TaxTMI 
TaxTMI 
1997 (8) TMI 423
X X X X Extracts X X X X
X X X X Extracts X X X X
....jay Gupta for the Respondent. ORDER Chowdhri, President - The original complainant Smt. Sarswati Chaudhry applied for allotment of 200 shares of Jai Prakash Industries Ltd. on 15-1-1992 in response to right issue. She submitted the application in the prescribed form along with a cheque, for Rs. 3,800 drawn on Bank of India, Asaf Ali Road Branch, New Delhi. The application and the cheque were de....
X X X X Extracts X X X X
X X X X Extracts X X X X
....art of the Bank, and, accordingly, the complainant was entitled to compensation. On a consideration of the matter, the District Forum held that the Bank was guilty of deficiency in service as the unsigned cheque had not been returned within a reasonable period. The District Forum further held that the compensation claimed was on the higher side and unjustified. The complainant was not entitled to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....related to right issue the number of the applications was limited and the Bank could not possibly plead that it had to handle a large number of applications which took lot of time. Lastly, Mr. Jain submitted that this was a case of right issue where allotment was certain as a result of the aforesaid deficiency in service on the part of the Bank the complainant had demonstrably suffered loss in the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....count of the difference between the rate at which shares were offered and the market rate on the date of closing of the issue. Assuming for the sake of arguments that the Bank was deficient in rendering service, no case was made out for the grant of compensation claimed by the complainant and only a token amount could be awarded on account of compensation for the deficiency in service. 4. We have....