Redemption of Company FD amount to second holder under E/ S mode
Me and my brother open a fixed deposit with a private company in the year 2000 in either or survivor mode. This company ran into financial trouble and could not pay the due amount. Under the direction of Honorable High Court in the year 2010 the company was directed to issue the shares to the fixed deposit holders in lieu of the fixed deposit amount. The company issued the share certificate with my brother as first holder and me as the second holder of the share certificate. in the meantime in the year 2006 my brother had migrated to another country and is under OCI status. He does no longer holds any bank account in India.
In the year 2020 the company revived and is now ready to pay the amount to the fixed deposit holders. So they asked us to surrender the share certificate so that they can pay the amount due towards us pertaining to the original fixed deposit. Company even furnished the cheque in the name of my brother since he was mentioned as the first holder of the share certificate. As he does not hold any account in India now there is no way that we can encash this cheque.
Inspite of my brother's repeated request and a letter of authority to issue the cheque in my name , Company is refusing to issue the cheque in my name. I do not undetstand the relevance of E/ S mode FD. if the cheque cant be issued to second holder even with the authorization from first holder.
Please suggest how to gey our money back. Thanks