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Ipc 120b,420,467,468,471

(Querist) 05 April 2012 This query is : Resolved 
Hi to all,
I was one of director of who taken loan from bank by way of over draft facility. Security given by some other company as a third party gurantee by way of fixed deposits.current account opened by me in the company name.some transaction deal by me in the same account.thereafter over draft facility given by brnch manager faulsly to someone who was given the guarantee. matter was 10 carore and above so given to CBI. now kindly help me.
Thank you
ajay sethi (Expert) 05 April 2012
contact a local lawyer . the company can afford legal fees where fraud involved is over 10 crores
Shonee Kapoor (Expert) 05 April 2012
Rightly said, on such matter, w/o knowing the complete facts, no concrete advise is possible.


Shonee Kapoor
Raj Kumar Makkad (Expert) 05 April 2012
I think you being accused person are facing the trial in your individual capacity on the complaint of the company so better you trust the advice of your lawyer and do not try to have divergent views of your serious matter.
Sudhir Kumar, Advocate (Expert) 06 April 2012
Engage your lawyer. Get your bail first.

In case the loan has been given by the bank irregularly (even if not turned NPA) criminal liability will be there as co-accused to all the officials and Directors of the company who participared in loan process.

In case while accepting the loan you have walked out of MOA (even for benefit of the company) you are in trouble. The company will not be liable and not obliged to bear the legal expenses.
SAINATH DEVALLA (Expert) 06 April 2012
Dear Mr.JK,

Always ride on a single boat in times of distress,just act according to your lawyer and do what he says.He may have different kind of ideas or evidences or strategies,in presenting your case.As huge amount is involved be careful and proceed according to able advice.
All the sections mentioned by you are not simple and have their own complications and have to be dealt carefully.Once the case has been referred to CBI,clearly indicates the velocity of the case.
Deepak Nair (Expert) 06 April 2012
well advised.
V R SHROFF (Expert) 06 April 2012
contact competent lawyer,
as CBI involve, u are hiding major details.
Guest (Expert) 06 April 2012
Dear Shri Shroff,

Most probably he might be involved along with some Government Officer or a PSU executive having been booked in some case under the provisions of PC Act.

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