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Author Topic: When, how and from whom will I get compensation for Breach of Contract?  (Read 729 times)

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Offline ssingh

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I had bought some shares of X company from its seller by paying him cash and got them transferred into my demat account vide an off-market shares transfer.

But subsequently the seller denied that he received any cash against the shares and lodged a false FIR against me for forgery of the Transfer Instruction for Delivery Slip which was filled by me and signed by him.

Thereupon the Senior Inspector of Police sent a letter to my Depository to keep freeze upon the said shares till the Judgment in the case comes.

The seller thereafter also filed a suit against me and my depository participant claiming forgery and fraud and for recovery of the said shares, its dividends, accretions and further compensation.

I have been made defendant no. 1 and the depository participant as defendant no. 2.

In that suit the Court had made an interim ex-parte order to the defendant no. 2 to maintain status-quo with respect to the said shares where neither me nor defendant no. 2 was present.

Thereafter the criminal court erroneously convicted me and in its Judgment sentenced me 3 yrs. imprisonment, fine of Rs. 4000 and also ordered me to return the said shares to the seller after the period of appeal is over.

I immediately within 30 days of the order filed the appeal which is till date pending.

Thereafter as the Senior Inspector of police had earlier sent letter for freezing the shares till the Judgment of the Court comes, and when it had come he again sent letter to my Depository stating its previous letterís reference and that "the Magistrate had ordered the accused to handover the shares to the informant after the period of appeal is over." and now not to keep freeze upon those shares.

But surprisingly my Depository after receiving the said police's letter themselves calculated 60 days from the Judgment order and without taking my signature and authorization ordered my depository participant to unfreeze the said shares and transfer back to the sellerís demat account breaching my agreement with them and Courtís status-quo order.

The depository participant abided by that order and transferred the shares from my demat account to the sellerís demat account and closed my demat account.

Now when I ask my shares to be kept into my demat account or compensation, my depository participant and depository states that they shall not do so and that they are not liable but the seller with whom my dispute is pending is liable to delivery/compensate for the sharesí loss as they have given it to him.

I have come to know vide a Supreme Court Citation case, that I canít claim anything with respect to the breach of Courtís status-quo order as it is only the plaintiffís right to claim upon the breach as it was taken out by and for the plaintiff (seller) for his benefit and that only he can obtain remedy with respect to that. Also the seller is not taking any action with respect to this as he has benefited out of this.

The seller has alienated the said shares and I don't know in whose name he has transferred/sold but I know for sure that now I canít ever recover those shares or its price from him as also he has not kept a single shares/penny in his name.

Firstly, Will it be viable if I file an independent suit against my depository participant and depository to enforce the contract and to seek compensation or do I have to seek justice in the sellerís suit itself or where my criminal appeal is pending?

Secondly, Am I entitled to get the highest market price of the shares achieved between the breach date and the compensation realization date along with the accretions and dividends and further compensation for pain and suffering, etc? How much and from whom?

Thirdly, Will I have to wait for the ongoing cases Judgment in order to get compensation?

Fourthly, Is getting compensation dependent on my winning or losing the ongoing cases?

Fifthly, Any suggestion/remedy counsel may give shall be highly appreciated.

Offline advsarmaroy

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Re: When, how and from whom will I get compensation for Breach of Contract?
« Reply #1 on: August 02, 2015, 11:39:29 PM »
You are asking for free advice, who has the time to go through your essay. Make or short and precise
Advocate Sarmaroy
Corporate lawyer / Real estate law expert

 

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