Decree judgement

Querist : Anonymous (Querist) 27 July 2010 This query is : Resolved
Iam an industrialist and had become the managing director of a public limited company by acquiring shares. Am I bound to obey the decreed judgement which had occured during the earlier management period. The case is that a thrift co-op society has given loan to the company workers and that the management is responsible deducting the loan from wages and remit to the bank on monthly basis. It is learned that the MD had given some undertaking and failed to remit the recoveries. The co-op bank has filed a case against the management under civil and the MD had expired and the case had decreed. What are the options available and is there any option of re-opening the case. Decreed in 1986.

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Devajyoti Barman (Expert) 27 July 2010
What was the order/direction in the judgement as it needs to be first looked into. Generally if it was towards the company and its official then , yes.

A V Vishal (Expert) 28 July 2010
Any order decreed by the court against the company has to be complied/executed by the managing director, else it will be held as contempt of court.

V.V.RAMDAS (Expert) 28 July 2010
I do agree with the view of Mr Vishal.

adv. rajeev ( rajoo ) (Expert) 28 July 2010
Co., is bound by the judgment and decree. Now you cannot reopen the case. Co., is represented by shareholders and judgement is also binding on them.

S. Bharath (Expert) 28 July 2010
Vishal is right.

s.subramanian (Expert) 28 July 2010
Mr.Vishal is right.

Chanchal Nag Chowdhury (Expert) 29 July 2010
If the decreed judgement is on the Co. -yes.
If it is on an individual other than U -- No.

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