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Judgment
HEARD the Ld. Counsel for the appellant.
THIS appeal is directed against the order dismissing the complaint of the complainant on two grounds: firstly, the claim was barred by time and secondly, remedy to seek arbitration has also been sought. The appellant purchased ITC bonds on 29.10.1984. The ITC was supposed to issue share certificate in lieu of paying interest on the amount invested which could have been done within 15 days from the date of purchase of the bonds or within 15 days from the delivery of defective documents. The transaction was of the year 1984 whereas the complaint was filed in the year 1995 i.e. almost after 10 years of the purchase of the bonds. The reason for delay given is that the appellant approached O.P. No.2 who had taken over six years time in deciding his application to refer the dispute to arbitration. Since he was not satisfied, he filed a complaint.
HAVING heard the Ld. Counsel for the appellant and after going through the impugned order on record, we feel that the Ld. State Commission has appropriately dealt with the stale and time barred claim by its well-reasoned order. We do not think that we can take any view different from the view taken by the State Commission. Accordingly, the first appeal is dismissed.