Hello every one,
I am from hyderabad. I have a query regarding furnishing suriety for proprietor in ni act
My brother running a kirana stores by proprietorship firm. He took material from srinivasa associates worth 70000
to some issues, he could not repay the material amount. He received material on firm name,invoice,delivery reciept every thing on firm name.after some months my brother issued personal cheque not firm cheque to complainant.
cheque was bounced due to insufficient funds.complainant approached court and made 2 parties
1. firm
2. my brother(because of his personal cheque)
now my que is, learned magistrate asked us to keep 2 surities for 2 accused.my bro furnished 1 suriety for personal cheque i.e A2
but learned magistrate is asking to furnish another suriety for firm also
is it mandatory to keep suriety for firm i.e A1
if no, any ruling from supreme court or any high courts
please let me know
