HLL to help investors in dispute redressal

Kolkata, Dec 03 (UNI) FMCG major Hindustan Lever will start an alternative dispute redressal forum in different cities for investors whose shares are locked in disputes.

A company source told UNI today that it is first of its kind in the country to redress investor grievances.

''After Ahmedabad and Mumbai, Kolkata is the third city to have such service from tomorrow. During the next two days, the shareholders would be provided an opportunity to settle their disputes, sources said.

It is estimated that as many as 2.5 lakh HLL shares valued at Rs 6 to 7 crore are disputed.

The Kolkata exercise would be organised with the support of the city-based Federation of Consumer Association and would be presided over by a retired high court judge, he said.

"The objective is to provide an independent and impartial forum and the focus will be on mediating the disputes of the investors, whose valuable investments are blocked for long in trivial disputes," sources said. The exercise was successful in Ahmedabad and Mumbai.

Once mutual consent would be reached, the settlement proposal would be implemented within 30 to 60 days and the affected shareholders would also have the right to proceed against the broker or other parties, who may have misconducted the transactions.

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