Sahres not transfered.
harkirat singh
(Querist) 11 August 2009
This query is : Resolved
Dear All
I have joined a small pvt ltd company and filled form32 as directed by Ca of company. there after i given secured loan to that company whose authorised capital is 100000.
the loan amount is 1500000/- and all money is transfered on line to company's account.Now one of the director does't want to get me as director and want to do malpractice. sine funds are already transfered to company and to onedirector's father account.
My query is in case any dispute happens on secured loan how this money to be recovered and how can these directors are punished by law.
No receipt has been obtained yet, but money transfered is by on line and small amount deposited cash for which pay in slip has my pan number and name
How legally I can become strong. Secondly 1100,000/- I gave on interest for which promissory note is received and cheque is yet to be received.
In case they don't pay back what is legal action for both of above cases
Regards
A V Vishal
(Expert) 11 August 2009
Since the money is transferred online it should not be a problem. The demand promissory note in case of default by the company can be used to file a civil case for recovery of money, however the life of the promissory note is 3 years. You have stated you haven't received the cheque, and in case you receive it then see whether it is dated or undated if it is dated then the the life of the cheque shall be 6 months from the date of issue.
Manish Singh
(Expert) 12 August 2009
Dear Mr. Singh, firstly you are stating that the first loan s a secured loan then you must be having a proper security against the loan you have provided so in case of default, you can file a suit for execution of that security.
secondly as Mr. Vishal stated, i do not need to inerfere with the same.
