First Appeal No. A/12/2014 | (Arisen out of Order Dated null in Case No. CC/126/2009 of District North Goa) |
| | 1. India Infoline Limited | Building No. 75, Nirlon Complex, Off. Western Express Highway, Goregaon, East, Mumbai 400063 | Maharashtra |
| ...........Appellant(s) | |
Versus | 1. Vaman Nagesh Usapkar & others | Madhuban Complex, F10, Tambdimati, St. Inez, Panaji, Goa | North | Goa | 2. Roshan Vaman Usapkar | Madhuban Complex, F10, Tambdimati, St. Inez, Panaji, Goa | North | Goa | 3. Rajan Khakhar | Union Securities Pvt. Ltd., Shop No. 11 and 12, Alfran Plaza, Panaji, Goa | North | Goa | 4. Siddhesh A. Prabhudessai | Union Securities Pvt. Ltd., Shop No. 11 and 12, Alfran Plaza, Panaji, Goa | North | Goa |
| ...........Respondent(s) |
| Miscellaneous Application No. MA/75/2013 | In | CC/126/2009 |
| | 1. India Infoline Ltd. | Building No. 75, Nirlon Complex, Off. Western Express Highway, Goregaon,East,Mumbai-400063 |
| ...........Appellant(s) | |
Versus | 1. Vaman Nagesh Usapkar & others | Madhuban Complex, F-10, Tambdimati, St. Inez, Panaji,Goa | 2. Roshan Vaman Usapkar | Madhuban Complex, F-10, Tambdimati, St. Inez, Panaji,Goa | 3. Rajan Khakhar | C/o Union Securities Pvt. Ltd., Shop No. 11 & 12, Alfran Plaza, Panaji Goa | 4. Siddhesh A. Prabhudessai | C/o Union Securities Pvt. Ltd., Shop No. 11 & 12, Alfran Plaza, Panaji Goa |
| ...........Respondent(s) |
|
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ORDER | In view of the discussion, we find that the view held by two lr. members of the District Forum is not right, in entertaining the complaint and deciding the same in favour of the complainants. The complaint was required to be dismissed as the complainant was not a consumer within the meaning of Section 2 (1) (d) (ii) of the C.P. Act, 1986 as the complainant had opened a demat account for the purpose of trading in shares-commercial transactions- with a view to make profits but ended in making losses. Consequently, we allow the appeal and set aside the impugned order passed by the two members of the Lr. District Forum and dismiss the complaint, as opined by the Lr. District Forum and dismiss the complaint, as opined by the Lr. single member, and, considering the facts with no order as to costs. The complainants would be entitled to claim benefit of Section 14 of the Limitation Act, 1963. | |