Party-Sh.Ashotosh Pankajbhai Desai (in RPs.No.1487 and 1488 of 2012) through his relative. Keeping in view the reputation of Petitioner-Kotak Securities Ltd. and Opposite Party-Modi Financial Service, respondent no 1 started business with them. As per directions of Sh.Ashotosh Pankajbhai Desai, respondent no.1 gave his entire share portfolio for portfolio management with a condition that the existing shares portfolio will be kept intact and with the day trading, whatever money will be earned by Mr.Ashutosh Pankajbhai Desai, will be passed on to the respondent no. 1. It is also alleged that Mr. Ashutosh Pankajbhai Desai did not take any action for opening an account with Kotak Securities Ltd. but he opened a separate account which amounts to deficiency in service. Respondent No.1 had been repeatedly asking Ashutosh Pankajbhai Desai to transfer the holding in his account which he did not do and retained all the shares in his account including those purchased and thereby keeping all the dividends and other benefits accrued on shares given by the companies with him(Ashutosh Pankajbhai Desai)only. In the Consumer Complaints it was prayed that the opposite parties be directed to restore the shares existing in the name of respondents no.1 and 2 or to pay them entire amount along with interest.