Now Reading: Bengaluru consumer commission rejects broker’s 26-year-old share claim
-
01
Bengaluru consumer commission rejects broker’s 26-year-old share claim
The Bengaluru Urban District Consumer Disputes Redressal Commission has dismissed a sharebroker’s complaint seeking 300 Larsen & Toubro shares, 300 Reliance shares and accumulated benefits dating to 1990. K N Gopalkrishna said…
The Story in Brief
The Bengaluru Urban District Consumer Disputes Redressal Commission has dismissed a sharebroker’s complaint seeking 300 Larsen & Toubro shares, 300 Reliance shares and accumulated benefits dating to 1990. K N Gopalkrishna said he bought the shares for Rs 70,722, but the physical certificates were stolen days later.
The commission ruled that Gopalkrishna was not a consumer because he bought and resold shares for clients as a commercial activity. It also rejected his request to condone a 9,701-day delay. The commission found no deficiency in service by the companies and ordered him to deposit Rs 2,000 with the Consumer Welfare Fund. Gopalkrishna had earlier lost a civil suit in 1999.
The Indian Opinion
The easy narrative is that a small investor was simply denied justice, while the opposite claim is that any old financial dispute deserves automatic dismissal. Neither fits the record. The certificates were reported stolen, a civil court rejected his case in 1999, and he did not appeal before turning to consumer law decades later. The real test is whether the commission’s reasoning on commercial activity and delay survives any further legal challenge.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
