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TMI Blog1994 (3) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... P.R. Prasad for the Appellant. ORDER Venkatarami Reddy, President - The grievance of the com-plainant is of two-fold. Firstly, that he applied for 30 equity shares, the company having received the amount did not effect transfer within a period of 2 months. Secondly, which is in fact the consequence of the first contention, that on account of the failure of the company to transfer equity shares in his name, the complainant could not get right issue of 14 per cent unsecured fully convertible 10 debentures. According to him, on account of failure to transfer the equity shares and also as he lost the right to have the right of convertible debentures, he suffered a loss of Rs. 14,000 and also he would have earned a sum of Rs. 61,800 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the complainant claimed compensation for want of share certificates, he could not sell them in the market when the rate of the shares had reached its peak and also on the ground that he has not received the application for the purchase of debentures, which opened on 5-5-1992. It held that if he were to sell the share certificates in the 3rd week, when the price was highest according to the complainant, he would not be able to purchase debentures, if he parted with the shares on that date. It, therefore, held that the complainant could claimed compensation on the first ground only, and that the complainant is not entitled to any claim for of any profit of Rs. 61,810 claimed by him. The District Forum further held that the complainant by not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Commission, did not effect transfer of shares within the time of 2 months and that there was a delay in sending the share certificates to the complainant. The complainant, therefore, filed the case before the District Forum, which was allowed. Subsequently, when appeal is pending before the State Commission, State Commission directed the opposite party to deposit the amount as directed by the District Forum. But in the above revision referred, against the order of the State Commission, the National Commission held that "the com- plaint filed before the District Forum in this case was totally misconceived as there is absolutely no arrangement of hiring or availing of service for consideration as between the petitioner-company and the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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