S f c loan as a director/guarantor.
Ramesh
(Querist) 02 September 2013
This query is : Resolved
Dear Experts of the Forum,
I have invested some amount in a Pharma company in the year 1999, on the advice of a friend who was MD of this co.A loan of Rs. 28,00,000.00 Lakhs taken then . I have signed some papers of S F C during that time, may be as a Director. As he is miss managing the business a dis associated from him,by ignorance i did not resigned from the company. Four years back some body from S F C came to me and told me all the story that co is closed and took over by the S F C and also auctioned the company property.And brain washed me and took a cheque for Rs.5,000.00.
20 days back , they served a copy, saying i need to settle an amount of Rs.6,66,00,000.00( Yes Rs 6.66 crores)as balance dues [They says the MD is no more (Died)].
Please guide what is to be done under these circumstances?
Thanking YOU ALL, expecting an early reply,PLEASE.
ajay sethi
(Expert) 02 September 2013
reply yo the notice . contact a local lawyer . we do not know the papers you have signed . have you signed as guarantor . if you are jointly and severally liable .
Raj Kumar Makkad
(Expert) 02 September 2013
It seems that you revalidated the loan amount which otherwise had to become time barre by issuing the cheque of Rs. 5,000/- which the SFC might have manipulated.
Better to engage a local lawyer dealing in financial matters and reply the notice as per his clear advice. It shall be better to cross-check the advice of the lawyer because the matter is not small.
Raj Kumar Makkad
(Expert) 02 September 2013
It seems that you revalidated the loan amount which otherwise had to become time barre by issuing the cheque of Rs. 5,000/- which the SFC might have manipulated.
Better to engage a local lawyer dealing in financial matters and reply the notice as per his clear advice. It shall be better to cross-check the advice of the lawyer because the matter is not small.
