ORIENTAL INSURANCE CO LTD Vs. GAYATRI CAPITAL LTD

JUDGEMENT

(1.) Applications for Condonation of delay

(2.) The complainant submitted 2079 shares of Infosys Technologies Ltd. but despite the above-referred instructions issued by NSCCL, the shares were delivered to the CC Pool account and not to the CM Pool account. Moreover instead of giving the said shares with Delivery Out instructions, they were given with Irreversible Delivery Order (IDO). As a result, the shares could not be sold on the stipulated date and an auction was held by National Stock Exchange (NSE) for making up the deficiency of the said shares in the account of the complainant. The complainant claims to have suffered net loss of Rs.2515648/- on account of the debit made by National Stock Exchange in its account.

(3.) Claiming that the loss suffered by it was covered under the insurance policy taken by it, the complainant lodged a claim with the insurer. The said claim, however, was repudiated vide letter dated 30.8.2004 which to the extent, it is relevant reads as under:-