The National Court of Appeals on Company Law (NCLAT) ordered DLF Ltd, the principal land agent, to record the transfer of 60,000 shares to the legal heirs of 1 of its helpless shareholders and has hitted a price of Rs 5 lakh for ” harass poor investors. ” A three-member desk noted that DLF used again and again an affidavit and an indemnity bonus despite having a Letter of Administration for succession, and therefore the action of the important estate company hsould be filed for criminal action.
“We observe that the appellant (DLF) may be a company that’s listed on the important estate market and knows legal formalities alright . By insisting on the affidavit and therefore the indemnity bond over and once again , despite the Letter of Administration issued, it’s clearly established that the Appellants (DLF and Rajdhani Investments) are harassing poor investors, “said a bank of three NCLAT members.
The action of the DLF deserves some criminal action. We also note that respondents are entitled to 60,000 shares consistent with the proper to pay the consideration.