{"id":223272,"date":"2001-10-01T00:00:00","date_gmt":"2001-09-30T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/alok-securities-pvt-ltd-vs-bharat-hydropower-corporation-on-1-october-2001"},"modified":"2016-11-08T20:07:39","modified_gmt":"2016-11-08T14:37:39","slug":"alok-securities-pvt-ltd-vs-bharat-hydropower-corporation-on-1-october-2001","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/alok-securities-pvt-ltd-vs-bharat-hydropower-corporation-on-1-october-2001","title":{"rendered":"Alok Securities Pvt. Ltd. vs Bharat Hydropower Corporation &#8230; on 1 October, 2001"},"content":{"rendered":"<div class=\"docsource_main\">National Consumer Disputes Redressal<\/div>\n<div class=\"doc_title\">Alok Securities Pvt. Ltd. vs Bharat Hydropower Corporation &#8230; on 1 October, 2001<\/div>\n<\/p>\n<pre><\/pre>\n<p>ORDER<\/p>\n<p>  J.K. Mehra, J. Member   <\/p>\n<p> 1. This is an appeal which is filed against the decision of the State Consumer<br \/>\nDisputes Redressal Commission, Rajasthan. The case of the Complainant is that in<br \/>\nresponse to issue of convertible debenture of the Respondent, they had applied for<br \/>\nallotment of 2500 convertible debentures of the value of Rs. 2,000\/- each. The<br \/>\nRespondent on receipt of the money issued the debentures. The Complainant<br \/>\nexercised its option for redemption of such debentures on their becoming redeemable on<br \/>\n12.6.96. Having failed to obtain the refund with interest they filed the present complaint.<br \/>\nThe objection of lack of territorial jurisdiction raised by the Respondent was rightly<br \/>\nrejected. Our query reveals that the company is dealing in securities, shares,<br \/>\ndebentures etc. It, therefore, appears that the Appellant\/Complainant is in the trading<br \/>\nbusiness of shares, securities, debenture etc. It was infact on the State Commission<br \/>\naccepting this objection by placing reliance on the judgment in the case of Bombay<br \/>\nDyeing and Manufacturing Co. Ltd. Vs. Union bank of India (2000 CTJ 829 (NC)<br \/>\nthat the decision was rendered against the Appellant.\n<\/p>\n<p>Commission has rightly relied on the relevant passage from the above judgement which<br \/>\nis brought as under:-\n<\/p>\n<p>  &#8221; The Consumer Protection Act was passed to provide quick justice<br \/>\nwithout any court fee to the consumers. It was an additional remedy to all<br \/>\nother remedies provided by various other Acts. The Company may come<br \/>\nwithin the meaning of &#8220;Consumer&#8221; under the Consumer Protection Act<br \/>\n(Section 2 (1) (d). Service may also include banking (Section 2(1) (0).<br \/>\nBut that does not mean all commercial disputes between a Bank and a<br \/>\nlarge company must be decided by the Consumer Courts. No court fee is<br \/>\npayable in a Consumer Court so that people of modest means can seek<br \/>\nexpeditious justice in the consumer court. The entire purpose behind<br \/>\nsetting up of the consumer courts was to provide quick, easy and<br \/>\naffordable justice to common people who could not otherwise enforce<br \/>\ntheir rights before a Court of Law. A large number of complaints have<br \/>\nbeen filed in Consumer Courts at all levels all over India and the arrears<br \/>\nof the cases pending disposal are mounting every day. One of the<br \/>\nreasons of such mounting arrears is that large commercial organisations<br \/>\nlike the complainant, is invoking the jurisdiction of the Consumer Courts<br \/>\nto settle their commercial disputes. There is no reason why the big<br \/>\ncompanies should abandon the remedy provided by the Civil Court and<br \/>\nseek justice from the Consumer Court by passing the Civil Courts<br \/>\naltogether. This will have the effect of clogging the wheels of justice in<br \/>\nthe Consumer Courts and common people are subjected to unreasonable<br \/>\ndelay in getting their cases heard.&#8221;\n<\/p>\n<p> 2. It was in the light of this that the complaint of the appellant was dismissed. We<br \/>\nsee no infirmity in the impugned order which is upheld, the appeal of the appellant is<br \/>\ndismissed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Consumer Disputes Redressal Alok Securities Pvt. Ltd. vs Bharat Hydropower Corporation &#8230; on 1 October, 2001 ORDER J.K. Mehra, J. Member 1. This is an appeal which is filed against the decision of the State Consumer Disputes Redressal Commission, Rajasthan. The case of the Complainant is that in response to issue of convertible debenture [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-223272","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alok Securities Pvt. 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