BANK OF BARODA Vs. JATINDER SINGH

JUDGEMENT

(1.) The complainants applied for allotment of the shares of HDFC Standard Life in an IPO. Three applications for allotment of 650 shares each were submitted by them through their banker Dena Bank. Though the IPO was under subscribed, no allotment was made to the complainants. On exchange of correspondence with the Stock Holding Corporation of India Ltd., registrar to the issue Karvy Computer Share Pvt. Ltd. and Dena Bank, it transpired that the applications of the complainants had not been processed by the bank as per the prescribed norms and therefore, the said applications were not considered for allotment. Realizing its mistake, the bank credited a sum of Rs.40,950/- in the account of the complainants in order to compensate them. Being dissatisfied, the complainants approached the concerned District Forum by way of a Consumer Complaint.

(2.) The complaint was resisted by the petitioners which admitted the applications submitted by the complainants through it, as well as the fact that the said applications had not been considered for allotment. No explanation was given in the written version filed by the petitioner as to why they had not processed the applications of the complainants as per the prescribed norms/procedure.

(3.) The District Forum, vide its order dated 08.04.2019, dismissed the complaint holding that the complainants had been duly compensated by paying a sum of Rs.40,950/- to them.