Non issuance of duplicate shares/fraudulent transfer of sha
Querist :
Anonymous
(Querist) 27 February 2010
This query is : Resolved
This is to inform you that I have lost/misplaced 200 shares of a company in 1996, which were registered in my name and the same has been intimated to the company immediately by Regd. Post with A/D and requested them for stop transfer and for issue of duplicate shares, but the company inspite of my repeated reminders directly to them and through Investors Grievances Cell of SEBI, NSE, DSE, BSE till 1999 not responded my any communications.
Thereafter in early 1999 the Company sent me a back dated letter having date of Nov.1998 along with a copy of a letter of a broker of NSE who have simply claimed the said 200 shares on the ground that their one sub-broker who has already closed his business, delivered the said 200 shares, without supporting any document in support of their claim and accordingly the Company refused to issue me duplicate shares and asked me to settle the matter with the said NSE broker, which was strongly objected by me by saying that I have no relation with the said broker/sub-broker in any manner whatsoever but the Company did not paid any heed on my request.
Thereafter in 2000 I approached the Dist. Consumer forum against the Company and from the written statement filed by the Company, I came to know that out of 200 shares, 100 shares has been transferred by the company in favour a third party(a nominee of the said NSE broker.) I strongly taken up the matter before the company through my advocate’s letter for recall and cancellation of the said fraudulent transfer of 100 shares in favour of third party but inspite of my repeated reminders once again the Company did not paid any heed on my request. My above case was dismissed by the Ld Forum on contest on the ground of limitation and Jurisdiction.
Thereafter I have filed a title suit for declaration and mandatory injunction against the company and the said NSE broker. The said suit was contesting by the company but the said NSE broker avoided to appear, hence expartie against them but unfortunately the suit was dismissed in 2005 without having trial on evidence on the ground of Limitation and Jurisdiction by relying upon a judgment of the Hon able Supreme Court under Ref. 1995 Supp. (4) Supreme Court Cases 590 Shripal Jain v/s Torrent Pharmaceuticals Ltd and Others in which it was held that “The proper forum in respect of issuance of duplicate shares on account of loss of original ones is not the Civil Court but the Registrar of Company who should have enquiry under section 84(4) read with the Rules and taken a decision himself… Companies (Issue of Share Certificates) Rules – 1960, (filed by the Company).
Thereafter I challenged the above judgment in appeal court but the same was also dismissed in Jan.2010 as per findings of the lower court and above judgment of Supreme Court.
Thereafter in view of above judgment of Supreme Court, I once again requested the company and their Registrar and share transfer agent to draw up the proceedings for issuance of duplicate shares, but the company once again did not paid any heed on my request nor replied my any communication.
Under the circumstances please advise me what is to be done and which is the right forum and the sections under which I got relief in such type of case. Thanks/P Chatterjee
s.subramanian
(Expert) 02 November 2010
yOU CAN FILE A WRIT OF MANDAMUS AGAINST THE REGISTRAR IN HIGH COURT.
