1994 (3) TMI 281

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....tion, 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 had the shares been sent to him in time. This claim was opposed on the ground that a letter as sent by the second opposite party stating that it had done all the work that is necessary, as the Registrars to the issue of the opposite party No. 1 to clarify all the queries pertaining to the non-receipt of letter of allotment. The ....

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....d 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 getting the application to apply for debentures is deprived of those debentures. He calculated that with the face value of Rs. 200 Part A of the debentures was selling at Rs. 1,100, and against the face value of Rs. 400 Part B of the debentures was selling at Rs. 900 and arrived on this basis at a loss of Rs. 14,000. The District Forum hel....

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....osite 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 respondent who is one of the shareholders of the company. The dispute raised by the respondent (complainant) related to the alleged delay on the part of the company in issuing convertible debentures for which the complainant had applied. We have held in a number of orders recently passed by this commission that there is no element of hiring of serv....