DIST.CONSUMER DISPUTES REDRESSAL COMMISSION, KHURDA, BHUBANESWAR:

                                                -ooOoo-

C.C.CASE NO.85/2022

Trailokyanath Maharana, aged about 75 years,

S/o- Late Brajasundar Maharana, at- Similipatna,

PO/PS- Chandaka, Dist – Khurda, Odisha, Pin - 751024

….     Complainant             

-Vrs.-

1. Mr. Subrato Das, The Executive, TSR Darashaw Consultant (P) Ltd., Bunglow No.1, E-Road, Northern Town Bistupur, Jamesedpur, Jharkhand, Pin – 831001

2. The Chief  Executive, TSR Darashaw Consultant (P) Ltd.,

C-101, 247 Park, L.B.S Marg, Vikhroli (West),

Mumbai – 400083, Maharastra.

                                                                   ….     Opp. Parties

For the complainant      :         Mr. Brajaraj Sai (Advocate)

For the OPs                             :         Exparte

DATE OF FILING         :         17/03/2022

DATE OF ORDER        :         29/08/2023

ORDER

S.TRIPATHY, MEMBER 

1.       This Consumer Complaint is filed by the complainant  U/s 35 of the C.P.Act, 2019  alleging  unfair trade practice against the OPs.

2.       The brief  contention of the complainant is that, the  complainant had purchased 213 numbers of equity shares of TATA Steel Ltd., from the OPs. Out of that 213 equity shares, 90 numbers of shares were cumulative convertible preference shares of 100 rupees each and 123 numbers of shares were ordinary shares of Rs.10/- each. OPs issued share certificates against these shares in the  name of the complainant and his wife. Unfortunately, on 03/12/2020, the wife of the complaint died due to heart related problem. After her demise, the complainant intimated so to the OPs on 07/10/2021 and requested for deletion of his wife’s name from all the issued share certificates.  In response to the request letter of the complainant, the OPs returned 123 nos. of  ordinary shares to the complainant  but did not return his 90 nos. of  CCP share certificates. Again on 05/01/2022 the complainant wrote a letter to the OPs requesting for return of 90 CCPs to which the OPs replied vide letter dated 20/01/2022 that the 90 CCPs were automatically converted into 15 nos. of ordinary shares  since  01/09/2009. This was quite shocking for the complainant that without his knowledge and written permission this conversion had taken place. Moreover, instead of issuing share certificate for 15  new equity shares, the OPs adjusted these 15 shares with previously  purchased 123 ordinary shares of the complainant. Being  aggrieved by this misappropriation of shares, the complainant decided to seek relief from this Commission. Hence, this complaint.

3.       Upon notice, the OPs did not appear  before this Commission  and were set exparte. Subsequently,  exparte hearing was taken up.

4.       Perused the materials available on case record. Annexure -1 indicates that on 18/01/2008 the complainant had purchased 90  numbers of  cumulative convertible preference shares of 100 rupees each  from the OPs. The OPs issued share certificate against these 90 cumulative preference shares where it was clearly mentioned that the conversion of these 90 CCPs into ordinary shares would be  effective on 01/09/2009. Annexure -4 indicates  that on 01/09/2009 the above mentioned  90 CCPs of Rs.100/- each were converted into 15 nos. of ordinary shares of Rs.10/- at a premium of Rs.590/- per share and a share certificate to this conversion was issued on 07/09/2009. So,  the allegation of the complainant that this conversion was taken place without his knowledge is not tenable.  It is further alleged by the complainant  that the OPs have cunningly misappropriated  his   15 nos. of ordinary share by adjusting the newly converted shared with his previously purchased 123 nos. of  ordinary shares. In order to evaluate the truth of this allegation, this Commission verified all the documents carefully. On verification, it is ascertained that, the complainant initially purchased 90 CCP shares which were  later on  converted into 15 ordinary shares. In addition to this, the complaint purchased  108 ordinary shares from the OPs apart from these 90 CCPs shares. However, there is no other document to substantiate the purchase of 123 nos. of ordinary shares. The absence  of supporting document raises doubt regarding the veracity of the complainant’s further share acquisition.  Under such facts & circumstances,  this Commission is of the considered opinion  that, the complainant’s prayer for cumulative disbursement of 123 + 15 (converted shares = 138)  shares,  lacks a foundation. Hence it is ordered.  

ORDER

The complaint is  hereby  dismissed exparte   against the OPs  being devoid of merit.

The order is pronounced on this day the  29^th August,  2023  under the seal & signature of the President and Member (W) of the Commission.

                                                                            (S.TRIPATHY)

                                                                               MEMBER(W) 

Dictated & corrected by me

           Member ( W) 

                                                                             I agree

                                                                                                                                                President    

                                                                             (K.C.RATH)

Transcribed by Smt. M.Kanungo, Sr.Steno