9911796707
TMI Blog2025 (3) TMI 340X X X X Extracts X X X X X X X X Extracts X X X X ..... eged fraud committed on the Complainant, the Petitioners whose value of shares of Rs.15.90 lakhs got sold in the market, cannot be denied to him. It is pertinent to observe that the Shares are not in the possession of the Petitioner, but have been handed over to the concerned Agency/SEBI for being sold in the market. On a query, it has been explained that these Shares do not have any market value as on date, for which reason the Respondent No. 2 is not inclined to take responsibility of these Shares which he had admittedly purchased for and on behalf of Brij Mohan Gagrani. There may have been some fraud committed at the level of Respondent No. 2, since allegedly, no Shares were directed to be purchased by Brij Mohan Gagrani and Respondent No. 2 may have suffered some financial loss on account of some fraud committed at its end, but that cannot be foisted on the Petitioner who in no way is a party to the alleged fraud. There has been some argument raised that in the Statement of the Petitioner recorded during the further investigations as directed by the learned M.M, he has not been consistent about the number of Shares. Petitioner has explained that inadvertently the correct num ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of Complaint lodged by Respondent No. 2. Thereafter, the Petitioner got a communication from BSE that out of the total traded scrip, the payment for approx. 70000 Shares is being withheld due to the aforesaid Complaint. 4. A Notice of Inquiry in the aforesaid Complaint was served upon Director of Petitioner, who duly appeared before the I.O and submitted the detailed Reply. The Petitioner has explained that Respondent No. 2 had bought a total of more than 1 lakh Shares of the said script from open market on that day which shows that Shares had been bought from other seller entities for the same script. The Petitioner further stated in the written Reply to the I.O., that its Company was nowhere related to M/s NDA Securities Ltd. or to any of its employees in any way and also submitted the trading sheets of its Brokerage houses. A letter was also addressed to the SHO, P.S. Barakhamba Road, detailing the entire facts. 5. It is claimed by the Petitioner that his money has got stuck in Bombay Stock Exchange to which he is entitled. He has written letters to BSE as well as SEBI, but SEBI in its letter dated 11.01.2014 has stated that the payout has been withheld on the directions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion it was taken". 13. It is further stated that proceeds of Shares of M/s Ashutosh Paper Mills Ltd. is not 'property'; rather was paid by Complainant. The payout proceeds of Shares of M/s Ashutosh Paper Mills Ltd., which had been given by the Petitioner, cannot be released on Superdari, and only the Shares can be released on Superdari for which BSE has not been made a party. It is further stated that Shares of M/s Ashutosh Paper Mills Ltd. are not easily saleable in market being a penny stock of average price of Rs.2 to Rs.2.5 on the day of commission of offence i.e. 01.04.2013. The said Shares had attained the price of Rs.15.90 and there was a Seller Freeze in the market, as there were only sellers and no buyers. 14. The Complainant is a listed Stock Broking Company and has been in trading for more than three decades and never trades in such penny stocks. The customer from whose I.D the cheating has been effected, is out of India and had not been traced in the Stock Market from past many months. The only persons who stand to benefit from this cheating or can have a motive, is the Petitioner before this Court and his mother-in-law who sold the balance 30,000 Shares on the day of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was attended by Mr. Pankaj (employee of Complainant Company). From the other side, the caller desired to talk to Ashish Aggarwal to whom the call was transferred. During the conversation, the Client Code was confirmed to Ashish Aggarwal and on the request of the caller, 1 lakh Shares @ Rs.15.90 per Share of M/s Ashutosh Paper Mills Ltd. were purchased in the account of Mr. Brij Mohan Gagrani. 20. The Complainant provided the voice matching details which resemble to the accused Amit Jain who had been working with one Trading Company/Royal International Shares Pvt. Ltd. situated in Shakarpur, Delhi. The IP address used to log on 08.03.2013 and the Server of the Complainant Company, also belongs to that Company. 21. On asking about the job duties and capacity of Ashish Agarwal, the Complainant Company provided the information vide its Letter dated 18.03.2016 that Ashish Agarwal joined the complainant Company in January, 2012 and he was on probation for six months. The complainant Company also provided him a Terminal to give response to client's queries related to market movement. So, he was there to assist the other authorized dealers and was not authorized to trade in any clien ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tock Exchange and had been dealing in trading of Shares and Certificates and his Membership code was 3082. Shri Brij Mohan Gagrani was their esteemed customer, who opened an open Account with their Company on 25.01.2012 with deposits of Rs.15 lakhs as margin money. His unique Client Code was with the Complainant Company. He maintained Deemat Account with IL&FS Securities Limited. 30. On 01.04.2013, he received a telephonic call at his office, allegedly from Shri Brij Mohan Gagrani who placed a Purchase Order of 1 lakh Shares of M/s Ashutosh Paper Mills Ltd., which were purchased by Mr. Ashish Aggarwal, an employee of the Complainant Company (respondent No. 2). The purchase of Shares was confirmed to the caller, as per practice of BSE and Broker. The conformation was also sent to the client about the purchase and sale of Shares, by SMS. 31. As the transaction was large, the Complainant contacted the concerned client Mr. Brij Mohan Gagrani, who denied having made any call for the purchase of 1 lakhs Shares of M/s Ashutosh Paper Mills Ltd. This raised a suspicion that their employee Ashish Aggarwal has connived with the seller of Shares to defraud the Organization. The BSE was reque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial loss on account of some fraud committed at its end, but that cannot be foisted on the Petitioner who in no way is a party to the alleged fraud. 37. There has been some argument raised that in the Statement of the Petitioner recorded during the further investigations as directed by the learned M.M, he has not been consistent about the number of Shares. However, learned counsel on behalf of the Petitioner has explained that inadvertently the correct number of Shares has not been mentioned, though the entire transaction has been truthfully stated by Shri Rajneesh Kumar, Director of the Petitioner Company. 38. There being no denial of the Shares originally belonged to Petitioner which he had put in the market for sale and which also got sold, the Petitioner is entitled to release of Rs.15.90 lakhs realized on sale of the Shares in the market. 39. It is, therefore, directed that without prejudice to the merits of the case, it is hereby directed that this amount of Rs.15.90 lakhs be released to the Petitioner on Superdari subject to him furnishing a Guarantee of the same amount, before the learned M.M. It is hereby clarified that there is no finding on the actual ownership of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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