VIJAY PEER Vs. SADASHIV HARIBHAU SHINDE

JUDGEMENT

(1.) BEING aggrieved by the judgment and award passed by the District Forum, Pune in Consumer Complaint No. 964/1993 decided on 16.2.2000 whereby, by allowing the complaint O.Ps. have been directed to refund amount of deposits of the complainant at the rate of 24% per annum from the date of respective deposits within three months from the date of order, aggrieved thereby the Org. O.Ps. have filed this appeal.

(2.) BRIEFLY case of the parties in the Forum below may be stated as under: The complainant Shri Sadashiv Haribhau Shinde, R/o Shukrawar Peth, Pune had filed consumer complaint alleging that he had made certain deposits with O.Ps. consequent upon advertisement put in Daily Sakal by O.Ps. with the assurance that depositors would get attractive interest of 2% per month. The complainant deposited Rs. 2 lakh between the periods May 1989 to September 1989. He paid amounts by cheques and O.Ps. passed receipts for the same. But O.Ps. failed to pay interest on those deposits from January 1990. The interest was paid only upto December 1989 on those deposits by O.Ps. The complainant demanded full amount of interest on all the deposits. O.Ps issued cheques of various amounts on various dates from 12.2.1990 to 19.4.1990. But, those cheques were dishonoured on account of insufficient funds. The complainant therefore filed consumer complaint and claimed refund of amount with interest from the O.Ps.

(3.) THE O.Ps. filed written statement and pleaded that the complainant is not a consumer and Forum has no jurisdiction to entertain and try the same. According to O.Ps. the entire transaction was in respect of sale and purchase of shares, debentures, and resale transactions. So, those were commercial transactions and therefore Consumer Forum cannot take cognizance of such transactions. The O.Ps also pleaded that the complaint is barred by limitation. The O.Ps. pleaded that they had not received amounts as deposits from the complainant. Cheque Nos. 1 and 4 each of Rs. 50,000 was given as deposits and other cheques at serial No. 2, 3, 5 and 6 were given for spot transaction. Those spot transactions are commercial transactions and therefore the complainant is not a consumer. According to O.Ps. they have returned whole the amount to the complainant but the complainant is not entitled to get any interest on them. According to O.Ps. the complainant has filed this complaint with mala fide intention hence it should be dismissed with cost.