SC rejects consumer forum’s petition seeking Rs 5000 crore damage from Satyam
August 10th, 2009 - 4:24 pm ICT by ANINew Delhi, Aug. 10 (ANI): The Supreme Court on Monday rejected a petition seeking 5,000 crore rupees as compensation for three lakh retail shareholders in fraud-hit Satyam Computer Services.
A Bench headed by Chief Justice KG Balakrishnan dismissed the petition of the Midas Touch Investor Association as withdrawn.
The Kanpur-based consumer protection organisation had earlier moved a consumer court seeking compensation for retail shareholders.
However, the National Consumer Disputes Redressal Commission (NCDRC) had expressed its inability to take up the plea.
“We are of the view that the issues in complaint cannot be examined in summary jurisdiction under the Consumer Protection Act, 1986 by this Commission. Accordingly the complaint is dismissed,” NCDRC had held. (ANI)
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Tags: balakrishnan, bench, chief justice, computer services, consumer disputes, consumer forum, consumer protection act, consumer protection act 1986, crore rupees, fraud, lakh, midas touch, national consumer disputes redressal commission, ncdrc, New Delhi, petition, plea, retail shareholders, satyam, summary jurisdiction
