HDFC Bank has refused to entertain a plea made by investors to return their shares that were fraudulently pledged by suspended brokerage BMA Wealth Creators. The beleaguered clients of BMA had pleaded with the private bank to return the shares to their depository participant (DP) accounts.
In a letter to BMA’s clients, HDFC Bank said it is well within its legal rights to sell shares pledged by the brokerage under the loan agreements. It further claimed that BMA had “expressly represented” that it owned the shares pledged. The clients’ letter ...
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First Published: Wed, February 12 2020. 18:40 IST
