The Authorised Signatory of one of my Firm ABC Bank account has been given to someone else and I'm the proprietor of that firm. Now due internal conflict between us,this particular account signatory has given many cheque to his friends amounting Rs.40 lakh intentionally despite knowing the fact that the account is negative balance. note. no fund has been deposited to this account till today.now he is with bounce cheque receipt and
threatening me of worse consequences. what shall i do please let me know.
1. Instruct your banker to stop payment of aforesaid cheques.
2. File a police complaint for theft, fraud and cheating besides extortion.
3. Simultaneously move a suit for permanent and mandatory injunction through a local prudent lawyer.
