Omega Ag - Seeds Punjab Ltd vs INDIAN OVERSEAS BANK

IN this complaint for alleged deficiency in service by the INdian Overseas Bank, complainant, limited Company seeks the following reliefs : ''40. IN view of the foregoings, the complainant most respectfully prays as under : (a) That this Honble Commission may hold and declare that the opposite parties have clearly shown gross negligence and deficiency in service rendered. (b) Direct the OPP -I, Bank to hand over forthwith the Original FDR No. 691/2001 for Rs. 1,10,59,346/ - to the Chairperson of the Company with a declaration that it is totally unencumbered and belonging and standing in the name of the company exclusively. (c) That to direct the Bank to pay Rs. 1,21,37,770.85 to complainant for the claim as shown in the statement of claim at Exhibit BB. (d) That the further interest on above as may be awarded by this Commission till date of actual payment by this Honble Commission. (e) The mental agony and liquidated damages of Rs. 5.4 crores. (f) Exemplary cost may be awarded to the complainant. (g) Any other order this Honble Commission may deem fit and proper in the circumstances of the facts of the complaint and in the interest of justice.''

If we now refer to the Exhibit BB the particulars of this claim of Rs. 1,21,37,770.85 would be as under : ''Statement of Claim Against OPP -I, IOB -Chandigarh for C/A No. 35 with IOB, Extn. Counter Branch, PAIC, THRU. IOB, Sect -7C Branch, Chandigarh INd. Rs. (A) Account open by depositing cash on 23.4.1994 500.00 A erroneous/illegal debit entry by a loose cheque transferred to PAIC on 13.5.1994, out of public issue collection A/c in violation of Prospectus dated 11.4.1994 10,74,233.85 SEBI Guidelines favouring, PR -II, PAIC 69,26,266.15 80,00,500.00 INterest on Rs. 10.74 (PAIC Entry) @ 18% for 78 months 10,74,233.85 13,26,000.00 24,00,233.85 A. (B) Rs. 1,000/ - transferred from 69,26,266.15 The Companys A/c No. 1109 with Jammu and Kashmir Bank on 1.12.1994 + 1,000.00 69,27,266.15 INterest @ 24% on Rs. 80 lakhs from 13.5.1994 to 11.8.1995 for 15 months till Court order 20,00,000.00 From 12.8.1995 to 11.2.2002 for 78 months @ 18% on Rs. 20.00 lakhs 23,40,000.00 43,40,000.00 B (C) Loss of interest (Difference between18% less interest accrued in the FDR) 48,20,000.00 C. (D) Legal expenses and other out of pocket expenses incurred by the complainant for fighting the prolong the legal civil war. Legal fees to Advocates for last 8 years 5,40,000.00 Hotel Bills for stay at Wood -land Hotel, Pahargan,of 12 days in Delhi for preparing and filing this petition 12,000.00 Air ticket Mumbai -Delhi -Mumbai IA 5,209x2 10,418.00 Hotel INter Continental Bill for Lawyers Lounge, R. No. 2033 6,357.00 Typing/Xerox/Fax/STD etc. Photo Composers 8,762.00 Grand Total I Rs. 5,77,537.00 D. 1,21,37,770.85 (Claim of Rupees one crore, twenty one lakhs, thirty seven thousand seven hundred seventy and paise eighty five only).

APART from the Indian Overseas Bank there are opposite parties as proforma respondents, three of them being the Banks and two the promoters of the complainant. Though in the complaint the first relief claimed would appear to be simple but the complaint raises complex questions of facts and law. There are documents running over 100 pages. It is not possible for this Commission in its summary jurisdiction to decide this matter which requires a great deal of evidence both oral and documentary. Earlier Mrs. Leena N. Parekh who has signed the present complaint as a Chairperson of the complainant Co., filed a complaint in her personal capacity which is pending before this Commission. It being Original Petition No. 384/2001. We sent for the file of that case and we find that that has no correlation with the reliefs claimed in the present complaint. Accordingly we will dismiss this complaint. This will not, however, come in the way of the complainant to seek its remedy elsewhere. Complaint dismissed.