Wrongful detained of asset

Querist : Anonymous (Querist) 15 October 2011 This query is : Resolved
shares are wrongly transferred to one of clients demat account , now he refused to transfer those share back. what is legal provision in this regard?

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Raj Kumar Makkad (Expert) 15 October 2011
Intimate those companies in writing not to admit owner of those share to wrongful person and file a criminal complaint against your client.

prabhakar singh (Expert) 16 October 2011
You are talking of a demat a/c maintained with depository,the company has to admit such transfers,This matter lies between parties,at one end the demat a/c holder and at the other end his broker participatory of depository,and the depository.

A demat a/c holder also has a trading a/c with broker and brokers in turn have also a very exhaustive POA in this regard just to meet these contingencies.

Then it is surprising why real demat a/c holder is being sought for correction.
Judging the modus operandi of these transaction i do not seek any difficulty
in correction of error unless there are facts not disclosed.

Hence come with detailed facts for a solution or enjoy the flying kisses of us.

Sailesh Kumar Shah (Expert) 16 October 2011
I do agree with views expressed by Shri Prabhakar Singh.

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