Recently, Piramyd Retail was acquired by Indiabulls. Piramyd Retail was our customer and owed us money for products supplied, which Indiabulls is now refusing to pay. Please let me know the legal options available to me to recover this money.
Anand Karapurkar, Infobahn Technical Solutions, Mumbai
T G RAMESH — Acquisition is transfer of ownership in the form of equity. Any transaction which has legally happened prior to the acquisition, are automatically binding post acquisition also. No acquirer can refute your claim on your payments pending from the acquired company. Therefore if you have proper documentation of the transaction with Pyramid Retail, Indiabull can’t deny you the payment. In case they don’t, you can serve them a legal notice. In most probability they should pay up following the legal notice.
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