Narayanarao Murali
13 December 2011 at 16:50
I request the Lawyers Club Members to give their expert opinion on the following. Yesterday by mistake I have not posted my name or identity. It was not intentional. Regards.
In an Arbitration case: details of which are furnished hereunder. Kindly confirm whether my views are correct:
The claimant filed a statement of claim for certain value and for the interest thereon, under “delayed payment receivable” by an SSI Unit. In the statement of claim, they have indicated totally six Invoices raised against six lots of supplies effected on different dates to the respondent company. But out of six (6) invoices, supplies were made against L/C established by the respondent for the partial supplies and three (3) invoices were raised separately. After supplies the claimant negotiated the above said (3) three invoices and received payment through Bank against the L/C terms.
The business relations/transactions between the claimant and the respondent were spread over a period of 4 financial years. The respondent did not pay against certain invoices/supplies as the material supplied by the claimant were defective. Keeping aside the settlement of dispute on defective material value and the resultant loss, the respondent was buying material from the claimant and was releasing payment by means of cheques/DDs/L.C. At times the cheques issued by the respondent were bounced and were made good by issuing fresh cheuqes / DDs in lieu of bounced cheques.
Now when the arbitration proceedings are on, the claimant says that he has adjusted the payments received on first in first out basis viz., against the Invoices which were raised against supplies under L/C terms of payment to those which were payable by the respondent under direct credit basis. Further the claimant in his claim statement showing those invoices which he received payment against L/C as due and claiming interest also.
Also –
An admitted liability is enforceable by law and also obligatory on the part of the debtor to pay the admitted liability to the creditor.
If the creditor admits receipt of payment through an L/C against specific supplies and the relevant invoices how he can again claim payment against those bills in his claim statement filed before an Arbitration Tribunal?
Further to avoid law of limitation for a claim, for a same value of amount against a disputed supply value of earlier bills (for the reasons of defective material), the claimant says he has adjusted the value of L/C value against earlier supply bills as a practice in a running account and now showing the bills paid against an L/C as delayed payment/due.
In my view, as per the accounting practice, unless there is an understanding oral/in writing between the claimant/respondent (creditor & debtor), the claimant can not adjust the amounts received against those bills which he raised against specific L/C with those of other Bills which he raised for supplies under direct credit basis. Please guide me.
Further the claim submitted by the claimant, should not entertained by the Arbitration Tribunal, as the claimant admitted receipt of payment for the bills under an L/C.
Regards.
Anonymous
13 December 2011 at 16:24
Dear friends
pls clarrify me regarding the following
The are two directors in a private limited, out f which one died on 06.08.2010. No other director is appointed till date.
My question is whether another director be appointed on same date, (since no. of directors had fallen below statutory limit).
And what are the forms required to be filed with ROC ???
pls frnds reply asap.
Anonymous
13 December 2011 at 13:37
ESIC Scheme is applicable to the employees but the company does not make contribution for these employees.The company's management claims that employees are insured by some ICICI insurance policy & thus no need to make ESIC contributions.Is the company violating provisions of the Scheme??
Anonymous
13 December 2011 at 13:34
Weather Form 8 in respect of Charge creation is required to be filed for guarantee also or only for security?
regards
riya
Anonymous
13 December 2011 at 12:54
sir,
am the legal manager in a public limited company.one of our sister units went in for amalgamation in 2001.Five tansferee companies got amalgamated with the the tranferee company.tansferor company has a share capital of 1.50 crores and other five companies had a combined share capital of 2.30 crores.total is 3.80.crores.there is an amalgamation order by company court 2001 sanctioning the scheme.Registrar of companies was a party in the company court.Now authorized share capital has been increased to 10 crore.Roc has initiated prosecution for non filing of form 5 for authorized share capital.tha amalgamation order is with them.Board resolution resolution authorising increase has been communicated.from 5 filed by five tranferee companies seperately before merger has been duly filed.can you guide me as to the legal validity of prosecution or is it necessery for us to file seperate form 5 for the transferor company or we will be liable to pay only for 6.20 crore being only the balance of incresed authorised share capital?i want pointed reply..please.
rajasekaran
13 December 2011 at 11:59
For an application/appeal under 19 of MSMED Act read with section 34 of Arbitration and conciliation Act 1996 pre-deposit of 75% of award is mandated. Are the Courts entitled to condone delay beyond three months and 30 days in filling application with 75% pre-deposit? . If so under which provision of law representation delay/ filling delay is condonable?
rajasekaran
Shripad Joshi
13 December 2011 at 00:37
Hello I want to start an online business and for the payment gateway I need a current account under my firms name. I have registered as a sole proprietor but the bank need's some proof from the state government or local government for the business. I don't want to register a shop as I do business from my home and I will be moving out of Kolhapur in 5-6 months. Is there any other way I can register business with the state or local government? Thanks!
PS: I don't want to register a company ( LLP, PVT etc) until my business has flourished.
Sanjiv
13 December 2011 at 00:03
Sir,
I gave Rs25000/- as security deposit SBSIL and was dealer now I have left dealership of company and want security amount with credit balance to be refunded.
SBSIL on basis of Form "C" demand is not refunding the amount but instead sent the legal notice demanding Rs95000/- with penalty for delay in sending Form "c".
I have sent the Form "C" it is with the company but they are not refunding the security amount claiming that the Sales Tax authorities have charged them this amount.
Am I bound to pay this?
They can claim this in appeal to authority as Form "C" is with them but they haven't done it yet but instead when I request them for security refund they force me for paying Rs95000/- and threaten me of legal notice.
Can I take any legal tep against the company?
Swapnil Bhagwat
12 December 2011 at 12:47
Respected sir,
My friend has send me one cheque from Africa as gift or help. This cheque amount is $ 300000USD. Can I face any problem in future. When I deposit cheque. Please give any help about that thing.
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Regarding cheque bounce...
Dear Sir,
I am a freelance trainer. After finishing my training i got 2 cheque. But one cheque has been bounced. Can the firm is delaying it. Now can i register a FIR, or how should i proceed so that i can get my money back. I need good guidance. Please help me.
Thanks in advance.