BEFORE THE DISTRICT FORUM CONSUMERS
PROTECTION ALLAHABAD
Consumer Complaint No……………… of 2002
……………… s/o …………….
ADVERTISEMENTS:
………………………………………
Complainant
Versus
M/s. Reliance Capital and Finance Trust Limited
ADVERTISEMENTS:
Avdesh House 2nd Floor, Pritam Nagar I Slope Ellis Bridge
Ahmedabad 380006
This Complaint under Section 12 of the Consumers Protection Act, 1986 is presented on the following amongst other grounds :
1. That the complainant is a small investor and a share holder of opposite party.
ADVERTISEMENTS:
2. That the opposite party M/s Reliance Capital and Finance Trust Limited, is a company incorporated under the Companies Act, 1956 having it’s registered office at Avdesh House 2nd Floor Pritam Nagar I Slope Ellis Bridge Ahmedabad 380006.
3. That in December 1992 the opposite party came with rights issue of it’s equity shares which was to be managed by it’s Registrars and Transfer Agents M/s. Reliance Consultancy Services Limited Swastik Mill Compound V.N. Purav Marg Sion Tromby Road Bombay 400071 (which shall be referred to as Registrars hereinafter).
4. That the complainant was entitled to 400 shares of the opposite party in the rights issue mentioned in para 3 herein above. He received an offer from the opposite party for 400 shares and not only accepted the offer of 400 shares but also applied for 200 additional shares.
5. That as per scheme of the rights issue Rs. 10.00 per shares was to be paid as application money and Rs. 30.00 per share was payable on allotment. The complainant applied for 400 plus 200 shares and accordingly paid Rs. 6000.00 as application money vide acknowledgment slip issued by the bankers to the issue enclosed as annexure No. I.
6. That the allotment was to be made within six weeks from 4.1.1993 when the issue closed for subscription. The complainant did not hear any thing either from the opposite party or from it’s registrars so he wrote a letter to the Registrars enquiring about the fate of his application. The registrars sent a duplicate copy of Allotment Money Due Notice to the complainant but not the share certificate as was done in case of other allottees. Moreover the facts given in the Allotment Money Due Notice were also wrong. So the complainant wrote another letter to the Registrars asking them to send a correct Allotment Money Due Notice. They did not respond. Thereafter complainant wrote to the Company Secretary of the opposite party and endorsed the copy of this letter to the registrars. Both have kept mum so far. A copy of the letter addressed to the registrars is enclosed as annexure No. II. A copy of the letter addressed to the Company Secretary has been annexed hereto as annexure No. III. This letter has been received by the Company Secretary and the registrars as well. The acknowledgment card has been received back from the Postal authorities a copy whereof has been annexed hereto as annexure No. IV and V. A copy of the Duplicate Allotment Money Due Notice has been enclosed as annexure No. VI.
7. That the complainant has lost too much time making correspondence with the opposite party and it’s Registrars and has now no hope to get justice from them and has come to this Hon’ble Forum for the same. From the duplicate allotment Money Due Notice it is clear that the complainant has been allotted 400 shares and on 400 shares he has paid 6000.00 as allotment money. Thus Rs. 2000.00 is excess application money. He has to pay Rs. 12,000.00 as allotment money in which he has to get credit of Rs. 2,000.00 excess application money and thus the allotment Money now payable by him comes to Rs. 10,000.00. Since delay in it’s payment is due to fault of the opposite party, the complai nant should not be asked to pay interest.
8. That in the interest of justice the opposite party should be directed to accept the allotment money without charging any interest from the complainant and after payment of the same fully paid share certificates should be issued to the complainant by the opposite party.
9. That although the complainant has lost excellent unloading opportunities, he does not intend to claim loss on such score. However he should be allowed Rs. 500.00 as compensation to meet the correspondence, filing of this complaint and also fee of the counsel.
Prayer
It is therefore respectfully prayed that the complaint be kindly allowed, the opposite party be kindly directed to :
(1) Issue a revised Allotment Money Due Notice to the complainant demanding from him Rs. 10,000.00 as allotment money,
(2) Waive the interest which might have become payable by the allottee due to non-receipt of allotment Money Due Notice in time from the Registrars,
(3) Accept the allotment money paid by this complainant to the order of Rs. 10,000.00 and issue fully paid share certificates for the allotted shares to the complainant and
(4) pay Rs. 500.00 (Rupees Five hundred) only as per averments of the complainant in para 9 of this complaint.
(5) to pay any such other amount as this Forum is pleased to find just and proper to the complainant.
Dated Allahabad
7th Day of May 2002
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Complainant.