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vipul shah (professional)     16 December 2021

Special civil suit regarding share transactions

   Home Experts Civil Law Share trading transactions disputes Querist : Anonymous (Querist) 03 December 2021This query is : Open  RESPECTED SIRS, I HAVE DISPUTES REGARDING SHARES TRANSACTIONS FOR THAT I HAVE FILED SUIT FOR VALID BILLS AND CONTRACT NOTES WHICH IS NOT PROVIDED BY THAT SUB BROKER AND LATER ON WE FOUND THAT THE SUB BROKER IS NOT SEBI REGISTERED AND LATER ON BSE AUTHORITIES AND SEBI HAS GIVEN US A LETTER THAT THE FIRM IS UN AUTHORISED AS HE IS NOT SEBI REGD. THAT UN AUTHORISED SUB BROKER HAS COUNER FILED A CASE AGAINST ME FOR 6 LACS ON THE BASIS OF HIS OWN COMPUTERISED BILLS.WE HAVE FILED AN APPLICATION TO CIVIL COURT THAT AS ARBITRATION PROCEDURE IS THAT IN BSE AND SEBI SO CIVIL COURT HAS NO JURISDICTION FOR THAT CIVIL COURT HAS GIVEN A JUDGEMENT IN MY FAVOUR ALSO.AGAINST THAT JUDGEMENT THET UN AUTHORISED FIRM HAS FILED APPEAL IN HIGH COURT IN WHICH HIGH COURT HAS GIVEN STAY ON THE JUDGEMENT OF CIVIL COURT AND GIVEN AN ORDER TO APPEAL FOR HEARING TO THAT SUIT IN CIVIL COURT.NOW WILL YOU PLS GUIDE ME IN THIS REGARD? NOW THIS UNREGD.SUB BROKER HAS PUT ALL BILLS AND CONTRACT NOTES IN THE COURT OF LAW DEMANDIND 6.00 LACS I AM REALLY SURPRISED AND SHOCKED THAT HOW CAN A SUB BROKER WHO IS UNREGD.UNDER SEBI ACT CAN MISLEAD TO THE COURT IN THIS WAY ? CAN SUO MOTTO CASE AGAINST HIM TO FILE BY THE COURT OF LAW ? CAN I APPEAL TO THE COURT FOR THE SAME ? KINDLY SUGGEST WHAT NECESSARY STEPS SHOULD I TAKE ? PLS GUIDE. 



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 1 Replies

Aryan Raj   10 January 2022

In response to your query,

An unregistered firm cannot sue any third party for the enforcement of any right arising from contract. There are two requirements of the right to sue namely, the firm should be a registered one and the person suing should appear as a partner in the registration. No member of an unregistered firm can enforce his rights under the partnership contract against either the firm or any present or past member of it, nor can the firm sue its customers on their contracts.

So yes a suo motto case can be initiated against him and the firm and you can make request for the same in the court. Firstly get the necessary documents form the concerned authorities which can prove that the firm is an unregistered one which will help you in the case which the broker has filed against you, and then you can also request the court to initiate a suo motto case against him.

Regards,

Aryan Raj 


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