Timken India has provided an update regarding the appeal against an order passed by the District Consumer Disputes Redressal Commission in Shimla. The dispute involved Mr. Ravi Shankar Sood and CB Management Services. The parties have reached a settlement, resulting in the appeal being disposed of without any costs or penalties to Timken India. This update follows a previous intimation dated September 26, 2024.
Settlement Reached in Consumer Dispute
Timken India has announced a resolution in the matter of the appeal filed against an order from the District Consumer Disputes Redressal Commission, Shimla. The case involved Mr. Ravi Shankar Sood and CB Management Services Private Limited. According to the update, a settlement has been reached between the parties.
Details of the Resolution
The State Consumer Disputes Redressal Commission, Himachal Pradesh (State Commission) oversaw the matter. The appeal has been disposed of, with no costs or penalty imposed on Timken India as part of the settlement.
Background of the Dispute
The original dispute arose when Mr. Ravi Shankar Sood applied for transmission of shares in 2020-21, following the passing of his father, Mr. D N Sood, in 2013. CB Management Services Private Limited, the Registrar and Transfer Agent (RTA), requested documents as per SEBI guidelines. While the RTA claimed the necessary documents were not received, Mr. Sood asserted that all required documents were submitted.
Source: BSE
