For the agreement
Adv M.D.Azhar
(Querist) 25 June 2014
This query is : Resolved
sir, i have my friend who want to give his friend 10 lac rupees. for the purpose of the business. but he will not be a official partner. he just said to him that u just need to give me the said amount and in return i will pay you 50,000/- rupees. so my friend needs agreement between both of them so which kind of documents or contract should be made or which kind of document should be done? i advised him that u just asked him blank cheques so he is ready for that. so kindly guide me.
Dr J C Vashista
(Expert) 26 June 2014
Ask your friend to engage a local expert lawyer to draft the agreement.
However, does your friend have a licence to lend Rs. 10,00,000/-?
Shall the money to be advanced be charged interest? If yes, at what rate of interest?
How did your friend agree to accept Rs. 50,000/- in return of 10 lakh?
A hypothetical professional query.
Devajyoti Barman
(Expert) 26 June 2014
Draft Promissory Note by a lawyer showing this to be a accommodation loan.
Sankaranarayanan
(Expert) 26 June 2014
I too stand in the question of Dr vashista
Adv M.D.Azhar
(Querist) 26 June 2014
he does not have a license. but he assured by the person to whom money to be given that, i will pay you 50,000 rupees per month. my friend also do not want interest.
Rajendra K Goyal
(Expert) 26 June 2014
Without adequate collateral security / acceptable guarantee to the loan, giving of such a big loan not advisable.
ajay sethi
(Expert) 26 June 2014
let your friend borrow money from bank . friendly loans are are generally not repaid
Adv M.D.Azhar
(Querist) 26 June 2014
promissory not would be batter? and he is also telling that i am ready to give blank cheques. if i make a pro. note than it is necessary to mention cheque in it? or it will be silent? sir please guide me. the fact is that my friend want to give the said amount to a doctor who want to invest the said amount in his hospital. whatever he earns from the hospital, he will pay him 50,000/- rupees per month and whenever my friend need it back than he need to give a notice in advance to return the said amount. this is the fact. now problem is that the doctor can not make the partnership with my friend because the doctor already have executed private limited firm with the others. that is the main issue so now what should i do. please send me one of the drFT.
niranjan
(Expert) 27 June 2014
Then give loan to that firm,why to the partner alone? Is your friend having accounted money ? Is he paying tax on his income? All these questions will arise when you will go for recovery.
T. Kalaiselvan, Advocate
(Expert) 27 June 2014
To lend such a big amount, your friend need to be an IT assessee and he can give the amount only through a bank cheque/transfer/DD or any instrument and not be cash. A pro note will contain interest portion too. If he is not interested in interest, he can enter into a loan agreement without interest on a non judicial stamp paper. Thus, as advised by others, it is better he lend the amount to the firm instead of the individual.
