The appeal is dismissed,
[ Usha Bhardwaj ] [ Vijay Dhawan]
Court Master Court Master
Signed order is placed on the file.
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL No.7604 of 2002
Unit Trust of India .....Appellant(s)
Versus
Sri Shankar Das .....Respondent(s)
This appeal, by special leave, has been preferred by the Unit Trust of
India questioning the correctness of order dated 13rd February, 2002 passed by
the National Consumer Disputes Redressal Commission, New Delhi (hereinafter
referred to as the "National Commission") in First Appeal No.465 of 1995. By the
impugned order, while affirming the amount of compensation awarded by the
State Consumer Commission to the respondent, being the value of 750 Master
Shares, the National Commission has reduced the rate of interest payable on the
said amount from 18% per annum to 12% per annum for the period from 1st
May, 1992 till payment.
Despite service the respondent is not present. Accordingly, we have
heard learned counsel for the appellant.
The sole ground on which the decision of the State Commission as well
as of the National Commission is
..2/-
:2:
sought to be challenged is that being a trader in shares, the respondent can not be treated as a 'consumer' within the meaning of Section 2(1)(d) of Consumer
Protection Act, 1986. To bettress his stand learned counsel for the appellant
referred to an averment made by the complainant in his complaint, wherein it
was stated that had the complainant been allotted 750 units of Master Shares,
apart from getting dividend at the rate of Rs.18 per Share, he would have made
some profit by selling the same at the rate of 125/- per unit, which was the market
rate as on 3rd April, 1992. Thus, the submission of the learned counsel is that the
respondent wanted to acquire the shares only with a view to sell them for profit
and therefore, being a commercial transaction, he is out of the purview of the Act.
The submission is stated to be rejected. The word "trade" means an
activity or occupation carried on continuously and regularly for the purpose of
profit. A mere investment in shares for the purpose of earning dividends and for
that matter earning profit on their sale as a solitary transaction cannot by any
standard amount to "trading" in the commercial sense, as contemplated in
Section 2(1)(d) of the Act.
..3/-
:3:
In the instant case the National Commission has noted that no material
had been brought on record to show that the complainant-respondent was
engaged in a regular business of sale and purchase of shares. Even before us,
learned counsel has not been able to show any material which has not been taken
into consideration by the Commission. In that view of the matter, we do not find
any infirmity in the impugned order, holding the complainant to be a
"consumer". Deficiency in service by the appellant also stood proved on account
of their failure to allot and issue shares to the respondent.
The appeal being devoid of any merit, is dismissed accordingly.
[ D.K. JAIN ]
LODHA ]
APRIL 28, 2009.