Sagnik
23 May 2013 at 12:07
Dear all,
Our company had in the year 1994 availed a loan facility from Allahabad Bank. Certain the then Directors of our company & some of their relatives had become personal guarantors of the said loan. Thereafter, the said loan kept on renewing with new loan amounts etc. However, from the year 2001 the names of the said directors stopped featuring as guarantors of the renewed loan agreements. Around the year 2010 our account was declared as NPA by the said Allahabad Bank & thereafter assigned to an ARC, who thereafter approached the DRT to bring upon a prosecution on the company along with the said directors.
All the said directors are as of now not connected to our company in any manner & are of a progressive age. However, none of them have received a letter of release from the Bank & neither has even approached the Bank to release them from the said guarantee agreement.
In this context, can you kindly guide me as to how to dispute the ARC's effort to rope in the said guarantors who are not connected to the company anymore but who had in the year 1994 given their continuing guarantee ? The said guarantee agreement contains several provisions which are purely illegal in its nature. However, the guarantee is still a continuing guarantee.
Kindly guide me as how an issue of such a continuing guarantee is generally handled by the defendants.
Regards,
Sagnik Sanyal
DIPAK RATNANI
22 May 2013 at 22:46
What is difference between Section 25 of company law and section 21 of company law.If any company is register under section 21 it means it is profit organization?please give the detail about section 21 of company law?
Advocate.Amol Choubal
22 May 2013 at 21:15
Dear Experts,
My client want to incorporate LLP for this LLP agreement the contribution of both the partner contributed in form of capital is Rs.1,00,000/-.
According to Bombay stamp Act, the stamp duty on LLP has not been mentioned.
While incorporating LLP shall i take stand that the stamp duty for LLP agreement is Rs.500 for contribution of every Rs. 50,000 as applicable for incorporating normal Partnership deed under Indian Partnrship Act,1932. (Stamp duty mentioned in Bombay stamp Act,1958) or
shall i end up paying nominal stamp duty of Rs.100 on LLP agreement .
Kindly revert at the earliest.
Regards
Amol Choubal
4WhatIsRight
22 May 2013 at 02:34
I am one of the six directors of a private limited company.
I have been removed from the board by a resignation memo unknowingly signed by me.
I hold 25% of the subscribed equity.
I do not want to resign.
The company owns reasonable fixed assests.
What shall I do?
Pushpa Singh
21 May 2013 at 15:01
Hi, Please help me how to notorise unregistered partnership deed. My Business will start by capital invested as 1,00,000/- please let me know how much stamp paper do I need and how to do it? urgent plz
rs
21 May 2013 at 03:52
I called a lawyer remotely and discussed regarding a case. To assist him and get a better understanding of what the initial analysis, I supported the laywer through the some documents of the already pending case and emailed him the same. I clearly mentione din the email if he needed more documents please ask for it and do not withdraw papers (I knew he would spend more time, effrot, and cost to retrieve papers and then ask for the same later).
However, i feel the lawyer unlawfully withdrew more court papers, which I alreayd had, plus went into details more than what I was looking for. We did not contact again as his fees of 3 lakh rupees was a lot.
All along, I asked him the initialconsultancy fees and he said that i shall not worry about it. Now after a month, out of the blue he sent me an email saying I owe him some 30000 rupees and if i do not pay he will issue legal notice.
I have NOT signed any vakalatnama, i have not signed anything, I have not even through email agreed to his fees of 30000, but merely by talking to him twice, he is threatning me a legal notice. I am not refusing to pay him but what i am surprised is that how can he withdraw more papers from court when he is not my appointed lawyer, i was only calling him to give me a headstart. He could have asked for permission to withdraw and at that time i would ask him his fees and matter would be resolved right then but by doing work under the table, he probably feels cheated , which is not right because i never asked him to do this, its not legitimate without my consent even after refinforcing in email to not remove any papers but to ask me.
So My question is that if i have on email clearly stated do not withdraw docuemtns, and have not signed to make him my lawful advocate, is he allowed to withdraw all court papers on my behalf (actually that too it is for my dad), and then forcefully show bills for withdrawing papers (he said on the bill in hindi that this bill is for wthdrawing documents) and charge me money? Is this right? Can he sue me for not paying him? What should i tell him? :(
Should i tell him that if you sue me for not paying, which also is not right because there is no agreement then i will sue you for the illegal withdrawal of documents?
Perala Raghavendra Chakrapani
20 May 2013 at 14:53
Please help me understand the summary of the case @ http://www.indiankanoon.org/doc/53058912/
Please let me know what is the judgement and what it says
Alohith Baba
20 May 2013 at 11:34
Greetings
As this query is more general, hope most of them would give thier valued suggestions.
When we are giving money to others for interest,what are the important steps to take like
1.Promisory note-does this really helps in law suit.
2.cheque with no date-what if they stopped the payment for that cheque without. Knowing us long before
3.Agreement-if it is notary is must or not?
4.keeping any land or house documents helps us really
5.Finally the transaction should made in white(cheque or NEFT),What if it makes in black(cash in hand).
samir kumar
20 May 2013 at 09:08
i am one of the director of my company. we have given security cheque to my vendor. due to some reason, his some amount is dues. he filled the balance amount in this cheque. cheque has been bounced, he sended me a notice from his lawyer. in my company there is two director. in my company, last two month we stopped the work due to disputed between we both director. i have pass the massage to other director, but he is not giving me any response. what will i do, i am ready to pay the same amount but the vendor demand extra amount. what will i do for this.
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Company law - regarding moa
I have recently read that one of a cricketer owned a company and the Memorandum of association of the company states that the company will do and run business of betting houses.
My query if betting is banned in India then how could the registrar of companies allowed the MoA and registered the company.
Is this a fault of Registrar of the companies?
Can betting house mentioned in the MoA and is it legal?
Thank you for your help,
Regards,
Amit