CENTURION BANK OF PUNJAB Vs. SANJEEV MEHTA

JUDGEMENT

(1.) Present revision petition has been filed under Section 21(b) of Consumer Protection Act, 1986 (for short, 'Act') by the Petitioner/ Opposite Party challenging impugned order dated 13.8.2013, passed by State Consumer Disputes Redressal Commission, Punjab, Chandigarh (for short, 'State Commission') in First Appeal No.695 of 2009.

(2.) Brief facts are, that Respondent/Complainant filed a consumer complaint against petitioner on the allegations that respondent handed over 50 Larsen and Toubro shares to CBOP, Rampa Towers, Jalandhar on 1.11.2007 for getting the same Demat. Respondent is having D-Mat account No. 10791564 with the petitioner. Till February, 2008, respondent had no information in the matter. In February, 2008, petitioner informed him that they have not received the physical shares as the same had been rejected due to signature mis-match on 22.11.2007. Respondent followed it with CBOP, for revival of his shares but to no avail. Lastly, CBOP refused to get his share back. In case, shares have been lost in transit, petitioner is liable for deficient in services. Accordingly, respondent has prayed for return of his original/duplicate shares atleast and has sought compensation of rupees one lakh for loss/harassment.

(3.) Petitioner in its written statement has taken a preliminary objection, that complaint is bad for mis-joinder of necessary parties, as Sharepro Services (India) Pvt. Ltd. is necessary party. On merits, petitioner admits that respondent had sent the original share certificates with Demat Request Form for purpose of dematerialization. The Sharepro Services had rejected the demat request under objection "signature mis-match" on 22.11.2007. The Sharepro Services ought to have returned the original certificates in case of such rejection. However, original share certificates alongwith objection memo has not been received by the petitioner bank from Sharepro Services. Although, Sharepro Services submitted that it had supplied/returned the share certificates by speed post on 26.11.2007, vide consignment No. 8413 but the above consignment has not been received by the bank till date. Thus, there is no deficiency on the part of the petitioner.