Legal Question in Credit and Debt Law in India
Dear Respected Gentlemen,
My dad had shares worth 28 Lacs which he gave to a friend as loan. Arrangement was that he would get them transferred in his name & get them demated and take loan on them (i.e. 50% offered by banks) and compensate us with 1.25% interest on loan taken by him from bank. He was to return us the shares when required by us.
He got them transferred and took loan on them, he used to pay interest on it. Unfortunately my dad expired of cancer and I am not able to locate any relevant documents. My friend admits selling the shares and is wiling to make a legal document accepting he has all the shares and he would return them. He is not in current position to return them and says as soon as his property gets redeveloped he will return the shares or money as we like. Can anyone suggest any deed type of document which I can make for my safety. Thanking you. Yashodhan Sharma, Mumbai.
1 Answer from Attorneys
You should thank your stars that the person who has taken shares worth 28 lacs from your father is willing to pay you back that amount . Just take an acknowledgement letter that whatever had transpired between your father and him about shares and is willing to give you back either the shares or equivalent money at your choice . This is would be good enough to secure yourself .
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