PRESENT

                    Complainant Absent.      

                   Opponent by Adv. Smt. Anita Marathe present.         

ORDER

(Per- Mr. S. D. MADAKE, Hon’ble President.

1.                 The complainant filed complaint against opponent Yes Bank Limited for deficiency in service.  She is having saving bank account at Chembur branch of opponent.  There is one FD linked with saving account by sweep in facility.

2.                The complainant alleged that, opponent rejected the application filed by her carrying attendant liability of payment towards subscription to 1980 equity  shares of  Syngene international Ltd. offered to public on the ground of insufficiency of adequate credit balance in the account.

3.                The complainant alleged that opponent did not allow her to maintain free balance of Rs.5,00,000/- in saving account for maintaining free balance.  It is alleged that she suffered huge financial loss.

4.                The complainant prayed for compensation of Rs. 50,000/- for inconvenience, brokerage for purchase of shares, dividend and cost.

5.                The opponent filed written version and denied the claim.  The complainant is not a consumer as services are hired for commercial purpose.  The complainant has not taken the plea that shares were acquired for  earning livelihood by way of dividend income.

6.                The opp. stated that complainant had applied for shares valued more then limit of Rs. 2,00,000/-  The loss of the complainant is speculative and is not payable by bank.  It is prayed for dismissal of complaint with cost.

7.                The complainant has not filed affidavit of evidence though time was granted from time to time.  The opponent filed the affidavit of evidence in support of the contents of written statement.

8.                We have perused statement of account.  prima facie it appears that complainant applied for IPO without maintaining the requisite credit balance in saving account.  The complainant appears to have not maintained requisite balance amount for carrying on  transaction.

9.                The complainant has not proved by filing evidence affidavit that opponent is guilty for deficiency in service, causing financial loss as alleged.

10.              In the result, we hold that complaint is liable to be dismissed with no order as to cost.

11.              In the result, we pass following order.

                                                O R D E R

1. Complaint No. 90/2016 is dismissed.
2. No order as to cost.
3. Copy of this order be sent to both parties.