My wife opened a commodity trading account investing Rs.1 lac based on oral agreemnt so that out of profit I have to give 25% to the tradingmember.The company submitted a booklet and got signature 50 to 60 but not issued a copy of the same.No software was installed and no ID / Pass Word was given by headoffice but branch manager assured they will be fulfilled soon by IT section of headoffice but not done anything till 1 month.Soonafter my cheque amount realised branch manager began to trade till 10 days and at one stage I noticed that there was balance of Rs.1 lac in my account. Immediately I sent SMS to branch manager not to trade further and requested him for Payout which he failed to follow my instructions instead he began to trade still further incurring loss. Contract notes for 3 dates were not sent to my email for which I have evidence of inbox printout. My email request for contract notes were not carried out by headoffice instead they possess bogus proof of despatch by way of CD etc.,In addition to this branch manager traded with inadequate margins not following MCX Byelaws. Before to trade the investor should be known about RDD that copy was not given to me. No software installation done to trade independantly.Trading with inadequate margins are not permitted by MCX. Headoffice allowed branch manager to trade illegally and incurred a loss of 1 lac.In meantime I sent a email for compromise without consulting my wife since the investment belonged to her.Next day i.e.,after 12 hours I revoked the compromise stating that branch manager promised me to make good for the loss and believing his words I had to forward the compromise and without any consultation from my wife I committed this. Now IGRC reported in his proceedings so that all trades were carried out legally and the investor had withdrawn complaint first and then reoponed nextday immediately without any proper justification worth mentioning.Hence my claim was dismissed and now I filed Arbitration which is pending. My contention is:There is evidence to show that trades were carried out illegally inspite of SMS and traded with inadequeate margins due to which loss was incurred. Is there any merits on my side? Advise
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Lawyers are available now to answer your questions.
1) you have good case on merits
2) yiur request for payout was not adhered to
3) trading was done without yiur wife consent
4) no contract notes dispatched
5) you had no authorisation to enter into compromise without wife consent
6) you should succeed in arbitration
1. Since the arbitration proceeding is pending you have to submit yourself to this jurisdiction .
2. In the arbitration proceeding you can produce all the evidences you have and file your written version of the dispute.
3. The illegality you have mentioned is very hard to prove unless many more investors faced with the same fate and all of you present the same story.
4. So without thinking much on the merit of the case press your case in arbitration proceeding and fight it put.There is no need to engage any advocate to fight arbitration proceeding. You know your facts better than anyone and hence rely on your instinct.
If you have smses to prove that there was breach of contractual obligations by them which caused loss to you then you surely have a good case on merits. The award of the arbitrator can be challenged in the civil court though by the losing party.
