1997 (8) TMI 423

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.... on Bank of India, Asaf Ali Road Branch, New Delhi. The application and the cheque were deposited with the American Express Bank Ltd., arrayed as opposite party. The issue closed on 31-1-1992. The aforesaid cheque was returned by the American Express Bank with their memo dated 31-3-1992 on the ground that the drawer had not appended her signatures on the cheque. The case of the complainant was that the cheque had been deposited with the opposite party on 15-1-1992 and it was obligatory on the Bank to have returned the cheque within a reasonable time. If the Bank had fulfilled that obligation, the complainant could add her signatures to the cheque and could have taken the benefit of allotment of right shares which were offered @ Rs. 25 per s....

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....hich 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 difference of the rate at which the shares were offered and the market price thereof and there was no reason why the complainant should not have been compensated for that loss. 3. The contention of Mr. Gupta, the learned Counsel for the respondent, on the other hand is that there was no obligation on the part of the Bank to inform the complainant that the cheque did not bear the signature of the drawer. It was pointed out that the complainant was primarily guilty of not signing the cheque and not bo....