1995 (3) TMI 384

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....r Rao for the Applicant. B.R. Kishore for the Respondent. ORDER Mittal, President - This appeal has been tiled by the opposite party (OP) against the order of the District Forum (D.F.) dated 9-3-1994 by which they have been directed to refund Rs. 20,000 with interest at the rate of 15 per cent per annum from the date of receipt of the money till the date of payment. 2. Briefly, the facts ....

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...., while claiming interest on the debentures, did not fall within the definition of the word 'consumer' as no service was being rendered by the appellant to her. We have duly considered the argument but regret our inability to accept the same. There is no dispute about the fact that the complainant was issued 14 per cent, fully convertible debentures of Rs. 100 each. The phrase 'debenture' has not ....

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....y with the company. Thus, when debentures are issued by a company and are subscribed by any member of the public the element of service is implied in the transaction. In case the interest is not paid to a subscriber of the debentures by the company as promised, it amounts to deficiency in service. Therefore, in our view, if the appellant has not paid the interest on the debentures subscribed by th....

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....d to be the depositor of the amount with the company if he purchases its shares and, therefore, there is no element of service involved in the transaction. Consequently, we are of the opinion, that the complainant-respondent could not file the complaint under the Act if the appellant failed to pay the dividend to her. 7. The learned counsel for the appellant refers to the decision of the Nation....