SANDEEP KUMAR
06 July 2014 at 11:02
1. Is Managing Director of a Company incorporated under Companies Act, 2013 a statutory post?
2. What formalities should be completed to give charge of this post in a Government Company to an official of the concerned administrative ministry?
Saurabh Verma
05 July 2014 at 15:59
Dear Ma'am/ Sir,
We are purchasing a running business from a private Ltd. company and the company is defalter in service tax, ROC & Income tax Act.
Therefore we have changed the nomenclature of transaction;
WE have taken a bill of Movable tangible assets on Letter Head of Company and signing a SALE DEED for purchasing Brand Name of the Business and restricting the company for not doing same kind of business with the same name in future.
Hence my query is:
1. Whether we can sign sale deed for purchasing Brand Name or Not?
2. Is Brand Name covered in the Definition of Property since there is any definition of Property in "Transfer of Property Act"?
3. How Much Stamp Duty will be levied for sale deed if Consideration paid for Brand is Rs. 125000?
4. And, Is registration of Deed with the registrar is compulsory?
Please Advice... :)
MD JAMAL MUSTAFA
05 July 2014 at 08:39
Sir, I would like inform to u that I had taken loan but A/C had been declared NPA. After that through the lok adalat settled the loan and cleared the all due amount. After clearance of amounts in time bank is denying to return the documents of morgage property. Pls Suggest me what will be the legal procedure / legal action against bank for the original documents of my morgaged property.
raja sen
03 July 2014 at 19:44
I am a senior manager,scale-iii on probation with a govt rural bank(rrb).I joined the bank on 26-6-12.after 6 months the chairman made me in-charge of the biggest branch of the bank.i performed well and after 3-4 months chairman transferred me to another branch.I was also made in charge of that branch.initially I was shaky and not ready to venture into big ticket credit proposals.but on October 2013 the chairman reprimanded me in a review meeting and said that if I do not increase the credit portfolio I would be transferred to a far off place.I requested my advance/credit manager to bail me out.At which he said if I have faith in him he will bring in big ticket credit proposals.At which I relented.He was earlier advance manager of a nearby bank branch and he started bringing in advance proposals from those places.He said that borrowers are having very good repayment history and can be trusted.I being naive and gullible easily trusted him and he used to accept those proposals.But all presanction enquiry and processing of those loan cases were done by him and I only put my approval signatures on them.I used to personally inquire into all Govt sponsored cases and loan proposals in and around the branch but I took adequate security in the form of House mortgage and FD.but in case of loans given by the advance manager almost no security was taken.when I asked him why he said that if we press for security the borrowers would go to other banks.
After some time a new regional manager joined.one day he visited our branch and started scrutinizing the loan documents given by the advance manager.He reprimanded me and took us for a field level enquiry where the advance manager confided that he is responsible for all those loans and the Branch Manager is not responsible.after 3 days I got transferred to a far off place and I received an explanation/show cause notice on 18.06.2014 asking me to reply within 10 days of the receipt of the letter.I am a naive and gullible person and easily believed in the truthfulness and sincerity of that person as he was loved and respected by all in the region for his dexterity towards the job and he took advantage of this and duped me for no fault of mine.He even gave Rs.35 lac loan to his sister in law who was already a loanee in his previous branch.In fact all the other 10 person beside his sister in law were previous loaness of his previous branch and he did not tell me about this.In fact in his previous branch he was the one who recommended for sanction of those loans.He was also served an explanation letter in which he was blamed for this reasons.In my explanation letter I have been blamed for casual and negligent approach.An honest person like me has been dragged into this by a dishonest person like him for no fault of mine.In fact I have managed to get a copy of his reply to the explanation letter in which he blamed me for this fiasco and said that I being the branch manager has instructed me for enquiry of those loans and he only acted on my order, a blatant lie which I cannot prove.
I was previously a directly recruited officer of a nationalized bank but left that job as it entailed me out of state posting because in this world I only have my ailing parents and I am their only son.Now they stay alone in utter mental distress and are trudging through the last lapses of their life.I cannot face this ignominity anymore and sometimes feel like committing suicide.in regional rural banks the chairman,gm flout all the rules and feel that they are masters and can do anything.They flouted all the rules when I was made in charge of bank branches while I was on probation and some inadvertent mistake was committed by me for a cheat like my advance manager,they are baying for my blood.I have talked a lawyer but they say that my case is not strong and they would charge sheet me and I may be discharged from my service.
Can some honest and kindhearted person save me from this ignominity
Regards
Shirin Dhonde
03 July 2014 at 14:54
Hello Sir,
My Father and his business partner did a Partnersheep deed for a Firm (with 50-50% share each). They opted a Property mortgage loan of 1 Crore (Partnership loan account 50-50%). Loan was taken against Partnership Firm only.
Now my father is passed away.
Can I pay the bank 50% of loan amount and get no dues from bank so that property which is mortgaged to bank gets released.
Bank is saying that paying 50% of loan amount is of no use.
Please suggest .
Thanks,
Shirin
ARUMUGAM PILLAI
02 July 2014 at 15:44
Sir,
I am in Madurai,TN.I want to start a scarp vehicle business and applied to TIN Number.If We purchase scarp/condemned/accident vehicle with rc book,i have to pay to 5% of the vehicle cost to TN GOVERNMENT as sales tax.
Also that vehicle if scarped, that dismantled parts it be sold individually ,that also we have to pay 5% to 12% depending upon items.
similar that vehicle rc book can sold to party? what is the conditions and rto norms, i want know?
please help...
Garima Rajora
02 July 2014 at 13:06
Does bike / motorcycle manufacturers need to comply with Legal Metrology Act 2009, if yes,then by virtue of which provision?
Thanks
Anjul Kumar Jana
29 June 2014 at 12:02
X bank sanctioned a sum of 700000 as loan in 2006 to A. A has drawn 400000 from that account. A has already paid a certain amount of loan. Later CBS service started by the X bank, where A's account shown fully drawn. Manager of X stated that, it was technical failure. Thereafter bank is not giving any account statement. The loan A/c declared NPA on 30/04/2010 and outstanding amount is 500000 as unpaid loan of A. At present bank served notice u/s 12(2) of SARFEASI Act stating loan amount debt of A is 666700.
What relief A is entitled to?
Whether civil court has any juridiction?
Swastik Upadhyay
28 June 2014 at 17:02
Hello,
I am from Assam. I want to start business of money lending.
Please guide me with the process of registration.
Please also share if you have any other valuable tip to share.
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