A Mumbai-born investor now settled in Canada has finally won a 31-year legal battle over missing Kotak Mahindra share certificates, with the Bombay High Court directing the bank to transfer the shares and all related corporate benefits in his favour.
What began as a Rs 39,700 investment in 1994 snowballed into a decades-long courtroom dispute involving missing physical certificates, destroyed flood records, duplicate share claims, bonus shares, stock splits and disputed ownership.
Justice Rajesh S Patil passed the order while hearing an appeal linked to a civil suit originally filed before the City Civil & Sessions Court in 1995.
Ramesh N Sanathara
The case concerns Ramesh N. Sanathara, formerly from Vile Parle, who had purchased 100 shares of Kotak Mahindra Finance Ltd through broker M/s Kanchanlal & Son in February 1994.
However, before the physical certificates could reach him, they allegedly went missing during the stock exchange settlement process. Despite a police complaint and stop-transfer instructions issued to the company and Bombay Stock Exchange, the matter spiralled into prolonged litigation.
What Sanathara told mid-day
“I had purchased 100 shares of Kotak Mahindra Bank, but before the physical certificates could reach me, they were misplaced and never recovered. The legal battle continued from 1994. At one stage, the case was set aside, but one of my advocates retrieved the old records and restored the matter. At today’s valuation, the shares are estimated to be worth around Rs 19 lakh.”
Advocate Mahesh Vinod Rajpopat
The high court directed Kotak Mahindra Bank and KFin Technologies Limited to:
>> Convert the holdings into demat form
>> Assist in recovering benefits transferred to the Investor Education and Protection Fund (IEPF)
>> KFin Technologies later informed Sanathara that the original 1000 equity shares of R5 each had become 5000 equity shares of Rs 1 each following stock subdivision.
Advocate’s view
Advocate Mahesh Vinod Rajpopat, appearing with Advocate Akshit Devendra Kothari, said the order ensured implementation of the 2018 decree and protected the rights of a genuine investor.
“This matter reflects the importance of protecting the rights of genuine investors and ensuring lawful ownership is ultimately recognised, even after prolonged litigation.”
Timeline
1994:
>> Sanathara purchases 100 Kotak Mahindra Finance shares
>> Share certificates allegedly go missing during settlement
1995: Civil suit filed before the Bombay City Civil Court
July 26, 2005: Floods destroy records stored in the Dena Bank locker
2018: City Civil Court declares Sanathara the lawful owner
2026: Bombay High Court orders transfer of shares and benefits
