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
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.