karthick 16 March 2021

Blank stamp paper

Respected All,

Please clear me with this Query and help me to come out of this issue.

I am working as an Accountant in a pvt company for the past 9 years.

As i got a new offer with high salary I wish to resign the job and my MD gave little increment to retain me in the same company.

after that i requested to withdraw my EPF amount due to the reason I want to clear my loan with a bank which is putting more and more hidden charges, so my MD told not to close your EPF account as I will lose my Pension / service benefit.

also he offered me a STAFF LOAN of Rs.2 Lakh against adjustment from my monthly salary (based on my gratuity and EPF)

i think twice for this but my MD told will be all right soon. finally i was forced to write a request letter asking for loan along

with the attachment of Aadhar and PAN card copies.

during loan sanction MD asked to sign in a 100rs BLANK STAMP PAPER with 2 Promissory note worth 1 lakh each.

no way except signing with the BLACK STAMP PAPER..

now repaying my loan out of my monthly salary. some of my friends saying that this is not good and making me to fear for this.

I am very much confused because of this and getting depressed due to this.

will my MD write anything XYZ in the stamp paper? is this totally wrong? will he blame me for anything?

as i recently purchased a 2nd hand flat owned in my name and will he occupy that by using this stamp paper?

please learned people help me for this as i am a widower and had a a boy kid and i am a middle class person.

I am worried because of this.

Expecting some lights on the above mentioned query.

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8 Replies

Real Soul.... (LEGAL) 16 March 2021

he cannot occupy the flat or own it , but yes if he is crook and cruel he can make your flat mortigaged with himself.

You said you are accaountant with long experince how come you made mistake to let a blank stamp paper as well as promissory note with him . Just repay the loan and emand the documents it is not so late yet, be careful

karthick 17 March 2021

Dear Sir,

Thanks for your prompt response.

As i was in need of money in urgent basis, i signed in that blank stamp paper.

but no one knows that the flat owned by me and i told to everyone it was a flat which I was in lease agreement basis.

As i do not have enough money i was unable to repay this loan and moreover MD told based on my gratuity and epf amount

he gave this staff loan. (through company cheque) and not his personal cheque.

monthly i am deducting loan amount out of my salary and then only transferring the same.

any inputs please.

Real Soul.... (LEGAL) 17 March 2021

Just after repaying your loan , asubmit an application for return of the stamp paer and promissory note , as after repayment you have the right to receive the documents back. Make sure you haste to re- pay the loan amount and demand the documents.

avadhesh Paliwal 17 March 2021

YOUR MD IS AGAINST THE LABOUR LAW PLEASE IMMIDIATELY CONTACT ADVOCATE

Manali Bhalerao (Practicing Advocate) 23 March 2021

Dear Client,

Dont worry your MD will going to do nothing.

But yes after repaying all loan ask him to return that stamp paper.

Please Click the Like Button.

Regards,

Adv. Manali Bhalerao

8552800095

karthick 23 March 2021

Thanks for your prompt reply sir. sure i will ask him to return the signed paper after repayment of my loan.

Sankaranarayanan (Advocate) 20 April 2021

Better to get back the stamp paper which you signed without any subject is advisable

Dr Sanjay Sinvhal 02 August 2021

I can sense that you are quite worried about the Blank stamp paper. Your first priority must be to get it back.

I have below suggestions:

1. Take a Personal Loan which you can repay from Salary.

2. If you have Bank FDs, you can take Loan against FD for which you may pay a marginal 1% Interest difference (SBI)

3. Take Loan from Friends/Families to return Staff loan

While you evaluate your options, Please write a letter and email to your Company HR Head and MD stating the correct facts that you took a Staff Loan and for the same you were asked to sign a Blank Stamp paper and 2 Promissary Notes of Rs 1L each. State that the Stamp paper must be used only to recover the Unpaid Loan and for no other purpose. Also write that your signed Stamp paper will cease to exist the moment Loan is paid in full and from that moment onwards, you will not be liable for anything written on the said Stamp paper. Also state that when each Rs 1L is repaid, one promissory note must be marked as 'Paid in Full" and must be returned to you. Thus, Post repayment of 2L, both PNs will be with you.

Once you think on above lines and act, you will be able to cover your Blank SP issue.

Dr Sanjay Sinvhal

99696 26127