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In January 2024, a startup raised 100 crore from 98 investors, including myself, with the founders promising an IPO by April 2024 and assuring 4x returns, backed by post-dated cheques for that amount. However, the IPO did not take place, and instead, I received post-dated cheques for January 2025. Some investors who were given cheques for September 2024 are facing issues as the company has issued a stop payment on those cheques to prevent them from bouncing. The founders have asked investors to refrain from taking legal action until the end of 2024, as they are trying to secure another round of funding. I would like to know if there is anything I can do now to protect my interests while waiting, and what my legal options are if I choose to take action immediately?
Sir, you may choose to wait until the end of 2024 but it is crucial to take steps to protect your interests immediately. You should consider sending a legal notice for breach of contract, dishonored cheques, or fraud. It is advised to consult an expert lawyer who will assist you to take the appropriate legal steps to recover your investment or protect your rights. For further legal assistance contact us on our helpline number.