MUMBAI: The Gurgaon judicial magistrate First Class court on Monday issued non-bailable warrants against Sharekhan CEO Tarun Shah, director Shankar Vilaya, vice-president Hemedra Aggarwal, senior executive Harendra Doshi and branch head Manoj Sharma in a case of alleged defrauding and cheating of an investor.
The officials have been booked under Sections 467, 468, 471(forgery) and 477 A (falsification of account). The action has been taken on the basis of a first information report filed with the police on May 7, 2007.Sharekhan has denied the cheating charges. When contacted by ET, the official spokesman for Sharekhan said the firm was "surprised by the decision of the Gurgaon court and would be taking appropriate legal steps."
"The case is currently under the consideration of the Chandigarh High Court, the next hearing is slated for September 7," the spokesman added.The complainant has alleged that a large number of transactions, which were carried out in his account on March 30, were unauthorised.
The complainant further alleges that a letter had been sent to the company (Sharekhan) relating to the issue. However, there was no reply from the broking house. The complainant has alleged that he had to suffer a loss of Rs 2 crore as a result of the unauthorised transactions in his account.
The Sharekhan spokesman said the firm had squared off the market positions of the complainant as he had not paid up the additional margin money. "We have signed a contract with the said investor, and like all contracts that we sign with our investors, the wordings of the contract are in accordance with Sebi guidelines," the spokesman said.
"The market was very volatile on that day and since the investor could not provide the additional margin amount, we had to liquidate his positions. In fact we had called him to our office and explained to him the situation under which the positions were squared off," he added.
The officials have been booked under Sections 467, 468, 471(forgery) and 477 A (falsification of account). The action has been taken on the basis of a first information report filed with the police on May 7, 2007.Sharekhan has denied the cheating charges. When contacted by ET, the official spokesman for Sharekhan said the firm was "surprised by the decision of the Gurgaon court and would be taking appropriate legal steps."
"The case is currently under the consideration of the Chandigarh High Court, the next hearing is slated for September 7," the spokesman added.The complainant has alleged that a large number of transactions, which were carried out in his account on March 30, were unauthorised.
The complainant further alleges that a letter had been sent to the company (Sharekhan) relating to the issue. However, there was no reply from the broking house. The complainant has alleged that he had to suffer a loss of Rs 2 crore as a result of the unauthorised transactions in his account.
The Sharekhan spokesman said the firm had squared off the market positions of the complainant as he had not paid up the additional margin money. "We have signed a contract with the said investor, and like all contracts that we sign with our investors, the wordings of the contract are in accordance with Sebi guidelines," the spokesman said.
"The market was very volatile on that day and since the investor could not provide the additional margin amount, we had to liquidate his positions. In fact we had called him to our office and explained to him the situation under which the positions were squared off," he added.
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