9911796707
TMI Blog2017 (3) TMI 1665X X X X Extracts X X X X X X X X Extracts X X X X ..... s dividends, rights issue, bonus shares or any similar entitlement etc she has been deprived of. 2. The petitioner's is a classic case of having been defrauded of her valuable property and then being asked to run from pillar to post to prove her title. Brief facts of the case are that the petitioner is a shareholder/member of Respondent no.1 Company and holds 903 equity shares vide registered folio no.31308. She continues to be in possession of her original share certificates. Her grievance stems from the fact that on account of a fraud perpetuated upon her, Respondent no.1 company, through their share transfer agents, first recorded her change of address to Mumbai from Sangrur upon a request by a fraudster and later issued duplicate shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and filed a police complaint to investigate into the matter. It also emerged that several other investors had also been duped in a similar manner, pointing to a modus operandi by the insider employees of the company and/or their agents, Respondent no.2. Despite the petitioner running from pillar to post, as her grievance remained un-addressed, she has petitioned this Tribunal for appropriate relief. 4. In the reply filed by Respondent no.1, they deny any liability and squarely lay it at the door steps of their Share Transfer Agents, Respondent no.2, duly approved by Respondent no.3. Needless to say that Respondent no.2 has found it convenient not to appear before this forum. Before this Bench, respondent no.1 has denied allegations of frau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued to SEBI Respondentno.3, the statutory organization created to protect the interest of investors. Though the Ld. Counsel appearing on their behalf had filed an application for being dropped from the array of parties, it was found expedient to keep them in the loop and get necessary assistance as to what action is contemplated at their end in such cases of fraud. Ld. Counsel appearing for Respondent no.3 submits that the petitioner had not lodged a complaint directly with them but with this Bench, and since the matter was sub judice, they have refrained from enquiring into the matter. It was only after specific directions of the Tribunal that Respondent no.3 has initiated an enquiry in the alleged fraud perpetuated upon the petitioner. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... you. We will proceed to file a complaint with the police and request them to investigate the matter." 7. Correspondence on record includes a letter dated 12.07.2014 sent by the R1 Company to the Police, reiterating its earlier complaints against one Mr. Umesh Kajmar and other unknown persons for committing the offence of cheating, theft, forgery, fabrication and impersonation in the present case. 8. The petitioner's complaint of being cheated is not an isolated case and appears to be the handiwork of insiders of Respondent no. 1 and/or their agents Respondent no.2. The petitioner should not be made to suffer for their acts. 9. The petitioner has further been able to satisfy this Bench that as per the guidelines of SEBI (Registrar to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o suggest that the petitioner initiates a Civil Suit is viewed as an attempt not to redress the grievance which has primarily arisen out of the fraud played by the employees of the Respondent Company or their Agents. Apart from guidelines of Respondent no. 3 that unequivocally make the Respondent Company liable for the acts of their Register cum Share Transfer Agents, the law on the point is clear that the Principals are liable for the acts of their agents. 12. With respect to Respondent no.8, Mr. Vikas Tara Singh, the present registered holder, steps for service of notice were duly taken and he has chosen not to be present. It is does not need any specific observation, but the shares transferred to him, being stolen property cannot vests ..... X X X X Extracts X X X X X X X X Extracts X X X X
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