I had demat shares of 3 companies with one broker. These were transferred to a neighbours brokerage company and he had put them in his pool account. Now when I am trying to get the shares transferred to another demat account, the broker has been unable to do so. He has instead given me a cheque in lieu of the shares, which also I am unable to encash due to insufficient funds! Need less to say I will have to pay tax on this amount too. Is there any legal way I can proceed with this to 1) make him transfer the shares to my demat account 2) collect the compensation for the shares from him. Please advise.
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1) issue legal notice to broker on account of dishonour of cheque to make payment within period of 15 days of receipt of notice
2) if broker fails to pay file complaint under section 138 of NI act for dishonour of cheque
3) also file summary suit under order XXXVII of CPC
4) you can also file complaint of cheating under section 420 of IPC against broker
You can deposit the cheque, get it bounced and then issue a legal demand notice to him after which the broker would come own for negotiation.
Dear Querist
issue a legal Notice to him by your counsel and demand transfer your share in your demat account, if he is unable to give resolution within notice period then you may file a cheating case against him and also claim compensation from him by the court.
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