Shares not issued ...
Roger Shaker
(Querist) 17 November 2014
This query is : Resolved
Hi
I live in America and invested 400,000 USD in 2 installments in 2010 and 2011 with a friend. He sent me a letter via email that I get 10% equity in 2 of his companies and detailed agreements will be drafted later. I have been requesting him to give ROC registered shares for the past three years and nothing. I have been requesting for my money back and nothing. Under what sections can i file a case and realistically is there anyway i can recover the money. My friend is a wealthy and well connected person. Does the statute of limitations or time bar apply here. Please advise.
Thanks.
ramanathan
(Expert) 18 November 2014
Dear Roger Shaker, Greetings. Please share the full details of names, addresses of your self as well as your friend, Companies details with transactions how they were made and copies of mails or any other documents shared between you and him etc. so as to advice you suitably.
R P Ramanathan, Advocate, Coimbatore
Mob.09994675721
Rajendra K Goyal
(Expert) 18 November 2014
Consult a local lawyer at the place where your friend claimed to incorporate the two companies. Your representative can visit the ROC office to know the actual position whether the companies have been registered or not and what is your share holding in the company if registered.
ajay sethi
(Expert) 18 November 2014
1) it appears your friend has taken you for a ride .
2) take search in ROC records as to whether you have share in companies mentioned by your friend .
3)if no shares have been issued to you issue legal notice and seek refund of your money with interest .
Dr J C Vashista
(Expert) 19 November 2014
Despite the fact you have invested in shares through your friend, you must have checked the authenticity of the company (availablle on net) and statement given by your friend.
Issue legal notice to your so-called friend and the company through local lawyer.
T. Kalaiselvan, Advocate
(Expert) 19 November 2014
In the first place, do not fall prey to the fleecing people who make tall promises to you that they will be able to recover the amount you have already lost etc., if the situation is fact you may have to engage a local advocate who will be able to guide you to initiate legal action for recovery if at all there are chances. Do not lose anymore money in the name of legal actions assured by cunning minded people which will finally turn out to be fake resulting into further losses to you.
