Cheating & forgery of broker/sub broker
Devender Kumar Khurana
(Querist) 15 December 2012
This query is : Resolved
I got opened Share Trading Account and DP Account on the commitment of Sub Broker by written agreement, including the name of Broker in agreement that 24% pa return will be paid and shares will be returned after completion of one year. After one year when shares not returned, I approached to Broker and surprisingly came to know that KYC Form and DP A/c opening forms for opening account were replaced by forged one. Signatures were forged on it do not tally with my signatures as in PAN Card and Copy of Passport. Now Broker refused to transfer shares on the pretext signatures do not tally.Even no return paid by Sub Broker. What remedy is available and how to proceed ? My hard money is blocked with Broker which I want to get back. If replied urgently I will be obliged.
ajay sethi
(Expert) 15 December 2012
issue legal notice to broker/ sub broker . the agreement must be containingg an arbitration clause . invoke the arbitration clause . all disputes between cleint and borker have to be referred to arbitration
Raj Kumar Makkad
(Expert) 15 December 2012
I have also similar opinion as expressed above.
Devender Kumar Khurana
(Querist) 16 December 2012
Sir, in Agreement there is no clause of Arbitration. Simply written that after expiry of one year I/We severally and jointly return the shares kept in >>>>>>>>> Broking Co in its DP Account No.----------, with 24% pa return on average value of shares.
Also KYC Form is submitted is after forging the signatures which do not tally with original signatures resulting Broker is not accepting transfer slips to transfer the remaining share in DP Account to another DP Account. Please advise and oblige.
Regards
Raj Kumar Makkad
(Expert) 16 December 2012
Make complaint to Registrar of Companies with copy to SEBI & that company and wait for outcome failing which file petition before h high court.
