– The appellant, a stockbroker, availed an overdraft facility from the respondent bank with shares as security. The appellant also worked at the bank;
– On repayment of overdraft, the shares were not returned and thus, the NCDRC was moved;
– The Commission held that he was not a ‘consumer’ under the Consumer Protection Act;
– The Supreme Court held that if purchase of goods was for commercial purpose, the purchaser would not be a consumer;
– Only transactions for earning of livelihood by means of self-employment would be included;
– The relationship in this case was held to be purely “business to business”, and the appeal was dismissed.
Source: Barandbench
