2013 (10) TMI 1599 - HC - SEBI

Summary

In the case cited as 2013 (10) TMI 1599 - BOMBAY HIGH COURT, the petition was filed purportedly in the public interest, seeking a directive against jewellery shop owners operating a scheme known as "B.C." The scheme involves collecting monthly installments over 11 months, after which golden ornaments equivalent to the total amount are provided to participants. The petitioner alleged this scheme is illegal.

The court, presided over by HON'BLE B.R. GAVAI and Z.A. HAQ, JJ., found no public interest in the petition, stating that participation in such schemes is a "purely a commercial transaction between a businessman and a consumer." The court noted that the petitioner failed to demonstrate under which statutory provisions or rules the scheme is prohibited. Consequently, the petition was deemed "without substance" and dismissed.