DEAR SIR,
I NEED YOUR ADVICE ON THIS MATTER FOR A FRIEND OF MINE.
DIRECTORS 1 2 3 4 STARTED A PVT FIRM IN 1995.
DIRECTOR 1 WAS THE MANAGING DIRECTOR AUTHORISED TO SIGN CHEQUES.
DIRECTOR 2 WAS APPOINTED AS A PROJECT CO ORDINATOR
DIRECTOR 2 RESIGNED.THE LETTER OF RESIGNATION WAS ACCEPTED AND DIRECTOR 2 MOVED MOVED ON TO A DIFFERENT JOB.
NOW AFTER NEARLY 15 YEARS DIRECTOR 2 GOT A COURT SUMMONS THAT DIRECTOR 1+3+4 HAS TAKEN SOME FINANCIAL ASSISTANCE , BUT THE CHEQUE IS BEING BOUNCED.( DIRECTOR 2 WAS NOT AWARE OF THE FINACIAL DEALINGS OR ANY OTHER ACTIVITES TILL NOW AS HE HAD NO RELATIO SHIP AT ALL.)
MY QUESTION WILL DIRECTOR 2 BE LEGALLY LIABLE FOR THE CONDUCT OF ACTIVITES OF DIRECTOR 1+3+4,
SINCE DIRECTOR 2 NOTICED THAT THE COMPANY( DIRECTOR 1) HAS MERELY ACKNOWLEDGED HIS RESIGINATION LETTER,
AND GAVE A RELEVING LETTER BUT FAILED TO FILL UP FOR NU 132 AND INFORM ROC.
WILL DIRECTOR 2 BE LEGALLY LIABLE MERELY ON THE NEGLIANCE PART OF DIRECTOR 1 AS HE HAS FAILED TO INFOR THE ROC.
PL ADVICE
CAclubindia
