Cheating by legal heirs in control
Querist :
Anonymous
(Querist) 19 July 2010
This query is : Resolved
Our father died intestate in 1996 and was a member of BSE. We are 5 legal heirs and some how two legal heirs had managed to influce him and were handling his share broking business under POA, which became null & void immediately on his death. One of the legal heir had intimated of this fact to BSE but due to corruption BSE allowed these to legal heirs to continue for some time and they managed to siphon off large sums of shares and money. These two had also managed to open a joint account with late father with BOI and till this day dividends from various cos. are credited to these accounts and bank is not willing to close the accounts as they are joint accounts. After a delay of almost 14 yrs. legal heirs decided to settle the issue of sharing the assets and entered in to un registered MOU where in one of the legal heir who had lended shares to BSE towards security on behalf of late farher put a clause saying that his shares will be returned to him and that he shall be compensated for the losses if any incurred. He with held the fact that BSE had sold off shares of one of the co. and had credited the amount to the joint accounts controlled by these two legal heirs. What was agreed to was a fair compensation that too without knowing the above facts about disposal of shares by BSE and crediting the amount realized in the joint account. For the settlement purpose a separate joint account ( with one who had given security and was managing the two joint accounts + 2 other legal heirs who were not involved in father's business ) was opened in BOI so that other legal heirs do not get cheated again. But it was envitable due to greed of the 1 st joint account holder who black mailed others and did not share the funds received from BSE to the extent of Rs.12 lacs that were received in the account of his wife who was nominated to the membership of BSE to resolve long pending issue of settlement. He and his wife is now demanding full money at current rates for shares given as security to BSE inspite of BSE having paid the amount on disposal of shares in the joint accounts of late father under their control. They now also wants to pocket the shares still with BSE valued at over Rs.50Lacs which they can not do as these will be transferred to the joint account of legal heirs and not to his wife's account.
According to us legal heirs it is pure cheating and we therefore have following queries:
1) Is the un registered MOU binding on legal heirs as the crooked legal heir and his wife always avoided registration of MOU or courts due to ulterior motives?
2) Is their demand of full value as on date for the shares so called sold by BSE and inspite having received the compensation justiried as he could have bought these shares again from markets. Also he did not took up the matter with BSE and now trying to exploit the other legal heirs ?
3) Can other legal heirs file a case of cheating and frauds againsr the brother and his wife for not sharing the funds in agreed share with other legal heirs?
4) Do we have to make BSE a party in the matter ?
5) What can be done to ensure that the dividends paid in to joint accounts are not siffoned off?
6) Can this matter be taken up in Sessions Court as Lower cours are infested with corrupt judges who may delay the matter for years or pass adverse order ?
Kindly help as I am a retired person with not much of earnings and savings.
Regards,
Raj Kumar Makkad
(Expert) 19 July 2010
1. If any material fact has been suppressed by any party to MOU then it is not binding over either of the parties whereas rights being legal hair of deceased cannot be withheld.
2. Your brother cannot legally allowed to exploit the things and especially cannot be provided chance to get benefit of his own wrongs.
3. Definitely all other legal heirs have got cause of action to initiate strong criminal action against him being siphoned the valuable assets of all other legal heirs after death of their father.
4. Yes. It shall be better to implead BSE as one of the parties as it has also recognized him as surviving legal heir despite of your resistance.
5. File petition for Rendition of Accounts and seek interim injunction.
6. You should not abuse all judicial officers working in lower judiciary. After all District Judicial Officers have also been promoted from lower level. If you keep on alleging all persons, you cannot get desired results or justice.
It is not possible to directly file case at District level as desired by you rather have to come through lower/trial magistrate.
