Implication of Personal guarantee (without mortgage)
6 years ago
Sir,
Please advice me regarding the following issue:
1. One of the firm in Ahmedabad (Roller Flour mill) took term loan of Rs.2.50 crore from GIIC, Ahmedabad in 1996. During 2006, GIIC has filed a civil suit for recovery of dues to the tune of Rs.11 crore.
2. BIFR has declared the unit as Sick Unit
3. I have given personal guarantee.
4. In the details of property column, the details of property which is given is dubious. Neither I have submitted any papers related to my property.
5. In fact, i was an employee working for the company. But he made me as Director (on papers).
6. As on date, I dont have any property. But I am a Govt. employee. Please advice regarding the legal implications on me.
Mukesh
Deepak Yashwantrao Bade
Responded 5 years ago
Johnson Thangiah
Responded 6 years ago
You are a govt employee and the director of the company.Are you got permission from govt for directorship of your company.Govt rule is every govt employee should get govt approval for holding any post.Do you have ROC registered number.If not you did a mistake of concealing your details.It a serious violation of govt employee.So it is very tangle matter.
Ambrose Leo
Responded 6 years ago