Business related

110063 (Querist) 10 January 2016 This query is : Resolved
Dear Team of lawyers,

I was a distributor of ITC class mate, as we were not earning adequate profits we decided to close the same. At that time we owed around Rs 6.oo lacs to company and as were having stock of around Rs 6.0 lacs company officials told us to transfer the stock to one of there distributors and we did the same and the distributor promised to pay the amount within 1 month and had given the same in writing on a plain paper with sign and stamp. Company officials told that they will directly take the payment from there distributor and he had submitted around Rs 4.00 lacs. After few time company started sending reminders to us for remaining amount of Rs 2.oo lacs. Then we had discussion with the company officials they said the primary responsibility is of ours and there after we discussed with there vendor and he said he has stock of around Rs 2.oo lacs with him, we told the same to company to take their stock back but they are saying that they don't accept loose stock .

Please suggest what to do.

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Adv. Yogen Kakade (Expert) 11 January 2016
Please mention the details about the facts that you mentioned in the document or agreement you executed with the company earlier while handing over the stock.

110063 (Querist) 11 January 2016
There was no agreement with the company but company facilitated the transaction with their vendor and he in return given the letter confirming for payment and company has told us they will directly take the payment in their account