Legal Question in Business Law in India
We are three directors and two of them have given their agricultural land as collateral to bank for industrial loan and I have given a personal guarantee mentioning my house in the net worth. THe other two directors claim their collateral cannot be attached or sold and I now fear that my house can be attached in case of NPA. I have also quit my directorship to proctect the only asset I have/ What are the risks for me in this at this stage?
Asked on 12/08/11, 9:14 pm
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
before quitting as a director, you should have got your house released from the bank. in this situation, the house remains a security with the bank unless the dues qua property are paid by other directors.
Answered on 12/08/11, 10:15 pm
Related Questions & Answers
-
My company is a quasi governmental co , we usually sell our old, company vehicles by... Asked 12/02/11, 1:06 am in India Business Law
-
I was cheated by a diaper manuf. compy. by saying they need super stockiest in my... Asked 11/22/11, 7:51 am in India Business Law
-
I book a flat in uttam nagar area by giving 10% amount as bayana. We made a... Asked 11/19/11, 5:03 am in India Business Law
-
The memorandum & Articles of a company were delivered to the Registrar for... Asked 11/18/11, 8:43 pm in India Business Law
-
Can an Employer and Engineer be the same person in a civil contract? i have 2 draft... Asked 11/16/11, 2:42 am in India Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
