Upgrad LLM

advice pls


 

 

Dear Sir,

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.

 

Tnx

 
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practicing advocate

pro-note is more than sufficient.


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ADVOCATE AND CORPORAE ADVISOR

 

 

dear sir

 

Your intention is whether the person who executed the promissory note to be liable or you intend to make the private limited company to be liable for the amount due to you.

 

On receipt of above, i shall advise you further.

 

dr vedula gopinath

vgopinath2@yahoo.com     m 9848227926


Total likes : 1 times

 
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Well if he still holds more than 51% share in Pvt. Ltd. firm and has upgraded his sole proprietorship and limits in the pronote that he shall not waive or remit his share without your consent.

 
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