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Sumit Gupta (Proprietor)     21 November 2012

Earnest money recovery

Sir, I am Sumit and am a business owner of small company that trades in Textiles.

I have entered in a agreement (plain i page letter on my letterhead) to buy some 4 lacs meters of fabric from a corporate lying in Special economic zone, worth 1.42 crores.

I have given 15 lacs in cheque as advance.

On their behalf (agreed verbally) I have taken duty free import license worth 15 lacs, to get the fabric out of SEZ zone.

Now after 8 months, they have still not given me my fabric, and are not even taking my phonecalls.

Now they are saying that u have to pay additional 20 lacs as bribe to offcials (verbal) and if u can't , we will forfeit entire money you have paid.

Cheque was given in March 2012, licences was obtained in April 2012.

What options do I have??


thanks and warm regards,



 1 Replies

Jai Karan Nagwan (consultant)     22 November 2012

Approach to company law advocate and practioiner, ask him to serve statutory notice under section 434.

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