Need help
Hello Sir's
I was a paid director of 1 company which was a subsidiary of one international company based Hong Kong.
And that company was a subsidiary of one Indian big company (not in books)
So that big Indian company took OD limit of 4 cr from SBI bank on putting of their corporate grauntee and 2 property of their friends and mine signature of director and shown my net worth of 16 lacs
And that company was signing authority in bank where OD was sanctioned and they used all about and got it transfered into their company account in 2016. And in 2017 our company got npa and bank start sending notice to me and my other paid director partner to office and after now 1 years bank finally sent the notice for property procession and now 2 advocates has been appointed to take procession for the property in this week
( I have already resigned from that company in Feb 2018) and no business is running there
So my question is that what will be concequences on me and my partner since we were taking salaries only no profit share
Secondly we have proof that other company uses that funds and now they not ready to pay becoz they are also npa in same bank 64 cr as of now.
Will Drt investigate the cases completely
Or our liability is only the amount which was shown in our net worth
Pls reply with many thanks
Thanks