New Delhi, October 04: A shareholder of Reliance Industries has moved the Supreme Court seeking compensation of around Rs 20 lakh from the company for failing to transfer in her name 25 shares she had bought in 1994. In her appeal before the Supreme Court, Neera Maheshwari, has sought damages from RIL and Hyderabad-based brokerage firm Karvi Consultants at the rate of Rs 500 per day with 18 per cent interest between November 1994 and February 2003 claiming she suffered huge loss due to non-availability of share certificates.
The matter reached the apex court in 2006 after her appeal was dismissed by the National Consumer Dispute Redressal Commission on the grounds that a consumer court did not have power to award compensation for such cases. A Bench headed by Chief Justice K G Balakrishnan has asked parties to file counter affidavits and posted the matter for hearing in January next year.
Maheshwari”s appeal was dismissed in February 2008 for non-appearance but was restored by the court earlier this year. However, RIL has submitted that the complaintant held 100 shares in the erstwhile Reliance Polyethylene Ltd (RPL) which was merged with the parent company in 1995.
Consequently, 100 RPL shares were converted into 25 RIL scrips and the certificates were allotted to the complainant in 1995 itself, RIL said. .
—PTI-