Suit related to shares

Abhishek Tawri (Querist) 06 May 2012 This query is : Resolved
a person sold his shares to a share broker firm and took amount in cash no any cash receipt was taken at that time due to good relations between them.
Now the person filed a case against the broker that he lended his shares to broker but now broker is neither returning the shares nor giving the amount of those shares.
what relief the share broker has and what can be the expected result.

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Raj Kumar Makkad (Expert) 06 May 2012
Share broker might have taken the signature over the transfer form of those share certificates while purchasing the shares. If no such signature were taken or no signature were obtained over memo of sale-purchase then the claim of the complainant has force and the entire onus shifts over you to prove the entire lapses on your part.

Shonee Kapoor (Expert) 07 May 2012
Nothing left to be added.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

R.RAJENDRAN (Expert) 07 May 2012
What is the mode of payment?
Now a days the share are in d-mat form; it is not known how the share could be lent to the broker with out properly informing the depository.
Firstly, you must inform whether the shares were in dmat form or physical form.