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Company not returning invested money
20-Jan-2023 (In Recovery Law)
I had a partnership with my friends in a Pvt. Limited Company, due to some issues I had to left company and i was orally promised to return my investment. It's more than a year and they are not returning my money. I am a NRI citizen.
If your resignation in FORM 32 has been filed before ROC and same accepted then the remaining directors are liable to return the amount of share capital invested by you and same is reflected in balance sheet of Company. You still have full right to initiate 420 IPC proceedings against the defaulters irrespective of any oral promise or written.
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Adv. Ashish Agarwal
Lucknow | 100+ Answers
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For proper answer you are hereby required to come up with complete details of your company, M. A. , O. A. and other agreements between the partners. More so if your partner denied the oral promise, then unless it would supported with other ancillary witness and documents, it would be difficult to prove in the court of law. You are requires to claim your money within the three years otherwise it would be barred by law of limitation.
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Adv. S M Iqbal Hasan
Allahabad | 25+ Answers
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