Legal Question in Business Law in India

i was in the business of placement consultancy. we had four partners. we signed the partnership deed. But due to work flow we were not able to open up any account or any other proof of the company. we managed everything by cash. we have run this company for more than 6 months and now company is closed. My partner is asking the money what they have invested as they were also in the business. we didnt do any accounting work also. now they are threatening me that to file a police complain against me as they said that we trust you so we invested in the business now give us our money. we all were working partners. he only gave me one lac rupee in my personal account for the business tranjection when business was there. There is only one tranjection in bank in my personal account. i m really scared of all these. they calls me like anything. can u advice me that what should i do? are they open to file a case against me? if yes, then should be in the jail? what charges they can apply on me? can they do civil or police complain? pl pl ans me soon m really worried even my family is also in pressure....Regards


Asked on 5/28/13, 12:10 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

29.05.2013

Dear Sir / Madam,

Since the entire business was run in cash and no accounts have been maintained by the firm, you are legally liable and responsible to return back only the Rs, 1,00,000 to the person who credited it to your personal account after adjusting the business profit due to you from the same and returning the balance.

Regards,

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Answered on 5/29/13, 5:41 am


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