girish parmar
20 May 2011 at 12:20
LC was presented by the seller to the advising Bank within the valaidity of LC. However the advising Bank delayed for one month in presentation of documents to the issuing Bank by which time the LC had expired. The advising Bank refused to honour LC citing the presentation as non complying. Payment was finally made by the buyer after removing discrepancy. However the seller has now claimed interest charges for late payment from the Issuing Bank. Place of presentation of documents is not mentioned in LC. My questions are as follows:
1. What is the role of the Advising Bank? Whether it only remains as an advising Bank or assumes its responsibility as nominated or Negotiating Bank? Whether the advising Bank's responsibility is lesser than nominated or Negotiating Bank?
2. Whether issuing Bank has the right to refuse to honour LC since since advbising Bank delayed in presentation of documents to the issuing Bank by which time the LC had expired?
3. Whi should pay the interest for delayed period?
Gaurav Agarwal
16 May 2011 at 14:06
Does a non-deposit accepting NBFC has to maintain a Net Owned Fund of 200 lacs?
Does section 45IA is application to non-deposit accepting NBFC? NBFC is purely in business of extending loans to the customers?
Anonymous
29 April 2011 at 17:15
A Ltd deducted Rs. 3.5 lacs from B Ltd, atranporter on account of goods lost in transit(diff of actual claim and amount recd. from the insurers). The deduction was agreed and accepted by B Ltd in writing.
The business afterward continued betwen the two compnaies. After almost 6 months, A Ltd handedover three consignments of diff. location to B ltd for delivery. B Ltd detained two consignments and sent a letter demanding intt. of Rs. 5 lacs on delayed payments of earlier period and release of Rs. 3.5 lacs deducted on account of insurance, thogh B Ltd has alreday accepted in wrtiting. But now B Ltd says that the letter was given by them under pressure to get the overdue payment released from A Ltd. The material has been detained by B Ltd for more than 4 months.
A Ltd makes up mind to lodge an FIR u/s 407 IPC.
Can anysone suggest the merits and demrits of A Ltd in the present case.
B Ltd on the back of its L.R. printed certainan terms & conditions of their tranport contract, which inet alia includes that they are entitled to lien on the goods to recover the outstanding payments/dues. Does this clause legally entitle B Ltd to detain the goods.
prompt responses are solicited.
Regards
P.c. joshi
ritesh
28 April 2011 at 12:38
Dear All,
Can you pl tell me as to what declaration are required to be displayed on the tags for jewellery.
Anonymous
26 April 2011 at 15:20
In case of resulting company issue shares to the shareholders of demerged company than in that case what formalities to be done for ROC filing i.e. what ROC forms to be filed with ROC MCA for allotment of shares to the shareholders of demerged company.
I will like to give thanks fro giving reply.
CS Harsad Seta
9830726779
Anonymous
26 April 2011 at 14:48
Kindly clarify over the following:
FEMA regulations:
1.Investment in Partnership Firm / Proprietary Concern
A Non-Resident India17(NRI) or a Person of Indian Origin18 (PIO) resident outside India can invest by way of contribution to the capital of a firm or a proprietary concern in India on non-repatriation basis provided;
i. Amount is invested by inward remittance or out of NRE / FCNR(B) / NRO account maintained with Authorised Dealers / Authorised banks.
ii. The firm or proprietary concern is not engaged in any agricultural / plantation or real estate business (i.e. dealing in land and immovable property with a view to earning profit or earning income there from) or print media sector.
iii. Amount invested shall not be eligible for repatriation outside India.
2.Investments with repatriation benefits
NRIs / PIO may seek prior permission of Reserve Bank19 for investment in sole proprietorship concerns / partnership firms with repatriation benefits. The application will be decided in consultation with the Government of India.
3. Investment by non-residents other than NRIs / PIO
A person resident outside India other than NRIs / PIO may make an application and seek prior approval of Reserve Bank20, for making investment by way of contribution to the capital of a firm or a proprietorship concern or any association of persons in India. The application will be decided in consultation with the Government of India.
I) As per the above clause 2, what is the procedure( forms to filed) to get approval from the GOI to avail the repatriation benefits by NRI/POI? Can he repatriate the income earned over the investment without any GOVT approval?
II) As per the above clause 3, what is the procedure( forms to filed) to get approval from the GOI to enalbe a person outside India other than NRI/POI to invest in a partnership concern in India? Can this guy repatriate the invsetment and earnings without Govt's approval? If not, how to get permission for such repatriation?
kindly brief me the procedure to get approval for the above two cases .
regards
Anonymous
23 April 2011 at 10:15
Hi,
Please send me format to send a legal notice for recovery of money paid via cheque.
Thanks
Regards,
Pravin
Anonymous
21 April 2011 at 13:00
i had barrowed 20 lacs from nationalised bank as c.c.limit and also rs. 10 lac as term loan for purchase of vehicles. since one year i paid interest and intalment regularly,now i have lost money in bussiness and my company is pvt ltd, Now bank is going to declare the account as NPA as iam not in a position to pay, i have given my house as collatral and the vehicles are hypochecated.
can u suggest me a advocate in ahmedabad u can defend my case as bank can try to capture my vehicles and also take my house.
Is there any way i can prolong the issue as if i get one year time i will be able to repay the bank but bank manager says he cannot any further,
please advice.
Thank you
with regards
Anonymous
20 April 2011 at 12:10
i have issue 4 post dated cheques total amounting Rs 10 lakh to a company along with Rs 5 lakh as a cash as an security. On returns company provides me stock and gives us fix monthly commision. But from last 1 year company is not cooperating with us and neither provides us stock nor our commision. Now the position of the co. is too bad and we have no faith on them so we wants to stop payment on post date cheques, so what is the legal procedure as still we have 1 year agreement left. After stopping payment can company took any action on us. Plz help urgently.
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Property
A property Situated At Tamilnadu at Chennai (heart of the city) (a housing site) which was mortgaged to Bank and the Bank had taken action due to NPA and had obtained Recovery Certificate from DRT (2008) and had sold property under sarfaesi Act, and rules and while trying to register the property with sub registrar is objecting that the said sale certificate can not be registered as the same is Government Porambokku Land and is showing some list/note issued by Govt of Tamilnadu showing some list of TS No. and Block numbers and hence at this juncture what the future course available to the auction buyer and banks. The mortgage date with bank is 2001 and NPA Date is 2003-04. The land was having sales deeds since 1967 and the last owner had sale deed dated 1988 and no body had PATTA for the land