Hi - There have been many different case laws on this topic, but there seems to be no comprehensive solution. Would really appreciate any clarity on this. The situation is as follows -
1. Factory asset of Company A has been sold to Company B vide SARFAESI Act 2002.
2. Company A has few statutory dues, like ESIC dues. Workmen dues have been cleared by Company B.
3. ESIC claims that it has priority over amount recovered, and has 'legal right' to collect from occupier of property
4. Company A is currently 'under liquidation' (but no order has been passed)
Few questions arise out of this -
1. Can ESIC attach the property of occupier, even if the defaulting company A has not been declared insolvent (it is currently under liquidation).
2. Amendments to SARFAESI 2016 have made it amply clear that dues of workmen and secured creditors are above those of statutory dues and government dues. Is this provision retrospective, and applicable to SARFAESI purchases even before 2016 ?
3. Is there any limitation on recovery of dues by ESIC. They are looking to recover dues payable in 2013, in 2017.
4. Do dues related to land arreas, like VAT, Excise, ESIC etc even exist after asset has been sold vide SARFAESI, or are they only liable to collect before asset is sold.
Would greatly appreciate any clarity on these points.
My friend joined one IT company and dropped resignation email after one week. They asked him to serve 3 months notice period or pay 1.5 lakhs as per their company rule. My friend is not ok with serving notice period. He returned the company asset (laptop) to them. They told him that they treat him as a absconding case.
My friend joined other IT COMPANY without mentioning the previous company's 1 week experience.
My friend's previous Hostel received one letter from the previous company.
Final doubt that, is there any chance that previous company file a case under dual employment by tracing using UAN / PAN number.
ANY help will be greatly appreciated.
Thanks in advance.
Our full and final settlement has not yet been made by the company. It's the habitual practice of that company. whoever demands strongly for the full and final settlement, they will threaten by sending legal notices. Further, the company will not support and fails the employee verification process for such employee.
Last time few employees have been tried to file a police complaint for the delay in salary for the period of almost 3 months. Then they've been terminated immediately and notices were sent to them as the company name and fame have been spoiled and demanded to pay 25 Lakhs to the company as compensation.
It's been more than a year. All employees are feared of getting involved in unnecessary disputes with the company. We all held non-managerial positions.
1. Please let us know whether it is possible to file Winding-Up petition for recovery of salaries under the Companies Act 2013?
2. If yes where to file High Court or National Company Law Tribunal?
3. How long will it take in Winding Up petition?
4. Please mention if there are any alternative processes for effective/speedy results such
(a) Labour complaint
(b) Writ Petition
(d) Criminal Complaint
(b) Civil / Summary Suits etc.
Type: Private Limited Company
Registered at Andhra Pradesh
Working Office at Bangalore
Business Type: IT - Software Desing & Development
Directors: 3 (No.s) All belongs to the same family
I have received One email from my client that IPR had been appointed by proper authority and I was Requested to fill the attached from (SCHEDULE
PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES
(Under Regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016)
Therefore please guide me at your best that who should I deal with same with the complete procedure.
1.As per RBI, for a company to be classified as an NBFC, to decide on its principal business, it will have to satisfy the two tests of assets and income. The financial assets should be more than 50% of total assets) and the income from financial assets should be more than 50% of the gross total income. Both these need to be satisfied for a company to be regarded as an NBFC.
2.Our Company carrying Investment business (Only Purchase & Sells of Shares & Mutual Funds) without obtaining the certificate of registration from the RBI. Last 7 years the Company invests in only shares & Mutual Fund & Total Gross Income of company from only Financial Assets Only. Now our company received notice from RBI regarding the Registration of NBFC. In this notice they are given three option :
1) Apply for COR 2)Merge company with another NBFC 3)Wind up the Business of NBFI.
Our Company Paid up Shares Capital is 24 Lacs & reserve is 1.03 Crores.
Net Owned Fund calculation as per RBI Formula is Rs.17.07 Lacs.
We have a investment company whose main objects clause includes investments activities. If they invest more than 51% of total assets in Investments and their 51% of total income comes from dividend & Capital Gain income. The company is not accepting any public deposits and investments are made for long term purpose and not for trading- Will it be treated as an NBFC company? Since their Net Owned Funds (NOF) are less than 2 crores(17.07 Lacs as per Calculations). Can we continue the investment activity without taking RBI registration?
Please provide me a simple letter which has to be given to RBI in respect of Notice received from RBI for Registration of NBFC.
Please advise the same in above matters.
Thanks & Regards
I had been working in an American MNC for 6 years, and each year I got good increment and compliments on the performance but suddenly company told me to resign but I denied. Then company created pressure on me but still I denied to resign and told to fire me if company does not retain me. I was on company role and I had a valid PAN account and PF account.
But after 15 days they took my access card and given me full and final documents and told that you are fired.
but I got a information through a friend in HR, he said that company did not fire you on record but they fraudly steel my signature and created a forged resignation letter.
So like this company did cheat with me.
Now, no dues of PF amount is pending.
Can I do anything against this fraud????
Saw this on the Net. Similar query so can you answer please
Many years ago I resigned my Chairmanship & Directorship in a Private Limited company when I found that some hanky panky was going on between the Managing Director and another Director who jointly had signatory powers to operate the Company bank accounts. It has taken me years to grope around to find out where the money was disappearing to.It was a herculean task as it was masked very well by the two of them. Sometime ago one of the ex employees of the Company gave me some leads by naming at least two accounts but without much details as to which bank and which branch,etc. I first tried to get information from HSBC where the Company had the main account but this was a no go as they had instructed the bank not to give me any information without written instructions from at least 2 signatories (I was the third but it was of no use). Next stop was to a Coop Bank where the Company had its day to day running account. Attempts to track down these accounts were futile as it was also stopped by these two signatories. About 7 months ago it was by sheer providence that when I asked one of the bank employees innocently if the two named accounts were with their Colaba branch she scanned through the computer and told me that both the accounts existed and gave me the balances in both accounts; adding that one had been frozen as not being operated for years. On a subsequent visit to the bank I got some more information as I had the Account numbers and found that large deposits by way of Dividend Warrants from Public Limited companies were going into the second Account (and still were going till a few months ago) that had more than 25 lakhs in it ????? I would like to bring this scam into the public domain but do not know how to go about it. Income Tax or Reserve Bank of India or any other body.
Greetings to All Experts