1998 (2) TMI 449

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..... t an NRI applied on 25-10-1994 for 40,000 shares and deposited Rs. 4.00 lacs as application money. After waiting for 10 weeks he wrote to the Registrar, opposite party (OP) No. 2. The complaintant was advised to contact the Company directly as RBI had not by then given permission for allotment of shares to the complainant. The Company was addressed directly but there was no response. Legal notice .....

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..... er annum on Rs. 2,59,000 from 29-7-1995, the date when RBI permission was given till 2-1-1996, the date of the refund order, along with Rs. 5,000 as costs. Dissatisfied with the order, the complainant has preferred this appeal. In spite of the notice sent under Registered cover, the respondent failed to appear. We have accordingly heard Mr. G.N. Kapahi, Authorised Representative of the appellant a .....

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..... the complainant should not be awarded interest for the period 6-1-1995 to 29-7-1995 when RBI informed the extent to which permission had been given. 3. The appellant has claimed charges under several other heads. We have carefully gone through the same. According to SEBI guidelines, the refund cheque should have been sent to the complainant at some local branch of the Bank at Delhi but the ref .....

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