Rajesh Agarwal
30 July 2013 at 22:52
Dear Sirs!,
I like to share one of the dispute which is still pending in the court for resolution.
The matter is I had 100 shares in my name in my D-mat account of a company, the company brings a buy back offer and a scheme for buy back is being framed and is approved by the Bombay High Court. The scheme is for every share the company will pay me Rs.100.00 in Cash by Cheque and for each share 5 debentures of Rs.10/= each which would be redemmed at the end of 1year of the allotment of the debentures. The buy back offer is being sent to each and every share holder by the company along with a option form to be submitted to the company if any share holder does not want to participate in the buy back offer along with a crossed cheque of Rs.10000.00 as part consideration of the shares buy back money. I have refused the buy back offer of the company and returned the cheque along with the option form to the company's Registrar and Share transfer Agent specifying not to participate in the buy back offer of the company. But after a lapse of 4 to 5 months I found that the shares from my D-mat account were debited and some 500debentures of Rs.10/= each were credited in my account. I contacted with the Registrar and Share Transfer Agent of the Company they never responded to my queries at last I filled a suit against the Company and the Registrar and Share transfer Agent specifying the deficiency of the company and the Registrar and Share transfer Agent's who later said that they have not received the option form sent by me to the Registrar and Share transfer Agent and also said that I have en cashed the cheque being sent by them in an affidavite filled by them in the consumer court moreover they have also said that it is not a consumer dispute. I have every prove that I have not en cashed any such cheques sent by them.
Sir , I have some specific queries regarding the above noted case, hope you would help me in getting the answers of the queries;
1. Registrar and Share transfer Agent is a service provider to the company and it's share holders for which he is being paid by the owner of the company of which the share holder is also one of the owner. It is grossly an defficiency in service of the Registrar and Share transfer Agent so it is a case of Consumer Dispute.
2. Any company coming up with a buy back offer of shares has to pay the buy back price of the shares to its shareholders by cash only as per Company's Act 1956. In this case the company has got a scheme of buy back of shares approved by the Bombay High court by paying the part consideration money of the share buy back in Cash and part by it's own Debentures, over-rulling the one of the specific criteria of Buy Back of Shares to be adopted by the Company in Share buy Back.
3. As per comapany's Act 1956 I have read that Shares are goods.
Dear Sirs in this above case I would request your valued suggestions and answers to my specific queries such as weather the above case is a Consumer Dispute, Is the scheme approved by the Bombay High Court is bad or not and can be Challenged, or any other related your valued suggestions that how a specific criteria.
Awaiting for your valued suggestions.
Thanking you',
with warm regards,
Rajesh Agarwal.
Syam
30 July 2013 at 17:54
Hi all,
I worked as Web developer for a Web Solutions & Marketing company in the past for 1 year and quit the job to start my own business i.e., a small affiliate marketing website. My past company also running a few affiliate marketing websites. So is there any chance for my past employer to file a case against me on starting a compete website/Business.
There is no non-compete agreement between us and they did not mention any such things in the offer letter too.
But i bought and register the domain through my brother and his name while i am working for that company and implemented the website after i left the company.
Is there any problem for me ?
Please clarify and advise me.
Regards,
Syam
mahesh
30 July 2013 at 16:15
Hello Sir/Madam,
I am working as a Permanent employee in Pvt Ltd IT firm. I have been working here since October 2012. I have put down my paper on 10th Jul 2013 as I got job in another firm. Notice period in my organization is 3 months. But considering my experience level no organization will wait for 3 months. Considering this I lied to new firm that notice period is 2 months. This firm is ready to wait for 2 months but my problem is my current firm is not willing to relieve me. Following are the clauses mentioned in my Offer letter regarding termination of service.
2.Termination of employment:
2.1. Either party may terminate the services with 90 days notice without assigning reasons.Notice period is meant to ensure completion of jobs already taken, transfer ongoing jobs, smooth transition and provide for time to get suitable replacement. Failing to fulfill this commitment and purely at the discretion of the employer, the employee will be required to pay to the employer, a sum not exceeding 3 month gross salary(excluding performance bonus) as was being received by the employee at the time of said notice, as compensation. In the same manner, if the employer w ants to dispense with the services of the employee, both notice period and compensation clauses apply to employer.
2.2.After notice has been given to terminate your employment either by you or by the company, the company reserves the rights to either terminate you with immediate effect or to ask you to serve the complete notice period.
2.3.Company reserves the right to terminate the services with 30 days notice on the basis of poor performance.
-------------------------------------------
I have completed all my work assigned to me but now they are re-assigning me to another project which is completely new for me.When I asked senior management about relieving me they gave me reasons as theses activities were preplanned for you etc etc.
According to offer letter I will have to serve the notice period if company does not accept my buyout option. I find this clause very unfair. Is there any legal way (any clause in employment law) using which I can serve only two month of notice period and also get my experience letter?
Regards,
Mahesh
phani
30 July 2013 at 15:29
Dear sir/ madam i have doubt regarding roc files , whether the manager/director able to file directly returns without company secretary intervention if the company having paid up capital bellow 10,00,000/- if so please be say clear .
thanking you
navin
30 July 2013 at 12:49
CAN a credit co-op society foreclose a property ?does sarfesai act b applied here for foreclosure?
Din Dayal
29 July 2013 at 12:17
As per clause 49(II)(D12A) of listing agreement with stock exchanges , appointment of CFO of a company is required to be approved by Audit Commitee before finalisation of the appointment by the management of the company . Does this apply to a govt. public sector company also , where CFO is normally Director Finance and is appointed by the govt. /ministry , in line with articles of association of the company ?Please advise .Regards
Milon Chatterjee
29 July 2013 at 11:32
Hi
I wish to do some marketing and professional consultancy assignments in my wife s name along with my current engagement in my spare time. Trading may be involved at a later stage not right away. Need both in case trading is involved and in case its not. Please guide me as to what kind of a company I need to form / operate under and what is the procedure , I am based out of Mumbai.
Regards
Milon
A L SHIVA KUMAR
28 July 2013 at 15:43
We are running a partnership firm in Bangalore. Now we would like to purchase a limited company to foray in new area and continue the business along with our core business. We are planning to enter into company purchase agreement with the board of directors of the limited company and then get into the board by purchasing the shares and filing the same in ROC for legal sanctity. Finally obtain the resignations of the board of directors and file the same in ROC. My question is does the process afore mentioned has legal sanctity? If you experts have suggestions on modus operandi please suggest me.
Thanking you sirs,
With regards
A.L.SHIVA KUMAR
Nitish Joshi
28 July 2013 at 13:31
Dear Friends,
We are small scale industries registered with NSIC.
We had supplied material to a Pvt Ltd company. Payment terms were 30 days from the date of receipt of goods.
But now that company is not making payment. We have made several reminders but they are not responding.
Its been more than 90 days payment become overdue.
Please suggest the remedies available with us to recover the payment under MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT,2006.
Also please suggest the time that will be taken by court to determine the matter.
Waiting for your kind response.
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Dilution of share holding in a pvt. ltd. co
Dear Sir,
Me and my spouse hold 100% in a Pvt. Ltd. Co. We are in discussion with a foreign Company for investment. They are willing to invest but they want 80% shareholding. Please confirm if we hold only 20% do we have any say in the running of the company thereafter. Also they are going to continue utilizing the banking facility with our collateral's. Please advice our status after this dilution.