Kindly take it seriously as it may affect even you!
In the year 2002 staff of BSE & their custodians BoI colluded to giveaway 792 shares of Sterlite Industries (Now Vedanta Ltd) in the buyback offer without any consent form the owner of these shares.
Owner had lent these shares in 1992 to his father a member of BSE towards security deposit who died intestate in 1996.
Post demise of the deceased member it was & is the obligation of BSE & it's custodian BoA to safekeep the shares given as security and accrued dividends thereof and return the same to the owner or legal heirs of the deceased member. But due to corruption and greed BSE and custodian BoI failed in fulfilling their responsibilities.
Even SEBI has washed off hands when approached mentioning it's a dispute between deceased member and BSE though SEBI had opposed the buyback offer as it was a fraud played upon investors. So much so for SEBI's utility.
BSE has blatantly refused to compensate the owner of his losses due it's failure to protect the shares & credits of the deceased in it's safe custody.Thereby leaving no option but to file a suit for recovery of losses suffered by the owner.
Kindly suggest the best & speedy remady to move ahead in the matter successfully.
TIA & beware of BSE it's still running with the same old style resulting in Harshad Mehta, Ketan Parekh scams with its active help.
