Surinder Kumar vs MANAGING DIRECTOR, RELIANCE CONSULTANCY SERVICES LTD.

SURINDER Kumar purchased 400 shares from a right-holder and in this regard, the price was deposited by him on 3.8.1993 through the Oriental Bank of Commerce. Since the shares were not transferred, he instituted a complaint for transfer of the shares and also claimed the profit at a supposed rate of Rs. 240/- per share. On 24.9.1996, the District Forum ordered regarding transfer of the shares, but declined the claim of probable benefit. Aggrieved against it, the present appeal has been attempted.

DURING the course of arguments, it transpired that by now the shares have been transferred by the Reliance Consultancy Services, respondent-1, in favour of the appellant. The plea that there was a chance of probable benefit because the prices of the shares did go up for some time before filing of the claim, was rightly disallowed by the District Forum holding it entirely speculative. The learned Counsel for the appellant has referred to N. Maduram Financial Services (P) Ltd. v. Modem Woollens Ltd., Jaipur, II (1992) CPJ 756. In the aforesaid case, the direction issued by the Consumer Commission, Madras, was that the share certificates shall be transferred in favour of the complainant or in the alternative, a particular amount shall be paid together with interest. It was not a case where probable profit was awarded. The conclusion is that the appeal fails and it is hereby dismissed. Appeal dismissed.