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Amendments in Companies Act

Companies Act 2013 has been enacted only last year and so far a little more than half of its provisions have come into force. Matters arising from the operation of provisions already brought in force are getting attention of Government in the form o

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Legal status of joint venture

Posted by Ksreddyacs

Dear Seniors,

Two private limited companies has formed a joint venture for the specific purpose "construction of independent houses/villas/Residential apartments". For this they entered to into joint venture agreement with 50% each party share. And Rs.8 crores(4+4) brought into the joint venture bank account and started construction of villas.

30% of work completed and they applied for bank funding of Rs.15 crores for further construction.Here banker is questioning that there is no legal existance to the joint venture like company/partnership firm. Can any one give a write up on the joint venture legal existence for banker's querry.Awaiting for your valuble write up.

Thanks & regards


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Updated on : 31/07/2014 04:32:01

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