Cheque bounced
Dadasaheb Durge
(Querist) 22 December 2010
This query is : Resolved
The commodity exchange Broker has given in writting on Rs 100 bond paper ( Notorised agreement )that assuered monthly fix payment of Rs-5000/event though loss in business .as per assurance he has paid regularly for last 6 months now Cheque against investment given by commodity broker of Rs-25000/-is bounced as there is insufficient funds.What action should be taken.how many days time is permitted to take action .
Please guide me.
Advocate. Arunagiri
(Expert) 22 December 2010
If you have deposited your money for interest you have a good case.
In this case the agreement between you and the broker is invalid. I think your claim is not legally enforceable. so, no 138 case can be initiated.
M V Gupta
(Expert) 23 December 2010
If the cheques for the fixed amount every month are given to discharge the investment made by you, then there is a good case to file a complaint under Sec. 138 of the Negotiable Instruments Act. For this purpose u should issue a leagl notice to the Broker within one month of receipt of intimation from ur Bank of the dishonor of the cheque. Pl consult your lawyer to issue such notice and also to take further steps to file the complaint if the Broker fails to pay the amount of Rs.25000/- within 15 days of receipt of the notice.
