One know person borrowed funds Rs.51 lac from me for his business purpose @ 25.5% interest Per annum. Which amt was paid 20 instalment within 30 months.
I got 20 Pro-Notes from him with witnesses his son .
From 2009 to till date he paid monthly interest without default.
I know actually he is genuine person, but this is money matter ……………….. money make anything
He was running Food type Retail & wholesale , good Brand name with profitable business in last 5 yrs .
Now he changed his business type from proprietor concern to Private limited Company .
He enforcing me to become a shareholder but am not interesting to join bcoz my father passed away am only take careof my family , and pursuing my ICWAI and LLB couse.
My query is : He changed his Business type (Pvt Ltd) with my permission. I got only Pro-Note from him its enough for me or futher deed to be execute? What is the procedure pls tell me.