Stop Payment Case -- Need Advise

Dear Sir,

I agree with you, but the guy who has lend the money is stated that he has given cash on friendly loan purpose and post that we had return his principal to him, knowing that he'll return the cheque back to us, but he didnt....can you guide us what would be the next step. He has already issed notice to us

Well ma dear friends, there is no difference between the dishonour of cheuqe due to insufficiency of funds or payment stopped by drawer, as both the situation entail the penal provision i.e. criminal complaint u/s 138 of NI Act. You did not disclosed as under wot circumstances you issued the Cheques, but as you said that he is a moneylender, then he is required to have valid licence for lending money under the Money Lander's Act. Until and unless he has the Licence, the criminal complaint or suit  is not maintainable. 

Rest you provide the facts of the case, and further opinion may be given.

Thanks

www.wellbridal.com

NO dear, he doesnt have a license........and he state tht he has given friendly loan withoout any license....

He doesnt hold license.....neither of his family holds it.....

just a off topic  - want to check one more thing, can son lend money if the license is in name of his dad......in my case none of them hold licenses

My Dear Friend,

If you are able to prove that he is professional money lender, because he has landed money to other persons. This can be a good defence in your favour. No, other person  can not lend money by using other's licence. Well you can take other defence also depending on the facts of your case.

Thanks 

Hello Mr Aadesh,

I saw your answer to a query, and got to belief that you can advise me. I have a pvt ltd company in Bangalore, and there was a director in the company. He is also a signing authority on checks. He started misbehaving and I had to remove him from the company. He asked me 4 checks of 25000/- each and I gave him post dated checks. I was also paying him every month by cash and online transfer, the amount for his services but there is nothing in writing as to how much I had to pay him. He created some other problem after seperating  (again verbally only, he is still legal director of the company) and I stopped 3 checks (one check was cleared by then). Now, I lodged a poice complain that he had stolen the checks from office (while I had paid his dues via online fund transfer in my icici bank account).

- There is no way he can prove that there is legal liability for the amount.

- I have the proof that I had paid the amount via online fund transfer so the checks were not supposed to be given and he has stolen them (with poilice report)

- He is director of the company as well, and he is trying to do 420 with me else he himself can sign the checks as he himself is a signing authority.

Please share your views.

Thank you,

Vinay

There are 3 parties involved in and all three are individual including myself

Now the other 2 have joined their hand and wants to cheat us.

Of the 2 other parties, one od their dad's is money lende...byt i havent received any cash from his father..

Person who has given cash to me has no license under their name.

I have received the notice form both the gys to whom I have already paid in cash but they refused to handover the cheque to me.

The guy whose father is money lender to him I have given 2pdc and 1 blank cheque in addition my friend has given him a 4 cheques (whose xerox are with me)..........now the person who lend us the monye sadi I ahvent received any cheque it me who have to pay the eniter amount and for the same he send me the notice.

So what shall I do....please guide

talking about secpond guy, he lend me business for a decent return and he used to get at initial stage but latter when he became greedy he gave me big amount thinking tht h'll get good return but the party disappear after taking tht amount...thn too in order to protect his princiapl I gave him PDC which he told he'll get back to em once he get cash but latter when we gave cash he refused to return cheque to us.....no one has any proof regarding anything other than the cheque he hold and he is no the lender...and he is the same guy who has given cheques to other person also. He too has send us the notice

Please advise how to get out of this