Ownership on forged document
Poonam Singhi
(Querist) 22 February 2013
This query is : Resolved
Say, I bought certain shares of a company bonafidely from a share broker on consideration and recieved share certificates and signed transfer deeds accordingly. Later it is found out that the sign in the said deeds are forged. Does the ownership of those shares pass on to me or not?
ajay sethi
(Expert) 22 February 2013
we dont answer hypothetical queries . if signature is forged the seller can challenge transfer .
prabhakar singh
(Expert) 22 February 2013
Ask the broker to get the correct sign .You paid him ,or ask him to pay you back.
Of which year the transaction is?
physical delivery is a thing of remote past.
R.K Nanda
(Expert) 22 February 2013
no more to add.
Poonam Singhi
(Querist) 23 February 2013
The transaction is of early 1990's prabhakar sir. As a bonafide buyer since I purchased the shares from Stock Exchange who in turn purchased it from a broker isnt my ownership protected against true owner since i am a bonafide buyer.
Poonam Singhi
(Querist) 23 February 2013
i know tht under sale of goods one cant pass what one doesnt have but is there any exceptional situation where my case can fall
Poonam Singhi
(Querist) 23 February 2013
ajay sir and all other respected members i am new to the forum and i have lots to learn from you all, so i apologise if i am unable to put the query in the best possible manner in one go. I hope you all will appreciate it.
Thanks again
Anirudh
(Expert) 23 February 2013
Dear Poonam,
You say that you bought the shares in early 1990's. I understand that the shares are in physical format. That means you might have got the transfer deed signed by the original owner. That transfer deed is available/valid only for a limited period.
Please tell, whether you got the shares transferred in your name in the Company's Register or not.
Daksh
(Expert) 24 February 2013
Dear Ms.Poonam,
In my humble opinion you may represent to the Company Secretary of the Company in question putting forth your case asking him to cross check from the registers of Shares Certificate and put the broker in question to notice. Either your problem is solved otherwise you have a remedy to proceed u/s 111 of Companies Act against Company in CLB and against Broker in Civil/Consumer Forum.
Hope this clarifies
Best Regards
Daksh
Raj Kumar Makkad
(Expert) 06 March 2013
Daksh has perfectly provided the relevant reply of the query within the framework of relevant law to which I do endorse.
