Legal Question in Civil Rights Law in India

We have executed one MOU for release of oposite party's Guarantee & Security from the Bank latest by 30.06.2008, but able to release on 02.09.2008. For timely release of the Guarantee & Security, we have handed over around 12% of our Company's Shares to the oposite party, with a right that in case we fail to release the same by 30.06.2008, he was at a liberty to transfer those shares in his favour. After release of his Guarantee and Security, although, we have followed up for several times to return those shares but he did not return the same. However, after a gap of more than 2 years, on 13.08.2010 he had lodged those shares with the Company for transfer of the same in his favour. Please advise whether he got any right under any law to transfer those shares in his favour and what step to be taken by us to protect our interest as such the Company is a closely held Company and all those shares are related to the Directors and their relatives.

Asked on 9/20/10, 10:19 pm

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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you can file a civil suit for recovering your shares after fore closure

Answered on 9/21/10, 2:42 am

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