bank towers

The factual matrix of this case are that in the month of June, 2003, first respondent had issued an advertisement offering equity shares of the Maruthi Udyog Ltd. (which name has since been changed to Maruti Suzuki India Ltd.) by way of public offer under disinvestment process of this public sector undertaking by Government of India on the basis of bid-cum-offer sale. To compensate the petitioner/complainant in respect of the lesser allotment of 300 shares by paying an amount which shall be equal to the difference in the closing market price of the company shares at the National Stock Exchange on the day of the allotment in question and the fixed allotment price of Rs.125/-. In addition, interest @ 6% shall be paid on this amount of compensation calculated on 300 shares w.e.f. the date of allotment till actual payment to the complainant. (ii) After notionally adjusting the fixed allotment price @ Rs.125 per share for 350 shares i.e. Rs.43,750/-, the complainant would have been entitled for a refund of Rs.71,250/-. Since she received a refund cheque of Rs.5,250/-, the Bank i.e. respondents No.3 & 4 with whom the amount of refund is reported to be lying, shall refund remaining amount of Rs.66,000/- to the complainant alongwith interest @ 6% from the date of allotment till actual payment.

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION NEW DELHI   REVISION PETITION NO. 2702 OF 2006 (From the order dated 8.6.2006 in First Appeal No.1215 & 1216 of 2004 of the State Consumer Disputes Redressal Commission Karnataka)   Dr. (Mrs.) B.P. Gayathri R/o Door No.1413, 6th Cross, K.M. Puram, Mysore– 570 004                                    …  Petitioner Versus   1.    Maruti Suzuki India Ltd. … Continue reading →