I had opened a demat account with a depository in 2006.
I purchased some shares from its seller and the seller delivered them into my demat account vide an off-market transfer in 2009.
The seller lodged an FIR against me and claimed the shares in 2009.
The police sent a letter to the depository in 2009 to keep freeze upon the shares till that time till order of Court comes.
The Court convicted me in 2012 and in its Judgment order sentenced me to suffer 3 yrs. imprisonment with fine of Rs. 4000 and also ordered me to return the muddemal property (shares) to the complainant after the period of appeal is over.
I immediately within 30 days of the order filed an appeal which is till date pending.
The police approx. one month after the Judgment order date sent letter to my depository making reference of its previous letter of 2009 and stated that “The Magistrate had ordered the accused to handover the shares back to the complainant after the period of appeal is over."
But the depository by mistake thought that the order was for them and in a wrongful assumption also calculated 60 days as the appeal period from the Judgment order date and without taking my signature and authorization transferred the shares to the demat account of the complainant and closed my demat account.
I have also found that no other action of transfer of Muddemal Property (shares) has been taken by any Court.
When I asked the depository to reinstate the shares they stated that they shall not do so and issued a letter of anticipatory cancellation of the contract.
The shares which the complainant received by the mistake of the depository has been alienated by the complainant and are not traceable.
What can be the remedy? Plz. Help
