Case nº Consumer Case No. 287 of 2001 of NCDRC Cases, July 24, 2012 (case Dr. V.K. Agarwal Vs Infosys Technologies Ltd. and Ors.)
| Judge | For Appellant: Mr. Prashant Katara, Advocate For Mr. Anil Mittal, Advocate and For Respondents: Ms. Haripriya Padmanabhan, Advocate and Nemo |
| President | Mr. J.M. Malik, Presiding Member and Mr. Vinay Kumar, Member |
| Resolution Date | July 24, 2012 |
| Issuing Organization | NCDRC Cases |
Order:
J.M. Malik, J.
-
Dr. V.K. Aggarwal, the Complainant, a Shareholder picks up a conflict with the company M/s. Infosys Technologies Ltd, arrayed as opposite party No.1 (to be referred as OP 1, hereinafter) in this Original Petition. The key point pivots round the question, hether the complainant is a onsumer The facts emanating from the record may be stated as follows.
-
M/s. Infosys Technologies Ltd., OP 1, for its new Company, floated certain equity shares and published advertisement. In the year, 1993, Dr. V.K. Aggarwal, was allotted 200 shares having distinctive Nos.03304901-03305100 and Certificate Nos. 34485-34486 by OP 1. In the year, 1994, OP 1 allotted 200 shares, each of Rs.10/- paid up, in favour of the Complainant, having distinctive Nos. 3925001-3925299 and Certificate Nos. 40849-40850. In the year, 1997, OP 1, again allotted bonus share 1:1, each of Rs.10/- paid up, in favour of the complainant. Consequently, the Complainant owned 800 shares of OP 1.
-
Out of these, Complainant sold 100 shares on 04.07.1997, including bonus shares having distinctive Nos. 3925101 to 3925200 and Certificate No. 40850. On 21.08.1997, Complainant again sold 100 shares, excluding Bonus Shares, having distinctive Nos. 3925001-3925100 and Certificate No. 40849 and also sold 200 shares, excluding Bonus on 18.09.1997, having distinctive Nos. 03304901-03305100 and Certificate Nos. 34485-34486. The complainant sold 500 shares of his total ownership of 800 shares.
-
It is alleged that OP 1 and M/s. Karvy Consultant Ltd., OP 2, who is Registrar and Transfer Agent of OP 1, did not send 300 shares pertaining to the allotment of Bonus Shares, for the year 1997. Letters and reminders sent by the complainant did not ring the bell. In the year, 1999, OP 1 again, allotted 300 shares, each of Rs.10/- paid up, in favour of the complainant. In June, 1999, the complainant received dividend for 600 shares. Vide letter dated 10.05.1999, OP1 admitted that the complainant was holding 600 shares and should get the same dematerialised.
-
The grievance of the complainant is that he had neither received 300 shares allotted by respondent No.1 in the year 1997, nor complainant had sold the same to anybody. The complainant is the owner of the above said 100 shares allotted in the year 1997. The complainant had sent 300 Bonus Shares of 1999 to M/s. Gogia Capital Ltd., OP 3 to dematerialize the same in his account No. 10045415. In January, 2000, shares were split into Rs.5/- each, thus, doubling the complainant holding. Complainant received an account statement dated 04.02.2000 from OP 3, wherein, 200 shares had been dematerialized but 100 shares were shown as pending demat but when the complainant received the second statement, dated 10.04.2000, OP 3 had removed the above mentioned 100 shares as pending demat. It clearly revealed that OP 3 was also working hand in glove with the other remaining opposite parties. The request and reminders sent to the opposite parties, fell on deaf ears. The complainant suffered financial loss.
-
It is averred that one M/s. Allied Financial Services Pvt. Ltd, had filed a Suit before the Additional District Judge in the year 2001, against six parties, including Virendar Kumar, defendant No.3, M/s.Infosys & Technical Ltd., defendant No.4, M/s. Suchi Securities Ltd., defendant No.1 and its Director, Sh. Sandeep Surekha, defendant No.2 of the plaintiff. The plaintiff, in that case, submitted that Sh.Sandeep Surekha, Director, defendant No.2 and Virendar Kumar, defendant No.3, offered for trading of the plaintiff held by defendant No.2, in M/s. Infosys & Technical Ltd...
To continue reading
Request your trial