26-year delay ends sharebroker’s 36-year-old fight over lost shares

Bengaluru: A decades-old attempt by a Bengaluru sharebroker to reclaim shares purchased in 1990 has ended after the Bengaluru Urban District Consumer Disputes Redressal Commission dismissed his complaint, citing his status as a sharebroker and an unexplained 26-year delay in approaching the consumer forum.

Shares worth Rs 70,722 bought in 1990

KN Gopalkrishna, 79, from Rajajinagar, told the commission that he purchased shares of Larsen & Toubro and Reliance at the Bengaluru Stock Exchange on November 15, 1990, for Rs 70,722.

After selling some shares, he retained 300 shares each of the two companies. However, he claimed that the physical share certificates were stolen while he was carrying them for registration.

He lodged a police complaint on November 21, 1990, and subsequently asked the companies to prevent the missing shares from being transferred to third parties.

Civil case was dismissed in 1999

Gopalkrishna filed a civil suit in 1991 seeking an injunction against the transfer of the shares and release of dividends and other benefits. An interim injunction was granted in March that year.

However, the City Civil Court dismissed the suit on December 1, 1999, observing that he should have pursued the remedy available under the Companies Act. He did not challenge the judgment.

Years later, he approached the consumer commission seeking transfer of the shares, along with dividends, bonus shares and other benefits accrued since 1990.

Commission rejects complaint

The commission noted that Gopalkrishna had described himself as a sharebroker who purchased and resold shares on behalf of clients. It held that such commercial activity did not fall within the ambit of the Consumer Protection Act.

The commission also found no deficiency in service by the companies and rejected his request to condone a 9,701-day delay, equivalent to about 26 years.

A bench comprising President K Anita Shivakumar and member Suma Anilkumar dismissed the complaint on July 14, 2026, and directed Gopalkrishna to deposit Rs 2,000 with the Consumer Welfare Fund.