Mumbai: Exploitation of the consumer continues despite the measures under the Consumer Protection Act because of the recalcitrant attitude of manufacturers of goods and service providers. In such circumstances, relentless pressure on all parties, including the seller as well as the regulatory authorities is the only source of succour for the endlessly suffering consumer. Nothing will illustrate this further than the action of four women from Mumbai who got together to enforce their right and got their just dues from two behemoths.

The four ladies applied for shares from Reliance Power in January 2008. As per the rules laid down by the Securities and Exchange Board of India (Sebi), the allotment and refund of allotment money was to be completed within 15 days of closure of the issue, which happened to be mid-January 2008. Shares were allotted to all applicants as per the scheme of allotment on February 1, 2008, but M/s Karvy Computershare Pvt. Ltd., the Registrars to the issue failed to issue refund orders on time to over 40,000 applicants, according to sources. A complaint to Sebi in mid-March 2008, led to hurried action by Karvy, wherein consumers were asked to collect their refund cheques from an office in Fort, in gross violation of the rules which mandate that refunds should be sent to the client house by Registered Post. Significantly, the cheques were dated February 1, 2008, but handed over to the applicants in the first week of April 2008.

The ladies wrote to Karvy Computershare Pvt. Ltd. for interest at the rate of 15% per annum for the two-month delay in refunds, as is mandated by Sebi rules. After a very long delay and several reminders, Karvy wrote in February 2009 that it had sent the refunds by Registered Post and since "the same having been returned as undelivered by the Postal authorities" fresh cheques were re-issued in April 2008.

The consumers protested that they had not received any Registered letter.

When the consumers wrote to Sebi, a letter asking for name, application number, cheque number was received.

The consumers asked for a hearing on the matters. The pressure worked and they received separate cheques from M/s Karvy Computershare Pvt. Ltd. and paying them interest as mandated in law for the delayed period.