I invested in pvt. Ltd. Company he promised me to return profit

966 votes

On the facts disclosed by you, once a cheque issued towards repayment of capital or legally enforceable debt is dishonoured, the law does not require you to wait indefinitely merely because the drawer keeps assuring payment without any definite timeline. Repeated assurances without actual payment, after dishonour of the cheque, indicate deliberate delay and expose the drawer to legal consequences. Under the Negotiable Instruments Act, dishonour of a cheque for insufficiency of funds or similar reasons gives rise to a statutory remedy. You are required to issue a written legal demand notice to the drawer within the prescribed period from the date you receive information of dishonour from the bank, calling upon him to make payment of the cheque amount within fifteen days of receipt of the notice. If payment is not made within that statutory period, a cause of action arises in your favour to initiate criminal proceedings. Since you have stated that you possess all transaction details and proof of investment, the existence of a legally enforceable liability can be established. The fact that the cheque was issued towards return of capital strengthens your case, as the cheque itself raises a presumption in law that it was issued for discharge of a debt or liability. Mere verbal promises or assurances after dishonour do not suspend or defeat your legal rights. If the drawer fails to make payment within the statutory notice period, you are entitled to file a complaint before the competent court within the limitation period prescribed under law. Alongside criminal proceedings for cheque dishonour, you may also explore civil remedies for recovery of money, depending upon the quantum involved and commercial considerations. In the circumstances described, further waiting without initiating legal steps is not advisable. The next appropriate step is to proceed strictly in accordance with the statutory timeline by issuing a legal demand notice and, upon non-compliance, initiating proceedings. Delay on your part beyond the prescribed limitation may prejudice your legal remedy, whereas the delay tactics of the other side do not afford him any protection once statutory compliance is met.

Advocate Yuganshu Sharma LawRato

519 votes

if cheque is already bounced you need to send the legal Notoce to make payment. if falis to pay within 15 days of the receipt of legal Notice. you need to file a case under section 138 of negotiable act. If his intention is to make payment he will pay within 15 days.

Advocate Mukesh Kumar Sah LawRato

980 votes

file a case for the cheque bounce and the reply given by them in the court will be recorded then it becomes your proof for the payments done and the promised profits. it will be easy for you to claim your amount post that. Right now verbal communication is not possible to be acted as a proof

Advocate Anup LawRato

955 votes

If they are delaying payment you can send a legal notice for payment of money. And even after they did not pay then you have to file a complaint before Judicial Magistrate. Contact For Advice Regards Adv Amit Antil.

Advocate Amit Antil LawRato

706 votes

Consult a lawyer and Ishwa legal notice from your lawyer if they replied then file reply of that and if we doesn't reply then you pilot dictation under 138 for the honourable court to the Aqua administration near your area according to your jurisdiction within within one month

Advocate Aniket Singh LawRato