RELIANCE INDUSTRIES LTD Vs. NEERA MAHESHWARI

JUDGEMENT

(1.) The issue involved in this case is whether the Consumer Fora have powers to award damages to the tune of Rs. 500 per day for delayed transfer/non-transfer of share certificate to the complainant/consumer. The answer is No.

(2.) The complainant Smt. Neera Maheshwari filed a complaint against the respondents Reliance Ind. Ltd. and Carbo Consultants Ltd., Unit of Reliance Ind. Ltd. that after submitting an application in the prescribed proforma she had applied for purchasing 100 equity shares of Rs. 10 each and she had deposited the said application in the authorized Bank of the Company along with a sum of Rs. 500 towards stock invest. Later on the Reliance Ind. on the basis of this application sent her 100 equity shares of Rs. 10 each through their portfolio No. 34442789. Further, through their Notice No. 004998071 dated 24.9.1994 demanded a sum of Rs. 250 @ Rs. 2.50 per share, in accordance with their prospectus dated 14.10.1992 which was paid by the complainant. The company made second and final demand of Rs. 250 which was paid through the Bank. Case of the complainant:

(3.) The respondent sent a demand notice dated 25.5.1995 wrongly demanding further sum of Rs. 271.08 a sum of Rs. 500 on 12.2.1996. Despite several letters issued by the complainant, the company has not issued the share certificates, bonus certificates, dividend on the shares as required by the Section 53 of the Companies Act. Accordingly, the complainant filed a complaint before the District Forum seeking following relief: