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Harish Sood Versus Videocon International Ltd.

1996 (2) TMI 362 - MONOPOLIES AND RESTRICTIVE TRADE PRACTICES COMMISSION

Service - Deficiency of - COMPENSATION APPLICATION NO. 198 OF 1994 - Dated:- 1-2-1996 - SARDAR ALI, ACTING CHAIRMAN AND U.P. SINGH, MEMBER K.K. Marwah for the Complainant. B.S. Nagar for the Respondent. ORDER Sardar Ali, Acting Chairman - This order shall dispose of a preliminary issue framed by the Commission on 29-11-1995 regarding maintainability of the compensation application on the grounds stated by the Respondent in its reply dated 1-3-1995. The issue is whether this application is not ma .....

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that the applicant is a shareholder of Respondent No. 1 holding equity shares of Rs. 10 and is entitled to allotment of rights shares issued by respondent No. 1 which are offered to the existing members from time to time in terms of the provisions of section 81A of the Companies Act, 1956. Respondent No. 1 announced issue of 1,25,00,000 equity shares of Rs. 10 for cash at a premium of Rs. 110 per share. It is further alleged that the name of the applicant appeared on the Register of Members of R .....

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licant did not receive any advice even after considerable period of five months. Thereafter the applicant approached the Respondent by sending a letter dated 7-6-1993 to get the Bank Serial No. from the Bank. Thereafter the complete reply was sent along with relevant Serial Nos. of the Punjab National Bank and other particulars were furnished to Respondent No. 2. The applicant sent three letters under registered covers (A.D.) but no reply in response to the letter dated 8-11-1993 of the applican .....

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400 with further interest. 6. On these allegations the Respondents while filing their reply on merits have challenged the maintainability of this application on the following grounds:- 1. That the complainant had applied for the Right Issue of the respondent company No. 1 that means the complainant is a prospective buyer of the shares of Right Issue. The Hon ble Supreme Court of India has held in Morgan Stanley v. Kartick Das reported in volume 2nd [1994] CPJ7 (SC). A prospective buyer before al .....

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e same cannot be held goods and the same has been held by the Hon ble Supreme Court of India in the aforesaid case. Because of the reason that the shares before allotment are not goods, so this Hon ble Commission has no jurisdiction to try this complaint. 3. That raising capital through Right Issue means making arrangements for carrying on the trade. It is not the trade of the Respondent-company as defined under section (25) of the MRTP Act. 4. That issuing of Right Issue is not a pratice relati .....

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by the Respondent and has reaffirmed the allegations. It has also been urged by the applicant that the Supreme Court Judgment in Morgan Stanley Mutual Fund v. Kartick Das [1994] 1 SCL 19 (SC) is not applicable since the Respondents have failed to provide requisite services within the meaning of section 2( r) of the Act as pointed out in the application and also does not apply to this application for compensation. 8. We have heard both the parties at some length. We have also gone through the ple .....

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