PENINSULAR CAPITAL MARKET LTD Vs. V M MADHAVAN & ANR

JUDGEMENT

(1.) THE appellant is the opposite party firm that is a trading member at the stock exhange who along with the second opposite party the alleged franchisee of the appellant has been held liable to refund Rs. 14,646 with interest at 12% and also a compensation of Rs. 2,000 and litigations expense of Rs. 250 vide the order in OP 272/2000 in the case of CDRF Kannur. It is the case of the complainant that attracted by the advertisement of first opposite party he approached the second opposite party for the purchase of shares and paid a sum of Rs. 14,646.35 for purchase of two shares of Penta Communications and Rolta India Limited, on 22.2.2000. It was agreed to deliver the share certificates within a week. Thereafter the complainant went to the office of the second opposite party to find that it was closed. Hence the complaint.

(2.) THE first opposite party/appellant contended that the complainant is not a consumer and also the second opposite party is not a franchisee of the first opposite party. The second opposite party alleged that the deficiency of service is on the part of the first opposite party and disclaimed liability.

(3.) THE evidence adduced consisted of the testimony of PWs 1 and 2 Exts. A1 to A5. No evidence was adduced at the instance of the opposite parties.