"Consumer"
Querist :
Anonymous
(Querist) 28 February 2010
This query is : Resolved
Can a consumer of a failed transaction approach consumer Forum to seek redressal for losses suferred due to wrongful rejection ?
R.R. KRISHNAA
(Expert) 28 February 2010
Every failed transaction does not attract the provisions of consumer law. Only issues relating to deficiency in service are covered under consumer laws.
If provisions of consumer laws are not attracted, the aggreived party can approach the civil court by way of suit for compensation.
Parveen Kr. Aggarwal
(Expert) 28 February 2010
A consumer may seek redressal of his grievances for the losses suffered due to wrongful rejection even in a failed transaction.
Querist :
Anonymous
(Querist) 01 March 2010
I thank all and request Mr. Parveen if he could make available a few cases/ judgements where this aspect has been clarified/held by courts. I need this support urgently as my complaint has been rejected on the said ground.
Thanks.
Parveen Kr. Aggarwal
(Expert) 01 March 2010
Mr. Anonymous,
Please narrate the facts of your case so that case law in support thereof may be made available.
Querist :
Anonymous
(Querist) 01 March 2010
Dear Mr. Parveen,
Thanks for showing interest and coming to my support. As desired facts are stated in brief :
1. Having recently retired, i came to into substantial funds which i had decided to invest in various Schems/companies. In the meanwhile, representatives of one insurance co. approached me and informed me about their unit based product where rate of return was informed as 18% p.a..They also informed us that whereas the investments as decided/fianlised by me would give me returns of 11 to 12% max. thie product can give much higher returns.
2. I was attracted by the higher returns as infomed to me especailly since I was also given a printed illustration showing return of 18%. I decided to invest Rs. 7.50 lacs as per the product, and gave initial amount of rs. 2.50 lacs by way of a cheque. Said cheque was encashed and a proposal no was also given to me. however, later co. backed out based on flase medical reports.
3. After pursuing with the company a complaint was filed with CDRF, wherein I prayed only for the loss of interest due to change in the investments ( the rates having fallen in the schemes/companies of my choice and for Unfair Trade Practice. I may mention that I did not ask for the co. to issue any policy in my favour.
4. However, CDRF rejected my complaint on the sole ground " relationship of consumer and the Service Provider had not come into being". Which i am sure is a ground not supported by the definition of a consumer under the CPA Act, 1986.
5. I turst aforesaid would enable you to selct right kind of case-law which can support my case.
thanks once again.
