Legal Question in Banking Law in India

Sir,

I did the below complaint in bank of baroda-

"In 1997 I bought 100 shares of Bank of BARODA by PUBLIC OFFER.I also received its certificate.My Reg. Folio no. is - BBE170785 and CERTIFICATE NO. is - 246159 .Distinctive no. is 0220615701 to 0220615800 .I was not informed about 2nd call money at all via any means and so I didn't pay the 2nd call money as I was not informed about it.I contacted them many times to transfer my shares into my DEMAT account.I wrot them letters in the years 2002 to fulfill the need,but they didn't reply.Again I tried to contact them in 2005 via letter and they sent a letter in return informing that my letter has been sent to the share unit of BANK of Baroda for further clarification on the issue.In 2006 I sent the original share certificate to transfer it into my Demat but they kept the original share certificate and told me that due to miscellaneous reasons all my " NEW DRF REQUIRED AND OLD SHARES ARE FORFEITED AND RETAINED BY THE COMPANY." Also they neither returned my money nor transfered the shares into my Demat account.Now they should either return my money back along with the interest or transfer the shares into my Demat account."

But they replied that-

"You may please note that Bank of Baroda has forfeited all the partly paid up equity shares in June 2003 on which call money/allotment money was not paid. The Bank forfeited the Shares under the relevant Regulations as approved by Government of India by Gazette notification. The Bank observed the due process including the issuance of periodical Notices/Reminders/Forfeiture Notice including publishing a Notice in newspapers also. Moreover, the relevant Offer Document dated 27th September, 1996 at Page No.8 very clearly stated that �Failure to pay the amount as aforesaid, shall render the allotment of equity shares liable to cancellation and amount paid liable to forfeiture.�

Moreover as per norms approved by Government of India Gazette notification �Forfeiture of share extinguishes all claims against Bank with regards to forfeited shares.�

Chief Manager,

Head Office, Baroda.

I again replied that-

"Its not necessary that every individual read the newspaper in which the information mentioned by you was given.You should have sent me a call money reminder and if you have already done that than you must be having the record of when you sent that reminder.So please provide me those details from your record.Also send me copy of the government rules as mentioned by you according to which shares can be forfeited without giving any reminder for call money.I don't think there is any rule which allows shares to be forfeited without any reminder for call money.Due to this decision of your bank I have to suffer from great economic and mental tension.If I didn't want to keep those shares than Iwould have sold them at that time only when they were issued.If I would have been informed about call money than I would have paid it that time only.I am ready to pay the call money along with interest for the shares now . Kindly look over the matter and return back my shares and resolve it as soon as possible."

The reasons given by me in this matter are true as they didn't inform me about any call money by any means.But they are not ready to accept any of the reasons stated by me.Kindly look into their records if they ever sent any reminder for call money and my shares should be freed by them and given back to me.?

from

Awadh Sharan Shandilya ,[email protected]

Ph. no.- 07582227292, 9406531741

Add.-deen kuti parkota,sagar,madhya pradesh

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