1.      Heard Ms. Simran Gill, Advocate, along with the petitioner. 

2.      Above revision has been filed against the order of Delhi State Consumer Disputes Redressal Commission, dated 01.03.2023, passed in First Appeal No.170 of 2014 (arising from the order of District Consumer Disputes Redressal Forum, New Delhi, dated 12.12.2013 passed in CC/635/2009), whereby District Forum allowed the complaint and directed the respondents to pay Rs.50000/- to the complainant and State Commission enhanced to Rs.300000/-.

3.      Suresh Chandra Gupta (the petitioner) filed CC/635/2009 for directing the respondents to (i) pay Rs.500000/- as compensation; (ii) pay Rs.5670/- towards dividend and Rs.1999/- toward debit; (ii) pay litigation costs; and (iv) any other relief, which is deemed fit and proper in the fact of the case. The complainant stated that he had Saving Bank Account No.00321000043499, in HDFC Bank, branch Safdarjung Development Area, Delhi. The complainant applied for opening a depository account with Depository Services of HDFC Bank on 26.10.1999 and Depository Account No.1264997 was opened in his name. The complainant deposited 200 shares of the value of Rs.10/- each on 20.01.2000. An employee of HDFC Bank filled up the request form and the complainant signed it. The complainant did not have his Demat Account number as such that employee checked it, from the computer and filled up in the request form. HDFC Bank issued acknowledgement of receiving the shares to the complainant. The complainant did not receive dividend of his shares then he made correspondence with HDFC Bank. In reply to the letter of the complainant dated 20.06.2007, HDFC Bank informed that dividend was paid to the complainant up to March, 2003. The complainant informed that he had not received any dividend either in his saving account or in Demat account. Then HDFC Bank checked it and vide letter dated 05.09.2007, informed that dividend were credited in Demat Account No.301151, of client No.12549947. Share Certificates are shown to have been lodged for dematerialization on 24.01.2000, in Demat Account No.301151 with client No.12786829. On further inquiry, it was found that one Suresh Chandra Gupta, R/o 147, Chhatrapati Nagar, Indore, M.P. was client No.12786829. HDFC Bank further debited Rs.1999/- from the account of the complainant on the ground that he had not maintained minimum balance. In spite of repeated letters, the opposite parties did not make good the deficiency in service on their part as stated above. The complainant gave a legal notice dated 03.01.2009, of which the opposite parties gave a vague reply through notice dated 23.01.2009. Then the complaint was filed.

4.      The respondents filed its written reply and contested the complaint. The respondents stated that the complainant had Saving Account No.00321000043499, in branch Safdarjung Development Area, Delhi of HDFC Bank. The complainant obtained 200 shares, bearing Share Certificate Nos.256842 & 256843 vide Allotment Advice dated 22.12.1994. HDFC Bank was Depository Participant with National Securities Depository Limited and handles opening and maintaining Demat account of its client as per bye-laws of National Securities Depository Limited. The complainant applied to HDFC Bank for availing depository service on 27.10.1999 and filled up Depository Service Account Opening Form. He also executed an agreement on 27.10.1999 for opening and maintaining Demat account, which was subject to payment of annual charges and agreed for debit from his Saving Bank Account No.00321000043499, for which authorisation was given to HDFC Bank. On which Demat Account No.12549947 was opened in his name. HDFC Bank received Dematerialization Request Form dated 17.01.2000, from the complainant, for depositing 200 shares of the value of Rs.10/- each on 20.01.2000, along with Share Certificate (bearing Folio No.135297, Share Certificate Nos.256842 & 256843 and Distinctive Nos.95384171 to 95384270 & 95384271 to 95384370). The complainant committed mistake in filling up Demat Account Number in this form and mentioned Demat Account No.12786829 (in place of Demat Account No.12549947). Dematerialization Request Form (signed by the complainant) was forwarded by HDFC Bank to Registrar & Transfer Agent i.e. MCS Ltd., who after receipt of it, dematerialized said shares in Demat Account No.12786829 on 07.02.2000, under Demat request number 147872. The complainant, for the first time, through letter dated 28.05.2005, made a complaint to the opposite parties that he had not received certificate of his aforesaid 200 shares. Then the opposite parties made inquiry from MCS Ltd., who vide email dated 04.06.2005, informed that the said shares were dematerialized in Demat Account No.12786829 on 07.02.2000. HDFC Bank informed the complainant vide email dated 04.06.2005. Thereafter, the complainant wrote another letter dated 20.06.2007, complaining that he had not received dividend in lieu of his above 200 shares. The opposite parties, then again conducted an internal inquiry and found that above 200 shares have been dematerialized in Demat Account No.12786829 of Suresh Chandra Gupta, R/o 147, Chhatrapati Nagar, Indore, M.P., who had sold it through Stock Broker “Swastik Finlease Limited” on 17.03.2004 and transferred to Demat Account No.1095575, maintained with ICICI Bank on 07.04.2004. The complainant was informed through letter dated 05.09.2007. Thereafter, the complainant wrote other letters dated 05.08.2008, 28.08.2008 and 18.09.2008, complaining that he had not received Share Certificate and dividend in lieu of his above 200 shares. The opposite parties again initiated inquiry and informed the complainant through letter dated 20.08.2008 and 13.09.2008. The opposite parties informed the complainant on numerous occasions that bonus/dividend were used to credit by Registrar & Transfer Agent in co-ordination of National Securities Depository Limited. HDFC Bank or other Depository Participants were not informed in this respect. The complainant was advised to contact with Registrar & Transfer Agent for appropriate information and redressal of his grievances again through letter dated 20.09.2008. The complainant gave legal notice dated 03.01.2009, which was replied on 13.01.2009. The opposite parties wrote a letter dated 02.02.2009 to Suresh Chandra Gupta, R/o 147, Chhatrapati Nagar, Indore, M.P. but he did not respond. The opposite parties have not committed any deficiency in service rather the complainant himself had committed mistake in filling Demat Account No.12786829 (in place of Demat Account No.12549947), in Dematerialization Request Form. The opposite parties are not liable to pay any damage and the complaint was liable to be dismissed.

5.      District Forum, by judgment dated 12.12.2013, found that the opposite parties have committed negligence as such they are liable to pay compensation. On these finding the complaint was allowed for Rs.50000/-. The petitioner filed First Appeal No.170 of 2014, from the order of District Forum. State Commission, by its judgment dated 01.03.2023, allowed the appeal and enhanced the compensation to Rs.300000/-. The petitioner has filed this revision and prayed for following reliefs:-

“a)     To admit the present revision petition; and

b)(i)   To direct the respondent to return the 200 shares of HDFC Bank Ltd. at the face value of Rs.10/- which were deposited with the respondent: or

 (ii)     To direct the respondent to return the 2000 shares of HDFC Bank Ltd. at the face value of Rs.1/- which is the current break up of shares: or

c)      To direct the respondent to pay the market value of the said 200 shares (i.e. at face value of Rs.10/-) as on the date of filing this petition i.e. Rs.3260,000/- approx. along with interest at 18% till realization; and

d)      To credit the amount of subsequent dividends accrued on the said share from the date of purchase of share i.e. Rs.1,32,000/- along with interest at 18% till realization; and

e)      To credit the amount of subsequent bonus accrued on the said share from the date of purchase of shares; and

f)       Award the justifiable amount for the mental agony caused to the petitioner amount to Rs.5,00,000/-; and

g)      Award the litigation cost of Rs.75,000/- to petitioner; or/ and

h)      Any other relief which this Court may deem fit in the interest of justice;

i)        pass such and further order which this Hon’ble Court may deem fit in the circumstances of the case.”

6.      I have considered the arguments of the counsel for the parties and examined the record. The prayer as made in the complaint has been entirely changed in the appeal and in the revision, which is not permissible without amendment in the prayer made in the complaint. The petitioner filed the complaint on 16.04.2009, on the allegations that the complainant deposited 200 shares of the value of Rs.10/- each on 20.01.2000. An employee of HDFC Bank filled up the request form and the complainant signed it. Due to negligence committed by the employee of the HDFC Bank, Demat Account No.12786829 of Suresh Chandra Gupta, R/o 147, Chhatrapati Nagar, Indore, M.P. was mentioned in the request form and he had suffered loss of it.

7.      The respondents took plea that the complainant applied to HDFC Bank for availing depository service on 27.10.1999 and filled up Depository Service Account Opening Form, on which Demat Account No.12549947 was allotted to him. HDFC Bank received Dematerialization Request Form dated 17.01.2000, from the complainant, for depositing 200 shares of the value of Rs.10/- each on 20.01.2000, along with Share Certificate (bearing Folio No.135297, Share Certificate Nos.256842 & 256843 and Distinctive Nos.95384171 to 95384270 & 95384271 to 95384370), which was forwarded by forwarded by HDFC Bank to Registrar & Transfer Agent i.e. MCS Ltd., who after receipt of it, dematerialized said shares in Demat Account No.12786829 on 07.02.2000, under Demat request number 147872. As the complainant had committed mistake in filling up Demat Account Number in this form and mentioned Demat Account No.12786829 (in place of Demat Account No.12549947), above 200 shares of the complainant had been dematerialized in Demat Account No.12786829 of Suresh Chandra Gupta, R/o 147, Chhatrapati Nagar, Indore, M.P., who had sold it through Stack Broker “Swastik Finlease Limited” on 17.03.2004 and transferred to Demat Account No.1095575, maintained with ICICI Bank on 07.04.2004. There was no deficiency in service on their part. Both the Commission below ignored the plea of the respondents and held that respondents had committed deficiency in service. However, the respondents have not challenged the orders as such the finding in this respect has to be accepted.

8.      So far as the compensation is concerned, in written arguments filed on 17.07.2023, the petitioner has stated that face value of the share of the petitioner was Rs.15/- in 1999, Rs.330/- in 2011 and Rs.1600/- in 2023. Face value of the 200 shares of the petitioners in 2023 was Rs.320000/-. State Commission has awarded Rs.300000/-. Although the compensation had to be assessed on the date of filing of the complaint. State Commission has not given any mode of assessment of the compensation. As the State Commission has already awarded excessive compensation, there is no scope to enhance it further.

O R D E R

In view of the aforesaid discussion, the revision is dismissed.