Company refusing to allot me promised shares. What options do I have?

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.

Answers (1)

299 votes

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.

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Labour & Service Lawyers

Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
34 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
20 years Experience
Advocate Wg Cdr Ajit Kakkar (Retd)
Dwarka, Delhi
21 years Experience
Advocate Bala Janaki
330 Thambuchetty Street, Chennai
36 years Experience

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at and has been responded by one of the Labour & Service Lawyers at to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at or contact a Lawyer of your choice to address your query in detail.

Related Questions

" has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

Related Articles