cheques

Querist : Anonymous (Querist) 22 April 2011 This query is : Resolved
i have issue 4 post dated cheques total amounting Rs 10 lakh to a company along with Rs 5 lakh as a cash as an security. On returns company provides me stock and gives us fix monthly commision. But from last 1 year company is not cooperating with us and neither provides us stock nor our commision. Now the position of the co. is too bad and we have no faith on them so we wants to stop payment on post date cheques, so what is the legal procedure as still we have 1 year agreement left. After stopping payment can company took any action on us. Plz help urgently

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Advocate. Arunagiri (Expert) 22 April 2011
Stop payment instruction will be honoured by the bank only if you have sufficient balance to honor the cheque at the time of clearing.

After the stop payment the company can not take any action against you.

Naresh Kudal (Expert) 22 April 2011
Agree with Mr. Arunagiri, issue notice to company for this purpose.

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