Anonymous
21 October 2011 at 18:33
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") dated __________________
Between
M/s......... & Company, Chartered Accountants, a Partnership Firm, having its registered office at ...... hereinafter referred to as ‘N’.
AND
Shri ........ Chartered Accountant, residing at ....herenafter referred to as ‘S’.
Preamble :
1. S worked as an employee of N during the period from 1st August 1980 to 31st July, 1995. Subsequently, S made a claim for gratuity on N, which was disputed by N. Thereafter, on 26th August, 2005, S filed an application (No. .....) before the Controlling Authority under the Payment of Gratuity Act, 1972, at Mumbai, seeking payment of Gratuity. After several hearings It was mutually agreed to pay an amount of Rs.89,000/-to SKP, comprising of the principal amount of Rs. 53,450 and interest thereon, as against a consolidated claim of Rs.123,610 made by him. The amount of Rs.89,000/- was paid to S vide cheque no. 078735 dated 31st August, 2009, drawn on ............, for which a written acknowledgement was received from S on the same day, stating that the amount so paid was in full and final settlement of his dues. The said cheque was subsequently deposited by him and the amount realized.
2. However, immediately thereafter, S continued to demand the balance amount, which was declined by N.
3. During the pendency of the proceedings before the Hon’ble Labour Court, S had, in fact, started acquiring nominal holdings in some of the listed companies where N was the statutory auditor. He then proceeded to write letters to the Directors of these companies, in his capacity as a shareholder, asking them to remove N as the statutory auditors. He also appeared at the AGMs of some of the companies and reiterated his demand for removal of N as the statutory auditors.
4. The said act of S was causing incalculable harm to N’s status as one of the most respected firms in the Chartered Accountancy profession.
5. In order to avoid further damage being caused to its reputation arising out of S’s actions, sometime in early July, 2010, N approached S with an offer to pay him the balance amount as demanded by him, on a clear and specific condition that he would, forthwith, stop and refrain from making any allegations whatsoever against N in any forum and in any manner whatsoever, whether directly or indirectly. S agreed to enter into a Memorandum of Understanding (MOU) in this regard.
6. Vide letter dated July 7, 2010, S conveyed the balance amount being claimed by him towards gratuity as being Rs.42,695/- (Rupees Forty Two Thousand Six Hundred and Ninety Five only).
7. In the meanwhile, the matter came up for discussion in the audit committee of one of the clients of N. Upon being told that N was in the possession of a court order settling the dispute, the Chairman of the audit committee of that client strongly advised N not to pay S any further amounts as demanded by him.
8. Accordingly, N did not proceed to finalise the MOU.
9. Upon realizing that his demand was not being entertained, S again started resorting to writing letters to various clients of N, asking for N to be replaced as the statutory auditors.
10. In order to protect its business interests and professional standing, N was left with no choice but to once again approach S with a proposal for settlement of his demands.
11. Accordingly, S was approached once again on 06th Sept. 2011 for reaching a settlement, pursuant to which he would hereafter refrain from acting in a manner that would cause any harm whatsoever to N’s stature and goodwill in the profession and in the corporate world. A revised demand for Rs.58,290/- was received from him vide his letter dated September 8, 2011.
12. Upon discussion with S, he agreed to revise the amount to Rs.48,700/-, as being the amount payable to him in full and final settlement of his demands.
13. N and S have now irrevocably agreed upon the following terms:
(i) N will, on signing of this MOU, pay SKP the said amount of Rs. Rs.48,700/- (Rupees Forty Eight Thousand Two Hundred and Ninety only) by an account payee cheque drawn in his favour, in full and final settlement of S’s demand.
(ii) S agrees that upon receipt (and realization) of the cheque for Rs.48,700/-, he will have no demand of any nature whatsoever pending against N and its Partners and will not, hereafter, make any claim against N and its Partners for any additional amount whatsoever.
(iii) In consideration of N paying him the aforesaid sum of money, it is hereby agreed between N and S that:
(a) S will forthwith stop and refrain from writing any letters whatsoever, or causing to have any letters written by other people to any of N’s clients, both present and future, making any derogatory or uncharitable remarks against N or its Partners or demanding the removal of N as auditors of those Companies.
(b) S will also forthwith stop and refrain from indulging in any communication with N’s clients, both present and future, in any other manner whatsoever, whether directly or indirectly, that contains any reference to N in derogatory or defamatory terms.
(c) SKP will refrain from making derogatory remarks against N at any Annual General Meetings of any of NMR’s clients where S has acquired shares.
(d) N, on its part, will not initiate any legal action in any forum against SKP for the damage already caused by him to its reputation and image.
(e) In the event that S violates any of the clauses in this MOU, or reneges on the undertaking given by him in the foregoing paras, N shall not be bound by the undertaking given by it in sub-para (d) above, and shall become free to pursue legal action against S in any forum at the entire risk of S as to cost and consequences.
(iv) This act of N, of paying SKP the said amount of Rs. 48,700/-, as mutually agreed, is solely with a view to protect its reputation, goodwill and professional interests and should not be misconstrued as N’s acceptance of S’s claim before the Hon’ble Labour Court.
M/s. N.... & Co.
CA S....
Whether the above mention M.O.U. is valid in law? It restrains a person to exercise the rights of a shareholder which are given by the companies act. 1956.
________________________ _______________________
Anita Singh
21 October 2011 at 17:05
dear sir i am an advocate my client is giving one lakh rupees loan to one of his friend for six month and told me that if his friend (the person who is taking loan) if for any reason not repay the loan amount given by him then his one property ( one room ) he will registered on my client name and my client will have legal right to take the possession of the said property and my client give 10 lakh rupees to his friend (the person who is taking loan) means after taking the said property my client will give 10 lakh rupes to his friend and all this thing my client want in written
so i have draft a M .O .U and promissory note pls cheque it guide me whether it is right or not where i am wrong pls bold that
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (MOU) is made and enter into at Mumbai, this 21st day of October 2011
BETWEEN
MRS. MANJU YASHWANT SHERKAR, Adult, Residing at Punjabi Chawl No. 1, Room No. 7, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, hereinafter referred called the “PARTY OF THE FIRST PART” (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executor, administrators, successors and assigns) of the FIRST PART.
AND
MRS. SNEHAL PRAKASH WASKE, Aged 43 Years, Residing at Desarana Chawl, Room No. 5, Ganesh Maidan, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, hereinafter referred called the “PARTY OF THE SECOND PART” (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executor, administrators, successors and assigns) of the SECOND PART.
WHEREAS, the Party of the Second Part was in need of some Friendly Loan of Rs. 1,00,000 (Rupees One Lakh Only) for her personal need and purpose for that she approach to the Party of the First Part.
AND WHEREAS, at the approached of the second part the first part has agreed to give a sum of Rs. 1,00,000 (Rupees One Lakh Only) to the second part and upon the terms and condition mutually agreed by and between them and reduce the same into writing in the following manners..
NOW THIS INDENTURE WITNESSETH :-
1. That the Party of the First Part giving a Friendly Loan of Rs. 1,60,000 (Rupees One Lakh sixty thousand Only) to the Party of the Second Part for the period of six month.
2. That the Party of the Second Part will repay above said loan amount of Rs. 1,60,000 (Rupees One Lakh Sixty Thousand Only) after the expiry of six month from the receipt of loan amount or from the date of this MOU.
3. That the Party of the Second Part if for any reason failure to repay the above said loan amount of Rs. 1,00,000 (Rupees One Lakh Only) after the expiry of six month to the Party of the First Part then she will have to sale her property situated at, Desarana Chawl, Room No. 5, Ganesh Maidan, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, in which she is presently residing, to the Party of the First Part for the sum of Rs. 11,60,000 and also registered the same property in the name of Party of the First Part.
4. That the Party of the Second Part will also allow to the Party of the First Part to make agreement for sale of the above said property .
5. That after signing the Agreement for Sale of the above said property by both the party and after the completion of the all legal formalities for the sale of the above said properly of the party of the second part to the party of the first part ,AND AFTER TAKING THE POSSESSION OF THE same by the party of the first part, party of the first part will take her above said loan amount of Rs 160 000 from the sale amount of the above said property and after taking her loan amount balance amount of sale Rs 10,00,000 she will pay to the party of the Second part.
6. That the party of the second part will also issue the post dated cheque of rs 1,60,000 bearing no ______duly signed by her against the above said loan amount .
7. That the party of the first part will have right to file a case under section 138 of negotiable instrument if the above said cheque get bounced and the second part will liable to bear the cost of the litigations for the same.
IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written.
SIGNED AND DELIVERD BY
By the within named the party of “ FIRST PART
In the presence of witness
1 )
2 )
SIGNED AND DELIVERED BY
By the with in named
In the presence of witness:
1 )
2 )
Promissory Notes
DEMAND PROMISSORY NOTE
WHEREAS I have borrowed a loan of Rs. 1,60,000 ( rupees
_____________) from Mrs. _______Age _ years, resident of __________for her personal use and purpose________ on _________
I do here by promise to pay the aforesaid loan amount Rs. 1,60,000 (rupees
_____________) to the said Mrs. ____________on ________ after six month from the date of this promissory note.
Mumbai,
Signed
Dated:__ ( _______________ )
Nicky
21 October 2011 at 14:45
Hi, I have entered into a Partnership deed agreement on April 2011 in Mumbai with my friend on a Rs 500 Stamp paper to operate Business of Human Resources consultancy but we don't have any registration No of our Firm.
So, My Question is...
1, Is my Firm legal to Operate Business without Registration No.
2, Do we fall under the Category of Human Trafficking as we Recruit People for Jobs.
3, Can we make a Contract with any Company for Recruiting their Staff.
4, Can we make agreement with terms & Conditions with any company on my company Letterhead.
5, Even if i don't make agreement on a Stamp Paper with a company, is it valid on a company letterhead.
Waiting for your Expert Feedback.
kanishk
21 October 2011 at 14:32
Hello
My query is:
I and my mom live in DDA Flat. We don't have original or any papers for the property, because this property belongs to my mother's uncle who is also my granny's brother. We (myself, my mom and granny) shifted in this property 3 years back, after my mother's Uncle, passed away. My granny was the successor of the property after her brother's death but last year even she passed away and now my mom is the successor . I would like to know what procedure should i follow to get the papers for the property.
if possible please assist us we will be very thankful. For any other information required please let me know.
Thank you,
Anita Singh
20 October 2011 at 22:24
dear sir I advocate Anita wants to know from your side
pls let me know
my client is giving one lakh rupees loan to one of his friend at some % interest for six month and told me that if his friend (the person who is taking loan) if for any reason not repay the loan amount given by him then his one property ( one room ) he will registered on my client name and my client will have legal right to take the possession of the said property and my client give 10 lakh rupees to his friend (the person who is taking loan) means after taking the said property my client will give 10 lakh rupes to his friend and all this thing my client want in written
now dear expert pls let me know which kind of document can I draft .
can I draft agreement
or promissory note or something else pls guide me
TRIBHUVAN PUROHIT
20 October 2011 at 17:36
Please provide me any judgement on forged bank document even where bankers found guilty.
Awaiting reply.
Thanking you,
TRIBHUVAN PUROHIT
Anonymous
20 October 2011 at 16:36
Dear Expert
I would like to read entire stamp act for aforesaid subject.
Kindly advise me how I can download
1- Bombay stamp act 1958 as applicable on Gujarat
2- Bombay stamp act 1958
Posted by - Atul Sharma
Anonymous
20 October 2011 at 15:35
Dear Sir/Madam
i was applied for gulf job for saudiarabia through agent in mumbai the client took my interview and selected me i offer salary and client accepted but the other benifitsthey told we will give you best offer in offer letter when they send offer letter before that agent applied for my vissa and visa stamped on my passport befor i singh offer letter and contract.
now i received offer letter but they have not mention what they told me so i reject that offer now agent is not returning my passport and certificate and asking for proces money
please give me sugetion and tell me whether he authirised to ask mony
please reply
regards
sayed nisar
SRINIVAS THATIKONDA
20 October 2011 at 14:46
Dear All
In my Company ( Private Limited), Advances are issuing to its employees to meet their needs and the amounts will be deducted in three to six equal installments. Can I have the written format i.e. undertaking documents with revenue stamp etc.
Further, is there any legal problems are there to file FIR using that undertaking
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Domicile certificate
sir, what is the domicile certificate ? and sir iska use kaha hota hai pls answer me