UTTAM BANERJEE Vs. BRANCH MANAGER VAISYA BANK

JUDGEMENT

(1.) The appellant appears in person. The respondents are represented by their Counsel. By the impugned judgment dated 18.2.1998, the Forum dismissed the complaint on the ground that the complainant cannot be regarded as a consumer.

(2.) What happened in this case is that the complainant with the intention of purchasing shares of Global Trust Bank Ltd. drew a cheque for the sum of Rs.5,000/- in favour of Vaisya Bank, N. S. Road Branch, for payment to the Global Trust as the price of shares. He having not received the shares, approached the Forum for a direction upon the Global Trust Bank Ltd. and Vaisya Bank for issuing Share Certificates along with Bonus, Right, Debenture. He has also prayed for payment of compensation of Rs.10,000/- besides a direction upon Vaisya Bank to make refund of Rs.5,000/- to him together with interest @ 18% (cumulative ). The Forum dismissed the claim on the ground that the shares having not been allotted in the name of the complainant, he has not acquired the status of a consumer vis-a-vis the Company issuing the shares. So far this portion of the judgment is concerned we find no fault in it. The complainant who appears in person being aggrieved by the decision of the Forum has prayed for refund of the amount deposited by him with the Vaisya Bank as price for the shares. He has claimed that Rs.5,000/- was paid to Vaisya Bank for onward transmission to Global Trust Bank as price of the shares. The banker of the complainant was Allahabad Bank. The petitioner had issued cheque upon this Bank drawn in favour of Vaisya Bank. It is gathered that Vaisya Bank acted as the Manager to issue of shares by Global Trust Bank. Ultimately, a sum of Rs.5,000/- having not been received by the Global Trust Bank no share was issued in favour of the complainant. But the fact remains that the cheque for the sum of Rs.5,000/- had been issued in favour of Vaisya Bank. The complainant prays for refund of this amount together with interest. The learned Counsel for the opposite party submits that the complainant cannot be regarded as a consumer. It cannot be ignored that the complainant availed of the services of Vaisya Bank for making payment of price of shares of Global Trust. So, we think that the complainant is a consumer he can invoke the jurisdiction of the Court to get appropriate relief.

(3.) Now the main prayer of the complainant is to get back the amount which he has paid to Vaisya Bank. We think that the complainant is within his right to get back the amount and the Vaisya Bank is required to pay Rs.5,000/- to the complainant together with interest @ 12% from the date on which the cheque was encashed by it to the date of payment. In this view of the matter, we think that the appeal should succeed in part. There should be a direction upon Vaisya Bank to make payment of Rs.5,000/- to the complainant together with interest @ 12% from the date of encashment of the cheque till payment is made. The payment as aforesaid is to be made within a month from this date.