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Sameer Narayan (Director)     25 November 2020

Siphoning off company fund for personal gain

I need support from legal expert based at Patna Bihar.

 

I am one of the four directors of private limited company which was incorporated during 1994 and then categorized as NPA & referred to DRT Patna during 2001. During 1999 other 2 directors had siphoned off company funds to purchase land in their personal names. As a result the normal business operation of company was seriously jeopardized; this resulted into becoming NPA because of non-payment of bank loan instalments. Because of the misdeed by 2 directors; the names of all 4 directors are appearing in accused list by DRT Patna. I am too one of them.

 

I need legal expert suggestions for how to clear the bank outstanding and how to clear my name which is appearing in DRT Patna Defaulter List. I am willing to provide all supporting documents available with me.

 

This case happened many years before; however still I am hopeful that if given sufficient supporting documents then Bank & DRT Patna both can initiate recovery process. The commercial value of land (which was acquired during 1999) has gone up manifolds at present. I need legal expert suggestions for how to identify real culprits & how to clear bank outstanding because it is clear case of Wilful Default by bank borrowers.

 

Please PM me your suggestions and service rendering fee so that I can start explaining more for how 2 directors of company had siphoned off company funds for their personal gain. I will remain thankful for genuine and meaningful suggestions.



Learning

 3 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     25 November 2020

You may send me brief history & related supporting documents, at the above mentioned email ID.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Dr J C Vashista (Advocate)     26 November 2020

It is better to conuslt and engage a local prudent lawyer for appreciation of facts, professional guidance and necessary proceeding.

G.L.N. Prasad (Retired employee.)     26 November 2020

As per my knowledge, there is no way you can escape from liability to the bank, as the bank might have taken personal guarantees also.  The diversification/fraud are an internal matter of the company and your efforts to stop and inform the bank is not known.  You can personally contact higher officials of the bank, provide them such evidence so that they can bring attachment through DRT.  Your advocate may also suggest you for filing cases against such  directors or complaint  to police for building up pressures, but DRT liability can not be avoided.


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