KERALA STATE CONSUMER DISPUTES REDRESSAL COMMISSION VAZHUTHACAUD, THIRUVANANTHAPURAM.

APPEAL  NO: 212/2010

JUDGMENT DATED:28-03-2011

PRESENT

JUSTICE SHRI. K.R. UDAYABHANU              :  PRESIDENT

R.Vijayachandran Nair,

Vipanchika, M.O.Ward,                                                : APPELLANT

Alappuzha-688 001.

(By Adv.Sri.Koshy.P.J.)

          Vs.

C.J.George,

Managing Director,

M/s Geojith Financial Services Ltd.,                  : RESPONDENT

Financial Towers, Kaloor,

Kochi-682 017.

JUDGMENT

JUSTICE SHRI. K.R. UDAYABHANU:  PRESIDENT

The appellant is the complainant in CC.52/07 in the file of CDRF, Alappuzha.  The complaint has been dismissed on the ground that the transactions are commercial in nature.

2.      The case of the appellant/complainant is that he had entrusted the amounts with the opposite party for investing in shares and that he has sustained considerable loss.  The opposite parties have disputed the jurisdiction of the Forum contending that the transaction is commercial in nature and further that as per guidelines of the SEBI and the agreement between the parties the dispute has to be referred to arbitration.

3.      Evidence adduced consisted of the testimony of PW1, Exts.A1 to A5 and B1 to B7.

4.      We find that the Forum has disposed of the matter without a speaking order.  It is just stated in the order that the entire matter is commercial in nature and hence the Forum has no jurisdiction.  We find that the finding of the Forum is totally incorrect. The complainant, as can be seen from the averments in the complaint has mentioned that he entrusted the amounts with the opposite party for purchasing the shares and selling the same at the appropriate time.  The allegations are with respect to the deficiency of service on the part of the opposite parties.  We find that the contention that transaction is commercial in nature and hence the Forum has no jurisdiction cannot be sustained.  The above finding of the Forum is set aside.  The Forum is directed to dispose of the matter by a considered order after hearing both sides afresh.

          The matter stand posted before the Forum on 20/5/2011.  The Forum will issue notice to the opposite parties.

The Forum will forward the LCR along with a copy of this order to the Forum.

JUSTICE K.R. UDAYABHANU:  PRESIDENT

VL.