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Author Topic: Trapped in sec - 138  (Read 1832 times)

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Offline Rocky

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Trapped in sec - 138
« on: October 26, 2013, 06:22:19 AM »
Dear all,
I am basically commerce student and got into a agreement to form private partnership firm. We are two directors of company holding 50% shares each. Since he handles all the activity of business and i am being the sleeping partner, in my absence he issued a cheque in the name of company to recipient. Now that cheque was dishonoured due to insufficient funds, the receiver has sent notice seeking for payment.
Since i have not signed the cheque and only 1st director has his signature on cheque. I want to know what is my LIABILITY in such case.? also, what actions are required to get out of these trap.? I didnt know what to do hence i posted it here.
Your response will be highly appreciated.

Offline tapsash

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Re: Trapped in sec - 138
« Reply #1 on: October 26, 2013, 07:50:56 AM »
If the check is issued from the Company's bank account than whoever signs the check is irrelevant, hence both the directors are equally responsible
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Offline Rocky

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Re: Trapped in sec - 138
« Reply #2 on: October 27, 2013, 02:07:40 AM »
Thank you for your reply.
But, this happened without my knowledge and intimation. is there anyway i can defend myself.?


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