What action can be taken if the company will claim amount invested
20-Jul-2023 (In Recovery Law)
I have invested rs 10lakh of a friend into a company and in return provided him an affadavit to repay the amount with 12% intrest within a year in 2016 sept.The company repaid its profit on investment till feb 2017 upto 3 lakh.. and went unoperational due to some legal issues. The owner is facing various FIR and is undergoing case for money laundering by ED & STF. Now the person from whom i have taken investment is asking for his money and threatening to produce that affadavit in court against me. Although i have also filed a refund in court and company tribunal against the company. Now my ques is if that investor from whom i have taken and invested the money into that company, files complaint against me are there any liabilities that can be framed on me by court
Dear, although your case falls under civil side but you have testified by way of affidavit to clear the debt amount so if your friend proceeds against you then in such event a complaint or FIR may be lodged against you under section 417 to 420 of IPC .
Yes, he can sue of for breach of contact n he is entitled for recovery of amount . But there would be no criminal liability as per facts u have stated . When u had invested in that company they might have given u some Reciept or something else and if u have,than it could be used as evidence and or defence should be this that i didn't have wrong intention to cheat the company has gone isolated n there should be no criminal charges against u.
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