ORDER

R.C. Jain, Presiding Member (Oral)- The above named complainant, a Private Limited Company, broker of National Stock Exchange of India (NSE) engaged in the business of buying and selling shares through NSE according to the orders placed by its clients and sub-brokers has filed this complaint against the opposite party-Insurance Company seeking a total compensation of Rs. 35,93,632.50 alleging deficiency in service on the part of the Insurance Company in repudiating its insurance claim on unjustified grounds. The break-up of the amount claimed is as under:

(i) Loss due to acts of infidelity of its employee-Miss Sonal Ganatra, reduced by the amount recovered and salary withheld Rs. 22,66,667.50

(ii) Interest @ 18% p. a. thereon from18.2.1998 till 2.2.2001 Rs. 12,06,965.00

(iii) Compensation for harassment and mental agony of directors of the complainant Rs. 1,00,000.00

(iv) Court expenses incurred in connection with police complaint and for Case No. 11/1 and R/99 on the file of A.C.M.M. Mazagaon Rs. 20,000.00

Total Rs. 35,93,632.50

2. In nut shell the case set up in the complaint is that the complainant company had taken a stock brokers' Indemnity Insurance Policy for the Trading Mem