banking

Querist : Anonymous (Querist) 16 May 2011 This query is : Resolved
Dear Sir,
We have a specific situvation wherein a bank has sanctioned a loan to our company in which our partner was already a defaulter. The specific Partner had managed to keep this a secret with us about the default and managed to convince us in accquiring a loan for expansion of our current business. This particular partner was in good terms with the bank top officials and the loan of .3CR was scantioned.After sanctioning the loan our Partner fradulently managed to transfer the scantion amount to his personal company acount and settled his personal outstanding with the Bank. the bank is a co operative bank in question.
what our question is ..
1) Is it right for a bank to scantion a loan to a company with the partner who is already a defaulter ??
2) Is it possible to get some investigating agency like the EOW etc to do a complete investigation and bring the culprits to the book ??

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Amit Minocha (Expert) 16 May 2011
1) there is no partner in a Co. but only directors. IF the director is defaulter still co. can get a loan based upon its eligibility.

2) you can go to police and get an FIR registered.

Chanchal Nag Chowdhury (Expert) 17 May 2011
Granting a Loan is the discretion of the bank & so there is nothing wrong with this even though a partner is a defaulter.
U have to lodge FIR with the Police. If nothing moves,approach the court u/s 156(3) CrPC.
U R advised, in addition,to approach the civil court for appropriate injunctions.

Advocate. Arunagiri (Expert) 17 May 2011
Is your company is a partnership or Limited?

Querist : Anonymous (Querist) 19 May 2011
the company is a newly formed partnership firm

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