Anonymous
18 October 2010 at 15:33
sir may i know what all do we need to study for an interview in a law firm?..i am confused...
Gaurav Agarwal
17 October 2010 at 13:32
What is the difference between Arbitration and Conciliation? Is arbitration award full and final? Can a party move to court after arbitration award had be awarded?
Anonymous
17 October 2010 at 10:11
I request Experts, expertise in Export matters answer to the following:
1) What are the necessary rules and regulations of Government of India ?
2) What is Export Code and from where it can be obtained.
3) In case of any dispute between the Exporter and Importer where jurisdiction lies?
4) Between the Exporter and Importer an Agency on commission basis working in Mumbai and any dispute arises whether the Commission Agent can file Complaint in Mumbai?
ajay verma
16 October 2010 at 17:00
what is the legal formalty making new money lender licence
Anonymous
16 October 2010 at 13:48
in a joint venture company,where one party is foreign. can the parties have different pricing, i.e. one at par and one at par+premium, under Indian law. to be noted it is a private company
Harshpal
16 October 2010 at 10:12
I am Director of a company based in Dehradun. We were enjoying credit facilities from the bank since 2003 and were having A+ credit rating all through. Because of overall recession in 2008 our business suffered a setback & subsequent cash flow problems our business operations came to standstill. We requested our bank for additional funds but the sanctioning authority declined our request because of her negative attitude. Somehow we managed funds from our own sources & restarted the business but in the process we could not meet our repayment obligation in time. The bank instead of cooperating with us initiated recovery proceedings against us under SARFAESI.
On June 3 the bank took possession of our movable as well as immovable assets in our absence. The possession notice was affixed on the building & a copy was given to one of our ex employees. Who was a junior level employee & did not have any authorization even when he was working with us. He informed me on telephone about all this. I protested with the Bank Officers on phone. They said they are doing everything as per law & I can go to court.
The bank did not follow any procedure as laid down in Rule 4 of the rules made as under the Act. After 7 days the bank gave a press notice in which the language & content of the possession notice was totally changed. There was no mention of movable assets in the press notice only immovable assets were mentioned & a word was mentioned the possession is symbolic. On seeing this notice we contacted the bank & enquired; what is the actual position especially about movable assets as both the notices have a contradiction. The bank was evasive in its replies. About movables we were informed that it is also in bank possession. We protested that the bank has not followed the procedure while taking possession of movables as prescribed under SARFAESI. We did not get any response from the Authorized Officer. Than we wrote to the CMD of the bank we did not get any response.
We filed a criminal complaint against the authorized officer of the bank for contravention of the Act under section 29 of the Act in CJM’s court. Our complaint was dismissed.
We requested the Authorized officer to take steps for the preservation of our stock. They have not taken any steps. The stock or major part of it must have perished. Now to absolve them of their responsibility they have replied that they took only symbolic possession of the stock. We have responded to them by saying that there is no provision for symbolic possession of movables. They have not responded to our letter.
Pleae advise what to do
Anonymous
14 October 2010 at 13:12
Can any one provide me Adidas & Rebook merger details
Manish Raj Verma
12 October 2010 at 22:12
hello sirs'/madam,
a client of mine has asked me that, he wants to the business of vehicle finance on hire purchase. and how he can take the license of hire purchase,
so, i would like to know, how to get such license, who is the comptent authority to issue such license. etc. etc.
kindly let me know.
Thanks,
Manish Raj Verma,
Advocate
9359427713
P.C. Joshi
12 October 2010 at 19:14
Can anyone explian the meaning of 'coined word' in connection with name of a company to be incorporated. Is there nay restriction to use Coined words in the nameof a company.
regards
P.C. joshi
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Complicated business 30 year old partnership some questions
This may appear complicated but I will try my best to explain it in details. It should be easy for all the knowledgeable lawyers and legal experts on this site to respond.
In 1971 a partnership was formed between the following with 20% each and capital or Rs. 10,000 each in Pune:
1) Mr.A(HUF),
2) Mr.B(HUF) also son of Mr.A,
3) Mrs.C Individual and also wife of Mr.A,
4) Mr.D Individual and son of Mr.A and
5) Mrs.E Individual and wife of Mr.D.
The partnership firm continued doing business for years and have acquired plant, machinery, property and other assets both movable and immovable currently valued at about 3 crores. When Mr. A passed away in 2007, Mr.B being the eldest became the Karta of Mr.A(HUF).
Now it gets complicated-
Both Mr. B and Mr. D, sons of Mr. A have a daughter and a son each i.e. four grandkids of Mr. A and each of these grandchild has a daughter each, thus four great granddaughters of Mr. A all born before Mr.A's death but all great grand daughters are under 18 year of age.
The business cannot be divided in metes and bounds and it is impossible to sell part of the property.
Some Questions
Out of the four grand children of Mr.A, only one grandson who is son of Mr.B is interested in continuing to be actively involved of the business and the other three grandchildren would like to get their share from their Grandfather Mr. A's HUF share. Knowing the above situation, My understanding is Mr. A seems to have the following legal heirs, wife Mrs.C, sons Mr.B and Mr.D, two grandsons, two grand daughter and four great granddaughter. Total 11 members as legal heirs.
Question 1: Does the great granddaughters who are daughter of grand daughter also have equal share in Mr.A's HUF share?
Question 2: Can one Grandson of Mr.A, who is also son of Mr.B and is interested in continuing to participate in business ask for partition of Mr.A's HUF without effecting Mr.B's HUF share in the partnership? Or will Mr.B also be forced to dissolve his HUF?
Question 3: If answer to Question 1 is Yes, then every surviving legal heir will get 1/11 of HUF's 20% share. Is that correct?
Question 4: If the three grand children of Mr. A who don't want to participate in the activity of this business want to sell their share of 1/11 to Mr. B's son what is the best way for this transaction?
Question 5: What additional expense will have to be paid in terms of stamp duty, capital gain tax etc for any change in the partnership or by each grandchild who wants to sell his/her share?
Question 6: What are the steps the grandson who wants to continue participating in the business needs to take to make sure no future legal problems arise?
Question 7: Can anyone oppose dissolution of Mr.A's HUF and the share distributed to legal heirs?