Anonymous
07 June 2010 at 12:09
Hi - we are planning to get funds from Friends and Colleagues - both in India and abroad to invest in Indian Equities - both private and listed. We are targeting Rs. 25 Cr. to start with, under multiple schemes - differing on investment as well as profit distribution objectives.
We would be seeking legal help to put this structure in place, but would like to develop initial understanding to engage the right professional help.
Our plan was to get these Funds in multiple trusts (one for each scheme) and manage them through an Investment Company (NBFC - with the objective of investment management). However, it looks like we would then fall under Collective Investment Scheme. The compliance and set up charges associated with an CIS would make the whole plan unviable for a 25 Cr. Corpus. Is there a better way to go about it? Should we set up multiple Investment Companies (instead of Trusts that is being managed by a CIMS) and do not fall under the purview of SEBI CIS act?
Anonymous
06 June 2010 at 17:36
Can anyone please share with me a draft format of ESOP scheme for a private limited company into consultancy business. Thanks
Anonymous
05 June 2010 at 17:52
1. The Private Company was incorporated in beginning 2007
2. The Paid up Capital of Rs.1 lac (10000 shares of Rs.10/- each) was divided as follows:
1. Mr.P 99.90%
2. Mr.Q .1%
3. Mr.P, Q, R and S were the directors of the Company. Mr.P had entered into a shareholder agreement (SHA) with R and separate agreement with S to form this new Company, whereby Mr.P was to transfer 10% of shares each to R and S respectively. The same was done in year 2008 at face value. The SHA however, does not form part of the articles and is being informally agreed between the parties.
Revised Shareholding pattern in 2008 (Post above transfer) is as follows:
1. Mr.P 79.90%
2. Mr.Q .1%
3. Mr.R 10%
4. Mr.S 10%
4. Now, there was a deadlock in management as Mr.S could not bring in desired business and there was non-performance. Mr.S has resigned in end 2009 at his will and has also returned the shares at nil consideration and wants to move on. The same has been mutually agreed to between Mr.P, Mr.R and Mr.S.
5. The Book Value of the Company is very high in view of accumulated profits. Mr.R wants to just return the shares without any consideration and move on.
6. The Company has further done private placement in March 2010 for 40,000 shares to a Company which subsequent to this becomes its holding Company (80%). The Total Paid up Capital now is Rs. 5 lac.
Query :
1. Company Law : How can he return the shares to the Company so that it does not hit section 77 (Purchase of own shares by a company) and Section 100 (Reduction of Capital) of the Companies Act, 1956.
2. Tax : Please enlighten on the tax implications u/s 56 or any other section. We do not want any tax implication in the hands of the recipient.
jayesh ahire
05 June 2010 at 14:35
A company has its current Auth Capital of Rs. 10 Cr it intend to increase it to Rs. 50Cr. but does not want to increase it in one go.It proposes the following solution:
to take the shareholders approval in an AGM to authorize the Board to increase the Auth Cap upto Rs 50 Cr., if needed, till the next general meeting and also auth the Board to alter the MOA to give effect to the resolution..... Is the proposed solution legally possible??? Kindly give ur opinion with reasons, proviosions, circulars and case laws..
Anonymous
04 June 2010 at 17:55
sir, I have taken pmry loan from SBI. Now, I am not enable to repay the Loan amount. In the long duration I have paid some interest to the bank. Now, It is not possible for me to pay the interest and also the principal amount.
What i can do ? please help any body who knows the banking rules and practice.
Anonymous
04 June 2010 at 17:03
Dear Sir/Mam
I'm LLM studendent doing specialisation in Business Laws and having interest in Insurance sector, what steps should I take for shaping my carrier in this area. Wheather I need to do any diploma?
Or if I chose to do practise what steps should I take???
Please guide me.
Ashok. B.V.
04 June 2010 at 16:19
Dear Sir/s,
My friend wanted to set up one Diamond Jewellary shop in bangalore. the following are my query
1. what types of approvals/ licenses i have to take from local authority?
kindly guide me
Anonymous
04 June 2010 at 15:21
1. The Company was incorporated in beginning 2007
2. The Paid up Capital of Rs.1 lac (10000 shares of Rs.10/- each) was divided as follows:
1. Mr.P 99.90%
2. Mr.Q .1%
3. Mr.P, Q, R and S were the directors of the Company. Mr.P had entered into a shareholder agreement (SHA) with R and separate agreement with S to form this new Company, whereby Mr.P was to transfer 10% of shares each to R and S respectively. The same was done in year 2008 at face value. The SHA however, does not form part of the articles and is being informally agreed between the parties.
Revised Shareholding pattern in 2008 (Post above transfer) is as follows:
1. Mr.P 79.90%
2. Mr.Q .1%
3. Mr.R 10%
4. Mr.S 10%
4. Now, there was a deadlock in management as Mr.S could not bring in desired business and there was non-performance. Mr.S has resigned in end 2009 at his will and has also returned the shares at nil consideration and wants to move on. The same has been mutually agreed to between Mr.P, Mr.R and Mr.S.
5. The Book Value of the Company is very high in view of accumulated profits. Mr.R wants to just return the shares without any consideration and move on.
6. The Company has further done private placement in March 2010 for 40,000 shares to a Company which subsequent to this becomes its holding Company (80%). The Total Paid up Capital now is Rs. 5 lac.
Query :
1. Company Law : How can he return the shares to the Company so that it does not hit section 77 (Purchase of own shares by a company) and Section 100 (Reduction of Capital) of the Companies Act, 1956.
2. Tax : Please enlighten on the tax implications u/s 56 or any other section. We do not want any tax implication in the hands of the recipient.
ajeet singh
03 June 2010 at 22:16
hi,i worked in an organisation name"microstar"as floor manager from jan 2010 to 26 april 2010.on 26th april 2010, i resigned on certain illegal grounds which was unacceptable to me. actually, microstar is a call centre institute which provides training of call centers.SO i resigned from there.Now i am asking salary ie10,000+2,000 incentive. but the owner of microstar replied me that she could not provide me salary as she is in great loss,due to my resignation.i have sent a notice to her with the help of local lawyer of 7 dys to pay my full salary.now i want to ask whether my case is sttrong or not? what are the acts of laws which can make my case strong.suggest me some ideas for it.
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U/s. 138 of Negotiable Instrument
Dear Sir/s,
I shall be thankful to you to inform me the procedure to file suit u/s. 138 and the period within howmany days I can file a suit in the court of law and amount of the fees to paid.