9911796707
TMI Blog1993 (10) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal has been filed by the complainant against the order of the District Forum No. 1 dated 2-11-1992 by which the complaint has been dismissed. 2. Briefly the facts of the case are that the complainant on 5-1-1987 purchased 50 shares of Indrol Lubricants Specialities Ltd. (now named as Castrol India, respondent No. 1) of the value of Rs. 10 each from Mrs. Lalita Gupta, respondent No. 3 at the rate of Rs. 459 per share through a sub-broker. The share-scrips were handed over to the complainant by the broker. It is alleged, that the scrips were lost and a report about their loss was lodged by him with the police. The loss was also reported to Delhi Stock Exchange and respondent No. 1 3. The complainant filed a Civil Suit in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent No. 1 be directed to issue bonus and right shares as mentioned above, to him. He has further claimed damages and costs of litigation. 7. The complaint was contested on behalf of respondent Nos. 1 and 2. Respondent No. 3 was proceeded against ex parte. The learned District Forum dismissed the complaint on preliminary objection that the com-plainant was not a consumer as defined in the Consumer Protection Act, 1986 as he had not paid any consideration for hiring such service to the company. He has come up in appeal to this Commission. 8. The only question that arises for determination is, whether the complainant is a consumer. The learned counsel for the acquisition has vehemently argued that the complainant is a consumer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the transfer of the existing debentures/shares by the holders of the deben-tures/share-certificates, to purchaser from them are services rendered by the company within the meaning of section 2(1)( o ) of the Act. It is further observed that those who purchase the shares/debentures from the existing holders and seek the transfer from company in their name are the persons who have hired services of company for consideration. The consideration within being value of shares/debentures and they are, therefore, consumers the meaning of section 2(1)( d )( ii ). 11. For the aforesaid reasons we accept the appeal set aside the order of the District Forum and remand the case to it for deciding the complaint on merits. The parties are directed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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