Dear Sir,
I wish to inform you that I opened my subject account in the month of October and I authorized Mr. Arun Prakash (Branch Manager) to do transactions as and when ordered.
On 21st January there were some outstanding FO positions and 12 lac worth of shares as margin in my account (List Enclosed). I received one call at around 11am on 21st January from Mr. Arun Prakash that his Head Office has demanded more margins due to sudden fall in the share prices. I offered him 300 Aban Off shore Ltd (Value Approx Rs 10 or 11 lac) and informed him that I am arranging funds also. But at 3.20pm Mr. Arun informed me that his HO people had refused to accept the additional margin and asked to sell off FO outstanding positions. Then I asked him to sell all FO outstanding shares and make the Account NIL from the margin A/c. I did not receive any call from their Head Office while my mobile and landline number is mentioned in the master.
But later in the evening Mr. Arun Prakash came to my home at around 8 pm and informed me that since everything was done by his HO and his Branch Terminal was locked so his Ho has sold some FO positions and demanded more money. I was shocked to hear all this and I asked him why your authorities did not sell all the FO shares and made my A/c NIL when I ordered you to do it at 3.20 pm during market time. Again on 22nd January Consortium Securities Ltd has debited Rs 4, 79, 473.78 to my account by showing the selling of balance FO shares which was ordered to be sold on 21 January during market period. After that again consortium Securities sold shares worth Rs 1, 04, 502 from the margin shares. Since then Consortium Securities Ltd has sent their person 8-10 times at my house and demanded money and created harassment to me and put me under lot of depression. I had asked Consortium Securities Ltd that when I ordered to sell all my FO outstanding shares on 21st January i.e. on Monday and make my account NIL from margin shares, why you had not done on 21st January itself and I am not responsible for the transactions done by company on 22nd January.
In this connection I rang so many times to their branch office and wrote letter (letter enclosed) on 14th March and sent to their Bhikaji Branch, New Delhi Branch and its copy to the Chairman Mr. Paramjit Singh Kalra and requested for the release of shares from my Margin Account left after giving all the details. I received one letter (Enclosed) dated 28th March on 1st April from Consortium Securities Ltd in which they have not given any satisfactory reply and again demanded Rs 7 lac debited to my account by their wrong actions and threatened me for legal actions. I again wrote a letter to Consortium Securities Ltd on 3rd April, and to the Chairman by giving clarifications and requested them to transfer shares to my Depository Account. But till now they have not transferred my shares.
This is fully breach of trust by Consortium Securities Ltd and they are misusing the margin shares from the last 3 months which were given to them as Security.
Sir I request you to please look into the matter and help me in getting my shares.
Thanking You
Yours truly,
Pankul Verma
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