I'm director of a Pvt Ltd company and need help from experts.
My partner (another director) has filed a suit against me.
Below is the complaint he has done.
Myself has cheated him by taking his signs without his proper knowledge.
An approx amount in lacs has been transferred to my personal account, I have cheated him in this case.
However, I was the founder and I did every possible thing to run the company but due to capital issues I was not able to take it forward.
I have made a lot of payments from my personal account related to business and the same is present in my personal accounts which include a lot of expenses as a promoter.
Now a FIR has been lodged against me. Even though all was settled with him showing all cause he's now wants his all money.
Being from a local corporator family he has lots of power within the police department and they're threatening me to repay the amount.
Secondly, few payments were made to a networking team and this police person has made them repay the sum illegally to that other director.
Document I have: A CA has prepared the tally sheet and he has all the expense details with his sign.
Now please suggest me what should be my next step.
