[panky12345]

Thanks so very much mmm..

any pointers in Delhi?

[mmmjgm]

Originally Posted by panky12345

Thanks so very much mmm..

any pointers in Delhi?

Hi Panky,

Unfortunately (for you) and fortunately (for me) have not had any bad debts in Delhi area. However do ask your chartered Accountant or someone who's dealing with these incidents, ask friends who work in Banks etc.

Cheers and best of luck with the recovery.

M

[panky12345]

Update:

I was in the direct contact of the director of the company where the services were provided. Now, when I talked to CEO.. he tells me that both the directors are in Haryana Jail owing to some fraud and all. I thretaened him for a legal notice to his (CEO) name to which he responded that, if I want I can go ahead as the ultimate reponsibility lies with the directors and he is (or was) just an employee and thus not the authorised sihnatory for payments.. Company seems to have closed their operations.. and the CEO is probably looking for some investor to take over the entire operations under him (obviously in a new company name).

Please help..

[mmmjgm]

Originally Posted by panky12345

Update:

I was in the direct contact of the director of the company where the services were provided. Now, when I talked to CEO.. he tells me that both the directors are in Haryana Jail owing to some fraud and all. I thretaened him for a legal notice to his (CEO) name to which he responded that, if I want I can go ahead as the ultimate reponsibility lies with the directors and he is (or was) just an employee and thus not the authorised sihnatory for payments.. Company seems to have closed their operations.. and the CEO is probably looking for some investor to take over the entire operations under him (obviously in a new company name).

Please help..

The CEO has spelled it out, if the CEO is not the director of the co, there's very little you can do against him, after all he's a paid employee. Infact you are now lucky as the prima facie evidence of wrongdoing by the directors has been established, as they are in jail. Any judge will take cognizance of that fact. Infact you should press for another case.

Had the CEO been an MD, you could have threatened him with legal consequences.

Only option is legal, my worries are what made you wait for so long, the faster you move into the legal process, the better your chances of recovery are.

If the amount is large, do move swiftly. Cos if you want to write off the amount, your accountant will need proof in terms of attempts made to recover the amount etc. there's a double whammy if you do not take any documentary steps to recover the funds, 1) you will loose the cash not only that, 2) the IT assessing officer will not let you pass it the loss off as debts unrecoverable as you have not taken any steps to recover the funds, i.e. it will be termed and treated as your income/firms income for the year.

"Dekh le" - Munnabhai MBBS ka song hai. Jadi kar panky,
regards
M

[Evil]

What is the size of the organization involved? If it is a small business it's easy. It can even be done if it's a large corporation.

For the following to work, it is very important that what you are saying is true & you are in the right.

Go to the nearest police station, preferably with the reference of someone who knows an officer there. Tell them what the matter is. Ensure that you have transportation, a 4 wheeler ready. If you speak to them in the right way, they will definitely accompany you to the office or residence of whoever owes you money. (In the event it's a large corporation, whoever it is who has refused to pay you). They will tackle the accused as needed & throw the fear of god into him (In most cases without so much as lifting a finger). End result is that they will pay up.

Once you have your money it is best to put the whole incident behind you (meaning do not press charges). Be sure to thank the police & express your gratitude for their assistance

To quote from the movie Bombay Boys; "Court mein agar jayega toh 20 saal tha thamba, Law & order se toh pandu bhai ka hath hai lamba!"

[mmmjgm]

Originally Posted by Evil

What is the size of the organization involved? If it is a small business it's easy. It can even be done if it's a large corporation.

For the following to work, it is very important that what you are saying is true & you are in the right.

Go to the nearest police station, preferably with the reference of someone who knows an officer there. Tell them what the matter is. Ensure that you have transportation, a 4 wheeler ready. If you speak to them in the right way, they will definitely accompany you to the office or residence of whoever owes you money. (In the event it's a large corporation, whoever it is who has refused to pay you). They will tackle the accused as needed & throw the fear of god into him (In most cases without so much as lifting a finger). End result is that they will pay up.

Once you have your money it is best to put the whole incident behind you (meaning do not press charges). Be sure to thank the police & express your gratitude for their assistance

To quote from the movie Bombay Boys; "Court mein agar jayega toh 20 saal tha thamba, Law & order se toh pandu bhai ka hath hai lamba!"

I doubt that will work, most Mumbai police stations have a board put up "Payment recovery requests will not be entertained"

It's different if you have pull in Delhi police stations. Which is tough. Believe me it is tough, being the Capital of the country.

However if related to a cop, this might work, else the legal route is the best.

Pandu bhai ? lol, please update your knowledge of the law, the government HAS already set a precedent, with the Satyam Case, citations can be pulled from that (this is legalese) now every lawyer in town is going to pull the Satyam case's speedy resolution by the government. 100 days, management changed legally kudos

[Evil]

Originally Posted by mmmjgm

I doubt that will work....

I've personally used the above method for debt collection/payment recovery AND recovering stolen goods.

However if related to a cop, this might work, else the legal route is the best.

Agreed, the reference of someone known to a cop will help very well. A lot depends on the way you speak to the cops as well.