2250 Share of my late mother were illegally & fraudulently transferred by my younger brother two years after her death. My mother expired on 23/03/2003 and 2250 shares under folio no: MSS004412 of Motherson sumi systems ltd were transferred on 27/01/2005 by my brother in his personal name by way of a Share Transfer form/deed. Since he had physical excess to the said shares after my mother’s death. My father also had a similar folio: MSS004411 of Motherson Sumi systems ltd with the same quantity of shares (2250) as on that date.
The Shares were transferred through a local broker as stated in the Share Transfer form witness box and through the Company Transfers Agent- M/s MCS ltd. Rs. 1115/= Stamp duty has also been paid and after the transfer, my brother disposed of the said shares from the Demat account of his wife by way of transfer.
The said Share Transfer form is full of overwriting writing where the number of shares and the amount don't tally in words and figures and distinctive numbers of shares also don’t tally and the amount or the market price of shares on that given date also don’t tally neither does the value of stamp duty paid as Rs. 1115/= tally with the actual transaction amount of 2250 shares being transferred. The Company maintains that they have change the transfer agent from M/s. MCS Ltd to M/s Karvy Computershares Pvt Ltd-Hyderabad and secondly since the Share Transfer form was in order, the shares were transferred in my brother’s name.
Though a criminal case has been registered against my brother in the Magistrate Court of Ulhasnagar U/s. 465, 467, 468, 406 & 420 of IPC under the direction of the Hon’ble Bombay High Court, I would still like to know whether the Company or its present Share transfer agent can be held responsible for the said transfer and if yes how should I proceed?
The similar portfolio of my late father has swelled to about 17000 shares as on today with a market price of approx. 350/= per share, had the company or the transfer agent not transferred the shares in 2005, my mother’s portfolio would have been the same and which has resulted in a massive loss to me.