co-operative bank shares

This query is : Resolved

Lalita (Querist)
Follow

24 November 2009 my client had taken a shares at the time of term loan as per bank rules . he was refunded that loan with in a stipulated time & than he has requested to the bank refund his excess share money ( to keep nominal share mony which is requred for bank for maintaing a share holder).but that co-operative bank denay for that refund .my question is can co-opetative bank refuses such demand? (The Share money is near about Rs 35000/- & Nominal Share application Money around Rs. 1500/-) Rs 33500/- not a premium amount I have that much amount of share certificate.(Rs. 35000/-)

Juzer Sadikot

Juzer Sadikot (Expert)
Follow

25 November 2009 Dear Lalita,

I guess in ur case, the excess Share Money i.e. Rs. 33500/- is the premium charged by the seller of the shares and Bank has nothing to do.

Regards
Juzer