B. VIJAYALAKSHMI Vs. SATYA SAI INVESTMENTS

JUDGEMENT

(1.) Appellant is unsuccessful complainant.

(2.) The case of the complainant in brief is that she purchased 100 shares of Saw Pipes Ltd., New Delhi on 19.8.1997 for Rs. 4,850/- through R1 share broker. Since she came to know that they were bad in delivery they were returned through note No. 1258 Dt. 3.1.1998 to the company. The company while returning the share certificates directed her to take action against the broker in case of refusal to transfer the certificate in her name. R1 refused to transfer the share certificate, and informed her that it could do nothing. R2 being the main broker is jointly responsible with R1 to transfer the share certificate in her name. Therefore she sought the share certificate.

(3.) R1 resisted the case. While admitting that he had purchased 100 shares of Saw Pipes Ltd., New Delhi in the name of the complainant as per her request on 19.8.1997 it alleged that it had delivered the share certificates and share transfer deeds in time. She had lodged an application for transfer of certificate to the company on 2.9.1997 and it was sent back, on the ground that it was a bad delivery. The company refused to transfer the share certificate by its letter Dt. 23.12.1997 as the shareholder had obtained stay order prohibiting the transfer of shares. Further date of hearing was posted to 8.12.1997. Thereupon it requested the complainant to obtain fresh no objection memo . In fact it had addressed a letter through its share broker to the complainant to furnish fresh no objection memo to issue fresh share certificate or to rectify the same. Instead of complying the same she has approached the Dist. Forum. There was no fault on its part. There was no deficiency in service. It was not liable to pay any compensation. Therefore, it prayed for dismissal of the complaint with costs.