Breach of trust
ali
(Querist) 26 November 2017
This query is : Resolved
We four open a pvt limited company n I was the managing director n other one more also first director n balance two where executive directors each has to put up a capital of 1.5CR in the company account and I was the only signing authority for operating bank account I initiated by transferring 80lakh from my personal account to company account and as such I have to travel overseas from time to time I kept a few signed cheques with the other director, until I return he withdraw all 80lakh by cash cheques leaving only minimum balance of 10K, on my return I ask for the bank details for all withdrawal he just saying I will prepare n give all details of expenses incurred in my absence but two years passed neither he give any account nor any official documents of company like pan card certificate of incorporation tax registration etc etc
Later on two directors resigned by saying they could not arrange their share money
Now how to sue them in obtaining my money and other company original documents ??
Your earliest advise will be appreciated
ali
(Querist) 26 November 2017
Awaiting teply
Vijay Raj Mahajan
(Expert) 26 November 2017
The act of all these partners in the company amounts to misappropriation of Company funds, breach of trust, theft and cheating for which criminal complaint should be lodged with the police and FIR registered immediately. The formal complaint should also be lodged with Company board against the directors who refuse to give account details of the company funds used by them and seek all the company documents taken by them.
Dr J C Vashista
(Expert) 27 November 2017
Well advised by expert Mr. Vijay Raj Mahajan, I agree and appreciate his acumen and analytical approach.
During past 2 years and before other partners resigned and their resignation(s) were accepted by the Board of Directors you should have lodged a police complaint for cheating, fraud, breach of trust and misappropriation of company funds.
Consult and engage a local prudent lawyer asap, before it is too late.
ali
(Querist) 04 December 2017
Thanks for suggestion
