Responsibilty of Broker
Gaurav
(Querist) 30 July 2017
This query is : Resolved
Actually my uncle is broker in textile. He had executed a transaction of sales of Textile items of approx rs. 60lakhs in 2012 between saller & purchaser. Out of which approx rs.53 lakhs had been paid on the same time and remaining were pending. The purchaser had not paid it till date. Now after 5 years, One fine morning my unlce (who is broker) came to know that saller has registered FIR And in which name of my uncle is also mentioned as a party of fraud. When my uncle called saller, he told nothing to worry to you, and misguided that you just go and give statement in police, your name will be removed from FIR. And when he went there, police after taking his statement, refuses to allow him to go back to home as there were charges under section 409, 420,etc. On him. Now I just want to know as follow:
1) what procedure we should follow so that our name should remove from case?
2) Is saller legally have Right to claim his money after 5 years?
3) what if saller gives an affidavit that he knows that broker is genius and he had helped me to try to recover the amount and he has just mention his name as he was a broker in that transaction, his intentions were wrong?
4) are agents/brokers are still liable, even if brokerage/commission for the defaulted transaction has not been paid to him?
5) Is it will be in our favour to file case against the purchaser for the said transaction?
6) can we file any maanhavi claim against saller as he have to spend some days in jail.
Gaurav
(Querist) 30 July 2017
Actually my uncle is broker in textile. He had executed a transaction of sales of Textile items of approx rs. 60lakhs in 2012 between saller & purchaser. Out of which approx rs.53 lakhs had been paid on the same time and remaining were pending. The purchaser had not paid it till date. Now after 5 years, One fine morning my unlce (who is broker) came to know that saller has registered FIR And in which name of my uncle is also mentioned as a party of fraud. When my uncle called saller, he told nothing to worry to you, and misguided that you just go and give statement in police, your name will be removed from FIR. And when he went there, police after taking his statement, refuses to allow him to go back to home as there were charges under section 409, 420,etc. On him. Now I just want to know as follow:
1) what procedure we should follow so that our name should remove from case?
2) Is saller legally have Right to claim his money after 5 years?
3) what if saller gives an affidavit that he knows that broker is genius and he had helped me to try to recover the amount and he has just mention his name as he was a broker in that transaction, his intentions were wrong?
4) are agents/brokers are still liable, even if brokerage/commission for the defaulted transaction has not been paid to him?
5) Is it will be in our favour to file case against the purchaser for the said transaction?
6) can we file any maanhavi claim against saller as he have to spend some days in jail.
dr g balakrishnan
(Expert) 31 July 2017
u need to answer 409 and 420 in the court; if court accepts your statements he nay get out of the tangle. sure your uncle seems some novice in the trade.
Rajendra K Goyal
(Expert) 31 July 2017
You Asked:
1) what procedure we should follow so that our name should remove from case?
Reply:
Better defend the charges against your uncle in the court. Engage some senior lawyer.
You Asked:
2) Is saller legally have Right to claim his money after 5 years?
Reply:
Probably money is not claimed in the present case, it is criminal proceeding. However loan is time barred after 3 years if liability not acknowledged in between.
Rajendra K Goyal
(Expert) 31 July 2017
You Asked:
3) what if saller gives an affidavit that he knows that broker is genius and he had helped me to try to recover the amount and he has just mention his name as he was a broker in that transaction, his intentions were wrong?
Reply:
Now the FIR has been registered, person has been arrested, court would decide.
You Asked:
4) are agents/brokers are still liable, even if brokerage/commission for the defaulted transaction has not been paid to him?
Reply:
All depend on custom and practice if no written agreement exist.
Rajendra K Goyal
(Expert) 31 July 2017
You Asked:
5) Is it will be in our favour to file case against the purchaser for the said transaction?
Reply:
Case on what grounds you have not mentioned? Discuss with local lawyer. Presently try to defend the case against you.
You Asked:
6) can we file any maanhavi claim against saller as he have to spend some days in jail.
Reply:
Discuss with local lawyer after the person is acquitted by the court.
Dr J C Vashista
(Expert) 01 August 2017
A lengthy question paper, no time.
Consult a local lawyer/tutor.
Advocate Ravinder
(Expert) 01 August 2017
If the police insists on registering case against him also, he has to obtain station bail and should contest the same by appointing a lawyer. Your lawyer will file a petition before the court that your uncle is innocent, he is related to only taking commission and in no way be involved in the transaction and its profits or losses. Your uncle will be removed as Accused and be placed as witness.
