STANDARD CHARTERED BANK Vs. P N TANTIA

JUDGEMENT

(1.) This Revision Petition is directed against the order of the State Consumer Disputes Redressal Com mission, West Bengal, dated 8th March 1996. In order to appreciate the controversy between the parties it is necessary to state the facts briefly.

(2.) The respondents opened an account with the Standard Chartered Bank, petitioner herein, and pledged their shares of different companies for availing of advance/overdraft facilities. The Bank allowed the complainant to withdraw from their account a sum of Rs. 2,40,000/ on different counts. Vide letter dated 10.6.1993, the complainant requested the Bank to sell their shares on 11th June, 1993 at the price mentioned in the letter. According to the complainants, the offer was accepted by the Bank. However, in breach of the terms and conditions contained in the letter dated the 10th June, 1993, the Bank sold the shares on a date other than the date specified and on that count the complain ants suffered huge loss. In these premises, a complaint was filed for seeking reliefs for cancellation of the sale of shares and award of compensation for the loss suffered by him.

(3.) The complaint was contested by the Bank. It was pleaded that the complaint was speculative and vexatious and that the complainants had no cause of action; the Bank sold the shares of the complainants as in terms of the letter dated 10.6.1993 and no breach was committed and no loss was suffered by the complainants.