Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | CONSUMER PROTECTION ACT. 11986: c s. 2(1) (d) (i) and (ii) -- |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Disposed Off |
Headnote | CONSUMER PROTECTION ACT, 1986:s. 2(1) (d) (i) and (ii) -- "Consumer" - "Commercial purpose" -- Universities making investment in "Institutional Investors Special Fund Unit Scheme, 1998" (llSFUS-98) /floated by Unit Trust of India (UT/) - Complaints by : Universities before National Commission that maturity 0 proceeds were far less than that was stipulated 1 ! Mainta/nability of -- Held: .The term "commercial purpose" must be interpreted considering the facts and circumstances of each case - The words 'commercial purposes' .would cover 'an undertaking the object of which is to make profit out of the E .ยท undertakings - In the instant case, services of UT/ were availed by complainants for betterment of their employees, and no benefit by way of profit was to accrue to complainants - In view of definition of word 'commerce', under no circumstances, appellants could be said to be indulging in any 'commercial' activity -- Thus complainant-Universities fall F within the definition of "consumer" as defined in s.2(1)(d) of the Act and the complaints are maintainable before National Commission - However, on merits, complainants have no case - It has been clearly stipulated in the. 'terms of offer' that the maturity amount will depend on the. NA V and that the G same was guaranteed not to be below the par value of Rs. 10 per unit - All investments are subject to market risk and fluctuations and investors have to exercise due caution while investing any amount in any Scheme -- Just because the maturity amount is below their expectations they cannot drag the service provider to court for the same - National Commission correctly dismissed the claim of complainants on merits -- Consumer Protection Act, 1987(UK) - S.20(6). |
Judge | Hon'ble Mr. Justice Pinaki Chandra Ghose |
Neutral Citation | 2014 INSC 480 |
Petitioner | Punjab University |
Respondent | Unit Trust Of India & Ors |
SCR | [2014] 8 S.C.R. 273 |
Judgement Date | 2014-07-09 |
Case Number | 400 |
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