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Partners did fraud and blaming for the loss, please advise what to do?
01-Feb-2023 (In Cheque Bounce Law)
Dear sir, one year back 2 persons started school by Named A,B they are president and vice president my self as C and other person Lady 'D' use d to work in that school, they invested amount in the school, i used work as principal for that school, as they asked cheques for school bus buying from C AND D we given empty blank cheques with promissory notes they bought amount from financer, now school is closed due to lack of permissions and low fee collection, now theay want to recover full amount as they invested from us for that i got message from andhra bank that chq no.223462 fvg.YALAMANCHIL for Rs 500000.00 onA/C no x0807 is recd in clg. it will be passed subjects to funds availability.ANDHRA BANK, as we did not take any amount from them or financer, they are blaming us for school loss, they did not given salaries for 8 months also, i got all the evidences,as they said A B C D are partners but no agreements among us, now they want to legally i t
In what capacity did you(C&D) give the empty cheques and promissory notes to the Financier?. Did you go through the agreement between the School or you and the Financier?. How are you projected in that agreement? Were you described as partners in an agreement with the Financier? Suppose if you had given only empty cheques as security for repayment of the loan for bus for the A&B then the situation is different. But here you had also given promissory notes. Then the case would be different. Did you both sign any document/agreement with the financier either as a principal debtor or guarantor/surety. If you are appointed by the A & B and if you have appointment letters with you. If you have appointment letters you can prove that you were only employees and not partners. But any way even if you stood as surety then you are liable to pay the loan amount to the Financier. The Financier can proceed against you. Even if you had given the cheques and promissory notes on behalf of others for discharge of the loan you are not exonerated from the liability under the law. Whether there is partnership or no partnership the facts and law will not come to your aid in the matter of recovery of loan from you by the Financier. At least issue a notice to the A&B demanding your arrears as salary and also disclaim that you are partners with A&B . Also claim that in event of any liability is discharged by you on behalf of A&B then it shall be recovered from A&B. Also mention in the notice that you had been cheated and they will be brought to book for cheating you. Then you may come out of the clutches of other liabilities which A&B had incurred in the name of the partnership. A partnership need not be writing. It can also be oral and it can be proved by your acts, your representations and circumstances like reflections in books of accounts if maintained, correspondence, in whose name the permissions are obtained , if the building is on lease then who entered into the lease agreement and in what capacities etc. You say that there is no permission to run the school. Without knowing that how did you join as its principal? Whether you are partners or not partners will be decided on the evidence.
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Adv. C Hari Prasad
Nizamabad | 100+ Answers
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