Consumer law

mukesh Gupta (Querist) 14 February 2012 This query is : Resolved
Sir(s),

One of my friends father applied for shares of a company's IPO. But he was not allotted the shares. The application money was also not refunded and correspondences were going on. Meanwhile unfortunately father died. Now the my friend along with his mother wants to file a consumer case. Can they file the case. One of their friend advise them to file a civil suit as they do not fall in the definition of consumer.

please advice in the matter.

Thanks.

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A V Vishal (Expert) 15 February 2012
Yes your friend is right alternately you can appraoch the Company Law board for quick resolution before approaching the court.

mukesh Gupta (Querist) 15 February 2012
Mr. Vishal,

Thanks for your suggestion. But still unable to understand which one remedy is right consumer court or civil court

M V Gupta (Expert) 15 February 2012
An investor in shares is not a consumer withing the meaning of the definition contained in SEc 2 of the Consumer Prtection Act. Lodge a compliant with SEBI

ARUN KUMAR VERMA (Expert) 16 February 2012
the right and effective forum in this case is SEBI

A V Vishal (Expert) 16 February 2012
Civil court, however, other remedies must be exhausted before filing it before the court viz.approaching CLB/SEBI.

mukesh Gupta (Querist) 13 March 2012
Mr. M. V. Gupta can u give some citation in support of your answer.

DEFENSE ADVOCATE.-firmaction@g (Expert) 13 March 2012
SEBI has made things simple no need of any complicated legal actions.

1) If you have IPO form , find out the lead manager and registrar and give them email giving form nos. You will get quick reply.

Mere complaint does not help.

2) wait for reasonable time than make on line complaint to SEBI, your complaint will be addressed quickly.

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