Judgment : Dt.16.1.2018

Mrs. Balaka Chatterjee, Member

            This petition of complaint is filed under section 12 of the C..Act, 1986 by (1) Sri Anindya Mitra and (2) Smt. Payel Das against Sri Swapan Ghosh, Director, Teachers WelfareCredit and Holdings Ltd.

            Case of he Complainant in brief is that the Complainant No.1 invested Rs.11,66,000/- with the Teachers’ Welfare Credit and Holding Ltd. between September, 2004 and June, 2014 as a share holder and received dividends on the invested amount upto February, 2015. Thereafter, as stated by the Complainant, on quiry regarding non-payment of dividend. The Director of the said organization, i.e. the opposite party informed the Complainant No.1 that the said Director had no money with him and the Director (OP herein) issued 34 post-dated cheques in favour of the Complainant on submission of original share certificate out of which one cheque bearing No.967981 dt.30.9.2016 drawn on Canara Bank was dishonoured.

            Similarly, as stated by the Complainants, the Complainant No.2 invested Rs.1,06,000/- with the OP between June, 2013 and January, 2014 as a share holder but no dividend was disbursed in favour of her and on quiry she was also informed that the OP had no money with him but got three post-dated-cheque issued in favour of her on submission of original share certificate. The Complainants further stated that one cheque bearing No.9968018 dt.30.9.2015 drawn on Canara Bank had already been dishonoured by the Bank. So, the Complainants filed this case praying for directions upon the opposite party to pay principal amount of Rs.11,66,000/- to the Complainant No.1 and Rs.1,06,000/- to the Complainant No.2, to pay dividends to the tune ofRs.6,34,000/- to Complainant No.1 and Rs.51,400/- to the Complainant No.2.

            Notice was served upon the OP in the way of paper publication. OP did not appear and contest the case. So the case was fixed for ex-parte hearing vide order No.12 dt.14.12.2017.

            The Complainants filed a petition praying for treating the petition of complaint as affidavit-in-chief. Prayer was allowed. The Complainant annexed photocopies of return memo dt.30.12.2016 and post-dated cheques.

Decision with reasons

            It is evident from the petition of complaint that the Complainants invested certain amounts (Rs.11,66,00/- by Complainant No.1, Rs.1,06,000/- by the Complainant No.2) and became share holder of the OP company. The dispute is entirely related to non-disbursement of dividend to the share holder Complainants. According to the decision of Hon’ble National Commission, reported in 1(2014)CPJ(NC) [Kotak Securities Ltd., Chetan Dinesh Modi, Asutosh Pankaj Bhai Desai vs Varat Kumar Ranchhoddas Rana and ors] where Hon’ble National Commission held that regular trading in sale and purchase of shares is purely commercial activity and only motive to earn profits thus Complainants are not consumer.

            Moreover, Complainants themselves have admitted that they have invested money. Investment implies earning of profit.

            Relying upon the decision, we are inclined to dismiss the instant petition of complaint being not maintainable.

            Hence,

ordered

            That CC/330/2017 is dismissed being not maintainable but without any order as to cost.