I am an NRI working in Gulf for a family concern. My cousin had taken a loan from a bank by opening a firm in my name. For nearly 2 years he paid the installment but then due to the gulf crisis he could not meet the commitment. Even his own company has fallen into debt trap. I had come on a short vacation but when I was about to return my cousin's informed me not to travel as some of the bankers has put a travel ban on me. Now the issue is, my cousin has used my firms name and has issued cheques from my company and discounted in his company to meet the cash flow. On the due date he has not fulfilled the obligation. Now the whole issue has come on me. He has issued a Cash Receipt for all the cheques issued from my company. Can his bankers take a legal action on me? For the cash loan taken by him from my company, I have in writing that he is responsible and shall fulfill the commitment.
This is the situation for most of the employees working in Gulf. I was a paid employee but on papers I am a owner of a firm.
I have all documentary proof to validate my statement. Can the law of our land help to to get away from this problem? more
This is the situation for most of the employees working in Gulf. I was a paid employee but on papers I am a owner of a firm.
I have all documentary proof to validate my statement. Can the law of our land help to to get away from this problem? more
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I am of the opinion that there has been a clear lapse while selecting the individual for the post of a Judge. I am NOT aware of this kind of behaviour on the part of a sitting Judge of any High Court in India till now except the case in question. Trust the Supreme Court exercises it full authority and bring him to book. Let us wait and see the developments. more
Jun 03
Dear Mr. Rajan Pillai, Technically these are supposed to be TWO separate transactions and deals. Subject to other technicalities with real documents, I am of he opinion that you are NOT accountable for the acts of your cousin. The very reason is that you had given the cheques for discounting which you got ALL right to stop whenever you desire. You can inform to your banker as well as to your cousin that for the reasons you are stopped the practice, It does not have any connection and relevance (Technically and Legally) with what your cousin was / is doing. It is altogether separate transactions. And once you stopped the same, you are supposed to be out of ALL. If need be we can assist in the matter, pl. feel free to contact with relevant copy of documents. more
Jun 03
It is wrong perception that "Banks in UAE will not come after you in India". It very simple to lodge the complaint locally with application stating the accused/Respondent is in India. The Court of UAE will issue summons/warrant to Indian Court under the treaty of TWO nations and the Indian Court will execute the same with the Police Commissioner. Provided the matter is lodged in UAE. In that case there will be additional charges. It is advisable to contest the matter strongly with relevant facts and figures. more
Jun 03
In any case if you authorized him to act as your agent, subordinate, etc in any manner directly or Indirectly you are to held responsible for the acts he committed. First and foremost, take the reins in you hands and curtail all authorities delegated so also to lodge criminal complaints for each act and activities which is in exceeding the authority so delegated to him. more
Jun 03
I strongly feel that the Banks in UAE will not come after you in India unless amounts are very large as legal expense to follow up such cases are substantial. They have to first get court verdict in UAE that you are defaulter there and then initiate action in India. more
Jun 03
