Reliance Industries Ltd. vs RADHIKA BHOJWAGARWALA

VIDE order dated 8.12.1998 the Forum allowed the case and directed the OPs who are appellants here to issue duplicate of 131 shares and 20 debentures in question after consolidation, together with bonus shares which have accrued thereon.

BRIEFLY stated that the case of the complainant is that he purchased 131 shares and 20 debentures of O.P. Nos. 1 and 2 and such shares were sent for consolidation to O.P. No. 1. Subsequently the complainant was told that 50 shares had been transferred to one Nilam Jain. Accordingly he has filed this case praying for order upon O.P. No. 1 to issue all the shares after consolidation. It appears that O.P. No. 4 admitted that the shares had been pilfered in postal transit and had been sold on the basis of forged transfer deed. Learned Counsel for the appellant submits that the transfer of shares and debentures is not a consumer dispute and as such the Forum was not justified by passing order in favour of the complainant. The learned Counsel for respondent points out that there was delay in filing the appeal and no petition had been filed praying for condonation of delay. Learned Counsel for the appellant submits that copy was supplied on 22.2.1998 and the appeal was filed on 22.3.1999 and as such it cannot be said that there was delay in filing the appeal we agree and hold accordingly.

It appears that the shares were despatched by post and they were intercepted during transit. Some of the shares have passed into the hands of others who had got their names registered with the Company. Since the question of title to the shares is involved in the present litigation and since further the question of fraudulent dealings with the shares is involved in the present dispute we think that the Forum ought not to have entertained the dispute but should have referred the complainant to seek remedy before a Civil Court. For the reasons aforesaid we cannot sustain the judgment. Consequently, we allow the appeal and set aside the impugned judgment. The complainant may approach the Civil Court for redress if so advised. Appeal allowed.