BANK OF INDIA THROUGH ITS MR. TUSHAR SHASTRI ASSISTANT MANAGER LEGAL. THOMAS COOK BUILDING. DR. NAROJI ROAD, MUMBAI MAHARSHTRA Vs. SHYAMA SUD AND ANOTHER A.B.C. HANDLOOMS. GAURAN GATE, HOSHIARPUR

JUDGEMENT

(1.) By this Revision Petition, under Sec. 21(b) of the Consumer Protection Act, 1986 (for short the Act ), Bank of India (for short the Bank ), which was impleaded as Opposite Party No.2 after the filing of the Complaint, on Complainant's Application, questions the legality and correctness of the order dated 02.01.2009, passed by the State Consumer Disputes Redressal Commission, Punjab at Chandigarh (for short the State Commission ) in First Appeal No.849 of 2002. By the impugned order, while allowing the Appeal preferred by Thomas Cook (India) Limited (for short Thomas Cook ), arrayed as the sole Opposite Party in the Complaint, initially filed, against the order dated 29.04.2002, passed by the District Consumer Disputes Redressal Forum, Hoshiarpur (for short 'the District Forum ) in Complaint No.307/10.09.2001, the State Commission has held that since 150 equity shares of Thomas Cook, held by the Complainant had been transferred on the directions of the Bank, they are liable to compensate the Complainant for fraudulent transfer of the said shares in the name of third parties. The State Commission has accordingly, directed the Bank to acquire 150 equity shares of Thomas Cook and transfer the same in her name within three months from the date of its order or in the alternative pay to the Complainant, as compensation, the value of the said shares at the rate prevalent in the market on 10.09.2001, along with up-to-date dividend and bonus within 60 days of the expiry of period of three months as also a nominal cost of Rs.500.00.

(2.) As afore-noted, the Complainant held in her name 150 equity shares of Thomas Cook. She pledged these shares with the Bank as collateral security. On discharge of the Bank's liability, the share scripts along with the share transfer forms, signed by an authorised representative of the Bank, as transferor, were returned to her. On receipt of the said documents, admittedly she sent these shares to Tata Shares Registry Limited, the Registrars to the Company. However, the same were received back by her with certain objections. On re-submission of the same for transfer, in her favour, the said Registrars, vide their letter dated 14.07.2000, informed her that the said shares had not been lodged for transfer in her favour and further, the same had already been transferred in the name of various transferees.

(3.) In this background, alleging deficiency in service on the part of Thomas Cook, in depriving her from the said shares and resultantly dividends etc. thereon, the Complainant filed Complaint against Thomas Cook, praying for a direction to them to transfer the shares in her name or in the alternative compensate her for loss on that account. It appears that upon filing of the Written Version on behalf of Thomas Cook, an Application was filed by the Complainant, praying for impleadment of the Bank as Opposite Party No.2. Since the contents of the said Application have some bearing on the issues raised in this Revision Petition, the relevant paragraphs thereof are extracted below: