by amit » Thu Feb 12, 2009 07:19 pm
how much fine will be levied to any person who has made fraudulent activity,
& presented fake receipts to the clients for insurance premiums and later on clients have came to know that all the receipts which were supplied were fake.
Now, how much punishment can be expected to be given to that person by the court? :?: :?:
& presented fake receipts to the clients for insurance premiums and later on clients have came to know that all the receipts which were supplied were fake.
Now, how much punishment can be expected to be given to that person by the court? :?: :?:
Posted: Fri Apr 03, 2009 06:58 am Post Subject:
I agree that each state has their own laws against these types of criminals. But in India, laws have never been so strict that people are afraid of the. Moreover, illiterate and less educated people are not at all difficult to find in India. And being educated does not guarantee that the person is aware of what is happening around him.
India is a good target of criminals and fraud insurance agents but the scenario is changing pretty fast and frauds are coming into limelight which means people are made aware of these things
Posted: Sat Apr 04, 2009 05:22 pm Post Subject:
Depending on how much the damages are. Based here in our place, the owner is obliged to return what is invested in the company. Therefore, the owner needs to declared all his assets to convert into cash and be given to those who invested. And then, other penalties will be discuss after the investigation to find out if there are more charges to be filed against the owner.
Posted: Sat Apr 04, 2009 05:54 pm Post Subject:
the owner needs to declared all his assets to convert into cash and be given to those who invested.
hmmmm, sounds interesting. Dritz, can you throw more light on this.
Posted: Sat Apr 04, 2009 06:35 pm Post Subject:
^^ this is based here in our country, i dunno if it applies to others. Its like an insurance for another insurance. If a company would turn to be scam, there is a minimum payment that must be given to the investors, damage fees, just like that. Let say that the company itself has insufficient funds to pay for those damages. Therefore, all the assets of the owner must be surrender to the public and convert it into cash. Not all assets must be sold, it must be equalize with the amount of total damages. But if the case is that all his property came from investor's funds, all of them must be surrendered.
Posted: Sun Apr 05, 2009 11:43 am Post Subject:
If a company would turn to be scam, there is a minimum payment that must be given to the investors, damage fees, just like that
This is the process of bankruptacy of any company.Generally company is liable towards the shareholders of the company.Generally the face value of the share is mostly not more than the 10 % of the share price of the company in stock market.(In normal scenario, not in recession) so ....
Suppose company A files for the BK and has a total debt of 300 millions then as per the face value of the shares it could turn upto 30 millions and the liability of the company ends over there only.
This is really a tricky situation.Remember recent BK of Lehman Brothers. :wink:
Posted: Mon Apr 06, 2009 12:19 pm Post Subject:
Thanks for the information :) As per my knowledge it does not apply in my country. I may be wrong.
Posted: Tue Apr 07, 2009 01:24 pm Post Subject:
^^ it can be dangerous if there is no such thing like this in your country. maybe not in the similar way but there are ways like this existing in your country too.
Posted: Tue Apr 07, 2009 03:42 pm Post Subject:
Thanks for the information Smile As per my knowledge it does not apply in my country. I may be wrong.
Horizon,
all over the world principally this system prevails.Percentage may differ but one can not deny that it is not existing in one's country.By the way from which country you are from? So i can tell you details about your own country and the system prevailing over there!!
Thanks :wink:
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