Dear Friends,

I was a director in a private limited company from 2006 till 2011, in 2011 i resigned from the post. not just me but three other directors also resigned from the company due to various reasons. we were promised 25 lakhs each. but till date no one has been paid. the people who control the company are politically connected and we are not able to make our moves.

This being the background..

In 2010 i made my mother sign the gurantee for the loan that the company took..altho the company has taken everything from me…i dont want my parents to suffer. because my mom has a house in her name..the present company directors are deliberately making the compaany weak and swindling money and machinary. they are taking all efforts to swipe as much as they can before there is loan devalvement..

My doubt is

1. how can i get out of this guarentee

2. some bankers have told me that the guarentee agreement is valid for 3 years..and in case of big loans its for 2 years alone..and at the expiration of the said period the bank has to go in for new guarentee agreement and the original agreement expires..

is it true

kindly advice me

regards

prem kumar