The Petitioner has come up with the present Writ Petition seeking a direction to the Respondents to return the Schedule Mentioned Shares to him.

2. According to the Petitioner, who is the Proprietor of M/s. C.R. Bharathan & Co., he availed Overdraft facilities from the Respondent/Bank in the year 1996 for the purpose of business operations of the Proprietary concern and for the facility availed by him, he had executed necessary documents as security and by Letters dated 28.06.1998 and 12.02.1999, he had pledged several collateral securities with the Respondent/Bank, including 200 shares of Reliance Industries. The Respondent/Bank has accepted and acknowledged the same.

3. While so, as a result of Stock scam in the year 2000, the Petitioner suffered huge loss in the business and he was unable to clear the outstanding dues on the said account. Consequently, the Respondent/Bank initiated recovery proceedings in O.A.No.2410 of 2001 under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (in short 'RDDB & FI Act) before the Debts Recovery Tribunal, for a total sum of Rs.96,33,180.63 with future interest @ 17% per annum. The Debts Recovery Tribunal, by an order dated 25.05.2007 allowed the above Original Application and the same was confirmed on appeal filed by persons arrayed as Guarantor in the proceedings. In the meantime, the Petitioner entered into discussions with the 3rd Respondent/Assets Recovery Branch of Bank of Baroda and had suggested One Time Settlement of the entire dues. The Petitioner and the Respondent/Bank agreed to One Time Settlement of the outstanding amount of Rs.49 lakhs and the Petitioner paid the entire amount in instalments.

4. The Petitioner approached the Officials of the Respondent/Bank for release of shares. As time was running out, the Petitioner eventually paid the entire outstanding amount and obtained "No Dues" Certificate on 24.10.2009. The Bank released the original title deeds of the immovable property belonging to C.L. Rajalakshmi, however, they did not release the Share Certificates pledged by the Petitioner, for reasons best known to them. The Officials of the Respondent/Bank merely stated that the shares were in some other Office and they need to be retrieved. Based on the assurance given by the Officials of the Respondent/Bank, the Petitioner agreed to collect the Share Certificates after retrieval of the same. As no development took place, the Petitioner wrote several letters to the Respondent/Bank seeking release of the pledged shares. On 26.07.2010, the 1st Respondent sent a reply that they had a 'few' shares and that they 'cannot trace' the remaining shares which were already pledged with the Respondent/Bank.

5. It is the case of the Petitioner that he had paid the entire outstanding amount to the Respondent/Bank and "No Dues" Certificate has also been obtained and that the Respondent/Bank has no right whatsoever to retain possession of his shares. It is his grievance that he had borrowed huge money at high rate of interest and that the Respondent/Bank deliberately did not release the shares at the time of negotiation of One Time Settlement and even after the dues were settled. According to the Petitioner, though different shares have been entrusted with the Bank, he is concerned only about SSL shares and 200 shares given by Reliance Industries Limited.

6. The Respondent/Bank has filed counter affidavit stating that the Petitioner is well aware that on account of default in repayment of the dues in the credit facilities enjoyed by him with the 1st Respondent/Bank, O.A.No.2410 of 2001 was filed by the Respondent/Bank before the Debts Recovery Tribunal II, Chennai and by an order dated 25.05.2007, the Debts Recovery Tribunal-II, Chennai, had upheld the claim of the 1st Respondent/Bank and directed issuance of Recovery Certificate against the Defendants therein for recovery of Rs.96,36,180.63 with further interest at 17% per annum, from the date of appl