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Recovery of invested Amount with a Private limited company
22-Aug-2023 (In Recovery Law)
I have invested 5 lacs with a private limited company for a particular project and I have an agreement which states that I would be eligible for profits on the product sale. However it has been almost 12 months I have not received any profit and response I get from management is we are trying. hence I have sent an email on February 2018 to discontinue the contract. This was accepted from the company and was asked to wait for 3 months as notice. This expired on April and was given 1 Lac. The rest of the 4 lacs is still pending and I am not getting proper update. Do let me know how I can take legal action and if taken what would be the time frame I am looking at. or it is better to keep following up with them.
Respected
AS you said you have invested the amount, then you become the one of the co sharer of the said company. When you have not received any profit, you have right to claim your profit portion from the company. As you said you have termination the contract and the same was accepted by the company from email. Then the contract is proved .
yes you can issue legal notice to the said company and demand back your amount. In case if they failed to comply the demand, you can file a case for recovery on the base of their correspondence email.
Please proceed .
AS you said you have invested the amount, then you become the one of the co sharer of the said company. When you have not received any profit, you have right to claim your profit portion from the company. As you said you have termination the contract and the same was accepted by the company from email. Then the contract is proved .
yes you can issue legal notice to the said company and demand back your amount. In case if they failed to comply the demand, you can file a case for recovery on the base of their correspondence email.
Please proceed .
Helpful?
Adv. M Lakshmikanth Arya
Bangalore | 500+ Answers
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