RAJAGOPAL Vs. RAVI SHANKAR

JUDGEMENT

(1.) The revision petitioner was the complainant before the State Commission. Aggrieved by the order of the State Commission in Appeal No. 1410 of 2003, he has filed this petition before us.

(2.) The petitioner/complainant has stated that he had purchased 400 shares of M/s. Silver Line Technology from Mr. Ravishanker, Share Broker and Proprietor of Bhavani Investments, Bangalore. The petitioner/complainant had purchased 200 shares on 11.9.1998 @ Rs. 108 per share purchased 100 shares on 31.3.1999 @ Rs. 375 per share and he purchased 100 shares on 26.4.1999 @ Rs. 205 per share. After the purchase of the said shares the opposite party did not hand over the shares to the complainant. After several visits to his office, he gave 100 shares to him when the market value of the shares had dipped to Rs. 23 per share. He deliberately withheld the shares of the complainant when the market value of the shares was Rs. 1300 per share. The complainant had also approached the General Manager of the Bangalore Stock Exchange for arbitration. As he did not get any relief he approached the District Forum, by the time the value of shares had crashed to Rs. 7 per share. The District Forum after hearing the parties held that:

(3.) Dissatisfied with the order of the District Forum, the complainant had approached the State Commission, which dismissed the appeal.