WAY2WEALTH BROKERS PVT LTD Vs. PONNA SHANKAR

JUDGEMENT

(1.) The Present appeal is filed challenging the judgment dtd. 19/4/2021 passed in Com.A.S.No.263/2018 by the LXXXVIII Additional City Civil and Sessions Judge (Exclusive Commercial Court), Bengaluru City, (hereinafter referred to as the 'Commercial Court' for short).

(2.) Brief facts of the case are as follows: It is the case of the Appellant that it is a Brokerage Firm registered with the Securities and Exchange Board of India (SEBI). The first Respondent and her husband jointly held a Demat Account with the Appellant. Subsequent to the death of her husband, the first Respondent had opened an individual account and the shares held in the joint account of the first Respondent and her husband were transferred to the said individual account.

(3.) In 2017, the first Respondent, contending that the Appellant had illegally, without authorization or consent sold the shares and the proceeds of which were also not paid to her, filed a complaint which was referred to the National Stock Exchange (NSE). The Appellant denied the allegations made by the first Respondent.