SC dismisses Midas Touch Investor Association plea against Satyam

The Supreme Court today dismissed the petition of the Midas Touch Investor Association seeking compensation of nearly Rs 5,000 crore for three lakh retail shareholders in fraud-hit Satyam Computer Services.     

A Bench headed by Chief Justice K G Balakrishnan dismissed the petition of the association as withdrawn.

Kanpur-based consumer protection organisation Midas Touch 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.     

The plea before NCDRC had sought a compensation of Rs 4,987.5 crore for three lakh retail shareholders of Satyam.     

"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.