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Company refusing to allot me promised shares. What options do I have?
28-Sep-2023 (In Labour & Service Law)
Hi, I was granted & vested unlisted shares by my ex-employer which I applied before quitting and issued a cheque to that extent. However the company did not deposit the cheque and now refusing to allot me the promised shares. Its subsidiary of a BSE & NSE listed company. Pls advise what legal options do i have to claim these shares issued under Employee Stock Option Plan of the company.
The appropriate forum to approach in such a situation would be the company law board and your case would allege oppression and mismanagement of a minority share holder. The CLB is the best and fastest forum to approach.
If the shares had been promised to you through an employee stock option scheme that was part of your employment contract then you could file a suit for specific performance to compel the company to issue the shares to you.
While the criminal courts can always be approach, SEBI as a regulator oversees misconduct of companies on this count. However, since the company is unlisted, it is doubtful whether the SEBI could help you and the CLB would be your best bet.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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