(Per Shri S.R.Khanzode, Hon’ble Presiding Judicial Member)
(1) This appeal takes an exception to an order dated 06/11/2003 passed by South Mumbai District Consumer Disputes Redressal Forum, Mumbai in Consumer Complaint No.1315/1997, B.V.Mirza Vs. City Bank. Admittedly, the consumer complaint is dismissed on the ground that there is no relationship between service provider and the complainant. The original complainant, therefore, filed this appeal.
(2) Admittedly, the complainant has taken credit facility to the extent of `3 lacs and pledged shares worth `1 lac as security. Complainant instructed the opponent bank to sell some of the shares which according to him the opponent bank did not sell resulting into loss and therefore there is deficiency in service on the part of the bank is alleged.
(3) In the year 1993, the bank had sold the shares pledged with it in accordance with the power of attorney which was executed by the complainant in favour of the bank. Thus, the impugned transaction is in due course of banking business to get realized the outstanding loan amount by selling security. It cannot be a service hired from the bank. It is a pure relationship of debtor and creditor between the parties and forum below rightly held accordingly.
(4) It is also held that it is a service provided by the bank to the complainant since it is hired for the commercial purpose, namely, obtaining credit facility to raise capital for the business and as such the complainant not being a consumer, this is not a consumer dispute.
(5) For the reasons stated above, we do not want to take a different view than what is taken by the District Forum. We hold accordingly and pass the following order.
ORDER
(1) Appeal stands dismissed.
(2) Parties to bear their own costs.
(3) Inform the parties accordingly.
Pronounced on 12th December, 2011.
