Please help me understand meaning of recovery of funds. Here is the issue:
I am 25% stakeholder in a firm having 4 partners. Its a chemist shop and deals in few lacs of cash everyday. We found 1.5 lacs INR in one of the partner's bag which he apparently stole during the last week of December 2011. Does it prove that he was stealing 6 lac INR every month? The firm started in July 2011 so the bigger question is :
Is it legal to RECOVER 30 lacs INR from him for the period July-Nov 2011?
There is feedback from the workers that he was seen stealing money. What kind of penalty could be imposed on him?
Thank you
