Partnership: Right to Reclaim Company Shares After Bounced Checks and Unauthorised Sale
Practical Laws of Islam as per the teachings of Imam Khamenei
Partnership: Right to Reclaim Company Shares After Bounced Checks and Unauthorised Sale
English:
Question #1683:
A group of people set up a company by way of partnership. The company was officially registered with the authorities. However, I relinquished my share in favour of another person who bought it from me. He paid me the price by five checks which bounced. When I approached the buyer, he took the checks from me and restored my share in the company, but he remained officially the stockholder. It transpired that he sold the share to another party. Has he the right to do so? And do I have the right to demand the restoration of my stake in the company?
Answer #1683:
If the buyer, who revoked this sale after he had got his checks back, sold the share to a third party before the cancellation, this sale is valid. If he had sold the share after the cancellation, this sale cannot go through unless you sanction it.
-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Partnership