Investment mde in a private limited company
JAGJIT SINGH AHUJA
(Querist) 26 October 2019
This query is : Resolved
Please advise on the following -
All the Four Directors of a private Limited Company at Bangalore signed in December 18 , a Memorandum of Agreement for Investment , in their Company . The installment of amounts were transferred to their Bank Accounts till March 19 , as stipulated in the MOA. The Directors closed down abruptly , the operations on 27 March 19 without taking us into confidence . We had invested Rs 48.38 lakh by this date .
The Company did not act on any of the clauses of the MOA in these three months of operations .
Is it not a case of breach of agreement and cheating amounting to fraud .Please advise how we can get back our amount invested in the Company ?
Police Complaint
Through the Court
Action by ROC to cancel their registration
Intervention by SBI , who had given a loan of Rs 93 lakh
Brig J S Ahuja
9676506639
Hemant Agarwal
(Expert) 26 October 2019
1. Police FIR or Private criminal case for prosecution for intimidation, fraud, cheating, mischief, breach of trust etc.... can be conducted .... However this will only result in Jail for directors and NOT recovery of invested amounts.
2. Filing a Summary Suit for recovery of invested amounts & interest thereon, in local Civil Court, would result in recovery of invested amounts.
3. Cancelling of Co. Registration is possible by following due procedure of law, BUT recovery of invested amounts is NOT possible via this route.
4. SBI (PSU Bank) has no right to interfere in private investments, hence recovery of invested amounts is NOT possible via this route.
Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com
Dr J C Vashista
(Expert) 27 October 2019
Civil and criminal remedy is available in your case(s).
It is advisable to contact and consult a local prudent lawyer for better appreciation of facts/ documents, guidance and proceeding.
Guest
(Expert) 27 October 2019
It is not advisable to hit in the dark on the basis of responses to your casual query. In order to arrive at some purposeful opinion for your guidance, legalities of the case are required to be analysed only after thorough examination of the agreement and the investment related documents in your possession.
