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Judgment
COMPLAINT is being taken up at admission stage.
THE complainant is a Trust created to manage the Provident Fund contribution of the employees of Bharat Petroleum Corporation Limited and invest the surplus amounts in securities as per the statutory pattern of investment. In order to enhance the provident fund, the complainant subscribed to the Industrial Finance Corporation of India Ltd., private placement of Bonds XXII Series and XXXIII series in June 1998 and January 2000 respectively by investing on aggregate sum of Rs. 6,90,00,000. It is alleged that respondent guaranteed the minimum interest @ 14.25%, 14.10% and 12.65%. It is also alleged that without receiving any instructions in writing from the complainant in terms of the agreement, the respondent varied the interest rate.
Since the complainant happens to be a Trust and not a person who had hired or availed the services of the respondent for consideration and had only made investments with the respondent to enhance the contribution of the employees made towards provident fund, it does not fall within the definition of "consumer" as defined by Section 2(1)(d)(ii) of the Consumer Protection Act, 1986, means a person who hires or avails- "any services for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any beneficiary of such services other than the person who ''hires or avails of'' the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first mentioned person. Explanation-For the purposes of Sub-clause (1), ''commercial purpose'' does not include use by a consumer of goods bought and used by him exclusively for the purpose of earning his livelihood, by means of self-employment."
MAY be it has been investing the amount with the respondent for making the payment of the provident fund to the employees with additional payment but such an activity of the Trust of the complainant who was only appointed to manage the Provident Fund contribution of the employees of Bharat Petroleum Corporation Ltd. was more or less a commercial venture as it was not supposed to or expected to invest the amount of provident fund. In the result the complaint is dismissed being not maintainable. There is civil remedy available to the complainant but not by way of remedy under Consumer Protection Act, 1986.
A copy of this order as per the statutory requirements be forwarded to the parties free of charge and thereafter the file be consigned to Record Room. Complaint dismissed.