This is a discussion on Shalimar Wire within the Judgments forums, part of the General Discussions category; Sri Shree Niwas Rathi, S/o late Dev Kishan Rathi, Hindhu, aged 65 years, Business C/o M/s.Jawahar Lal Rathi D.No. 4-2-62, ...
- 09-11-2009, 08:03 AM #1
Sri Shree Niwas Rathi,
S/o late Dev Kishan Rathi,
Hindhu, aged 65 years,
Business C/o M/s.Jawahar Lal Rathi
D.No. 4-2-62, Kothagraharam,
1st Line, Vizianagaram. …….complainant.
M/s Shalimar Wire Industries Limited,
Represented by its The Managing Director,
25, Ganesh Chandra Avenue,
KOLKATA – 700 013. ….Opposite party
O R D E R
1. This is a complaint filed Under Section 12 of the Consumer Protection Act, 1986 seeking for a direction to the opposite party to (a) pay the redemption amount of 125 debentures under Folio No.00190045 under Certificate No.27241 to 43 and Dis.No.001183099 to 223 with interest at 24% P.A. on the redemption amount from the date of redemption till the date of realization, (b) to pay other corporate benefits on the debentures (c) to pay Rs.25,000/- towards damages for mental agony suffered by the complaint and (d) to pay costs.
2. In brief the case of the complainant is that he is absolute owner of 125 Debentures of Shalimar wire Industries Ltd., Kolkata under Folio No.00190045 under Certificate No.27241 to 43 and Dis.No.001183099 to 223. That as per the conditions, the said debentures shall be redeemed at the end of the 7th, 8th and 9th years respectively, Accordingly after the redemption period, the complainant submitted all the relevant documents as per the schedule. That the complainant got issued a notice to the Intime Spectrum Registry Ltd., Mumbai demanding to pay the redemption amount with interest at 24% P.a. The said notice was acknowledged and issued a reply to follow up with the opposite party. Then the complainant got issued a legal notice submitting the original certificates to the opposite party. The complainant is entitle to above claim. That there is deficiency of service causing mental agony.
3. The opposite party having received notice from this Forum, did not choose to contest the matter but addressed this Forum a letter. The complainant filed his Affidavit and marked Exts.A.1 to A.9. Heard the learned counsel for complainant. Perused the affidavit, documents and the letter dated April 22nd, 2009 of the G.M. (Corp. Affairs) & Co., Secy. The point for consideration is whether there is deficiency of service?
4. The fact that the complainant held 125 non convertible debentures is admitted in the letter dated April, 22nd, 2009 which is referred above. Further it is stated that a cheque for Rs.5,021.51 paise vide Cheque No.002119 dt.22-4-2009 was also sent to the complainant out of that Rs.3,750/- was towards redemption amount and Rs.1,271.51 paise was
towards interest. Learned counsel confirmed the said fact. He submitted the debentures were surrendered to the opposite party along with Ext.A.3 which is office copy of the legal notice sent to the opposite party. As seen there is a specific mention that the original debenture certificates are enclosed. This legal notice was acknowledged by the opposite party vide Ext.A.4 Postal Acknowledgement. Thus it is evident the said debentures were acknowledged by the opposite party before filing of the complaint. By now the 9th year of redemption of debentures is over since the debentures were purchased on 15-3-1999. The complainant received the total value of Rs.5,021.51 paise with interest upto 15-3-2008.
Learned counsel submitted that the complainant was put to mental agony and hardship as such entitle for compensation to the mental agony suffered by the complainant. It is to be seen the complainant has surrendered the original debenture certificates along with Ext.A.3 legal notice during the year 2008. Ext.A.3 is undated. From the postal stamp on Ext.A.4, one can be able to give the year. Thus there is no scope for any mental agony and interest further.
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