I have an IT company incorporated as Pvt. Ltd. on Jan. 2012. The initial capital was Rs. 1,00,000/- and we also received Rs. 3,00,000/- from a Canadian citizen who planned to become one of the directors. He never provided the papers and the money ended up as unsecured loan in books. We now have to return this amount by March, 31st as per the new ruling but the person has an NRE account here and we cannot transfer money to that account. He is also not reachable through email or phone in Canada. The most I can do is get a Demand Draft prepared under his name. But in such scenario if the person is unreachable what exactly is the resolution?
Thanks in advance.
CAclubindia
