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Consumer forum rejects plea on compensation in Satyam case

The National Consumer Disputes Redressal Commission on Monday refused to hear an investor body's petition seeking a compensation of Rs 4,987.5 crore for three lakh retail shareholders of fraud-hit Satyam, saying it is not equipped to deal with such cases.

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The National Consumer Disputes Redressal Commission on Monday refused to hear an investor body's petition seeking a compensation of Rs 4,987.5 crore for three lakh retail shareholders of fraud-hit Satyam, saying it is not equipped to deal with such cases.

"We do not have the infrastructure to deal with such kind of petition...CBI and CLB (are) already seized with the matter," observed a Bench of the National Consumer Disputes Redressal Commission comprising Justice KS Gupta, presiding member and Rajyalakshmi Rao, member, while rejecting the Midas Touch Investors Association's (MTIA's) petition.

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