Wrongful transfer of shares

Arjun Jaganathan (Querist) 12 April 2014 This query is : Resolved
I am holding 100 shares of a reputed company. I decide to transfer the shares to my wife and make an application. The shares get transferred to a third person and where by i incur heavy loss.

My question is
1. Can i sue the share trading company for "Deficiency of Service" under Consumer Protection Act.?

2. Since am into the share trading for profit motive, will i not come under definition of "Consumer"

3. Where can i seek remedy for this problem.?

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Guest (Expert) 12 April 2014
With reference to your query #1, "Can i sue the share trading company for "Deficiency of Service" under Consumer Protection Act, do you mean that share transfer business was being done by the share trading company, not the registrar and transfer agent of the company or the company, itself?

Rajendra K Goyal (Expert) 12 April 2014
Yes the transfer of share is done by Registrar and not the share trading co. Please state facts.

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