Just a feedback to every one who were following this thread. I even complained this matter to ICANN via their domain dispute form and they redirected my complaint back to the domain registrar and who in turn was ready to transfer the domain only to the old registrar and they keep telling me that as the domain could be recovered it has been rightfully done by previous owner and there is nothing more that the domain registrar can do.
I am not sure how legally right domain auction companies are but I think if they have every right to take back the domain even after the auction is complete and domain transferred to the new buyers name, whats the use of buying via auction? And this is like say
I go to an auction company to buy a house, I will the house by bidding, I get it renovated and then call everyone for house warming ceremony. On seeing the house renovated the previous owner says I want the house back and the auction company tries to take the house back from me. This would be totally wrong and not atall possible.
Hence why is such a thing being allowed in the domain space? This would create unhealty auctions because even after winning there is no guarantee that we would be holding the domain.
I know this is unfair, but there is nothing regulating this activity. Your examples of homes is regulated and rules are set by the government in most countries. This is not the case for domain auctions; these are corporate entities that make their own rules. Further more, they operate on the buyer-be-ware policy where they say ‘If you haven’t read the fine print then too bad’
This is only one of many other dubious activities that seem to be allowed by the powers that regulate domains unfortunately e.g domain tasting and front running
Yes, I think Domain Industry needs to come under some basic rules and regulations without which buying domains would really become a scary business. Like from the domain auction where I bought the domain - their rules state
any domain at an auction may be taken back before, during and after the auction
So after the auction I am told can be any time duration! I did a search at various forums and found out that some domains have been taken back from the new owners even after a couple of months after the domain was transferred. I had never imagined that someone could take back the domain once its transferred to my name because once a domain is transferred to my name, I become the rightful owner of the domain in legal terms and the domain auction company or the previous owner should really have no say because legally I am now the owner and it should be within my rights whether to give back the domain or not.