sam
08 January 2015 at 00:51
if a partnerhip firm(two partners) XYZ has taken a limit of 30 lakh from nationalized bank pnb, n wife one partner has given her property as a gurantee, n partner got deceased. now the firm defaulted on the loan of 30 lacs. what is the liability of the wife of the deceased given her land as gaurantee and the live partner in the firm.
how the wife of the deceased can save her property if this is the only property she has. ?
1.partners are two different person, wife is gurantor of one partner.
2. they have withdrwan whole limit i.e. 30 l
3. what if the value of plot given as a gurantee is not of worth 30 l ?
4. what is OD account ?
5. loss and the non presence of stock can be reson for default.
6. is the other partner is liable at any stage or not ?
7. there is a provision that government cannt sale single property of widow can be used and if used then who will be liable to pay the loan ?
Desai Desai
07 January 2015 at 17:05
Dear Experts,
I want to ask you critical question that
If a group i,e. TATA Birla group, eros group,The wadhva group,Eldeco Group etc.
want to register itself as a group then what is the procedure of its registration?
Is there any need to register itself as unique registration for all companies(w/o Regd. under Companies Act)
If it is possible then can you refer me any case and selection of Companies Act.
Please Reply
uchit kumar
06 January 2015 at 22:59
can a lawyer do online business ?
what can be done online by a lawyer?
can lawyer partnership with other non-layers ?
Member (Account Deleted)
05 January 2015 at 12:58
Can anyone please tell the procedure/formalities involved in transfer of an undertaking (basically road project) by a company to its wholly owned subsidiary
Nayan Kumar
03 January 2015 at 20:47
Hello,
We are a web design company and were doing one project for which we have recd 50% advance amounting to Rs.80,000. Somehow project got stretched and client is now asking for refund of whole money or he is saying he will take legal action. however on their request we did give the entire source code of work done by us as they wanted to move with new vendor but now they are saying that they are not going to use our code.
We did sign contract with them and below are some of the important points
If this Agreement is terminated by Customer because of Web Designer's default of his obligations hereunder, Customer may, after thirty (30) days written notice to Web Designer and a reasonable opportunity to cure:
(a) require Web Designer to immediately deliver to Customer all Work Product developed by Web Designer under this Agreement and pay Web Designer all amounts owed for the work performed under this Agreement and accepted by Customer, whereupon Customer shall have complete right, title and interest in such work and all rights, permissions and licenses granted to Customer by Web Designer under this Agreement shall continue, in perpetuity as royalty‑free and fully paid rights; or
(b) Pursue all legal and equitable remedies against Web Designer.
Only issue could be point (b).
However they did tell us over a phone if we can do it in one month or not but did not send in writing for 30 days period to cure it. I did tell him that we can do the development part but design if you stretch it like this I cant guarantee.
So here are our plus points in nut shell
1.We have delivered around 50% work as per our estimates (Backend was almost done)
2.We have handed over the source code to them as per their request
3.Now he is saying they are not going to use this code but you cant come to know about it unless their new vendor completes the site and they share actual backend with us which is less likely. they might just change front end design, still most of the hard work is already done by us for the front end as well.
4.it can be proved as our fault if even new vendor can complete it in 40 days as client keeps changing design requirement.
5.We gave them option to mutually settle this by giving SEO services of worth Rs.90,000 in return which they denied saying they have hired another agency for that.
6.as per the contract -
All The advance amount is non-refundable
7. we can also debate that design is very subjective and if someone keeps changing design every now and again it is not going to get completed in time. At the same time we can also say that if design was not as per what they want we can not ask our designers to refund us their salaries.
Points which can go against us
Page 7 - Duration: 8 Weeks (5 Working days per week)
This dragged in for around 7 months partly because of our fault partly because of their fault.
We are ready to fight this out legally if it goes to consumer court and we have strong evidences to prove this in our favor but if they file criminal case then I can be in trouble and thats what I am affraid about.
What should be done in such a scenario, I am not willing to refund Rs.80,000 for sure as we have invested lot of time and efforts in this.
What are other options?
What are the chances of they filling criminal or civil case?
Sorry for the long post.
Thanks in advance.
SREESH
02 January 2015 at 14:53
My Boss is a businessman in kolkata he supplied goods worth Rs 16 Lacs to a client in Satara a district near Pune. The client issuied post Dated Cheque worth Rs 8 Lacs. Cheques got bounced. We have filed Sec 138 case in Satara. The client sent a notice to us that we have used blank cheque and material was not delivered to him. Since we have sent the goods by Door delivery system we have all the necesary documents.I need to file a recovery suit against the client for whole amount i just want to enquire the jurisdiction where i should file the case and please also advice me for any alternative legal advice.
Daniel.d.s
02 January 2015 at 08:05
I was cheated by a business consultant who offered me some IT projects.we have not signed any papers towards the service he has rendered to my company.I have incurred a loss of 10 lakhs in the past six months.can i claim the losses from the consultant thru court.
SANDEEP KUMAR
01 January 2015 at 14:40
An arbitration case is going on before the Arbitrator. The Claimants filed an application under section 9 of the Arbitration and Conciliation Act before the High Court, which has ordered that such application be filed before the Arbitrator, who will treat the same as application under section 17. The work of Arbitrator has increased considerably.
Can Arbitrator enhance his already fixed Fee?
If so, under which Section/Rule.
Krishna
31 December 2014 at 14:16
Hello Experts
My friend was running an business for over 2 years. I wanted to join him as a Partner. So, as a first step, we signed an Basic Understanding Agreement (BuA) on Feb 2013 on Rs.100/- stamp paper. I even notorious it but did not Register the document.
I invested Rs.2 lacks. We even decided that, this BuA will become the basis for MoU to be signed in future date. Per this agreement, both the parties had an OPTION to back-off from this arrangement on or before 15th June 2013 with out any question. And also, this agreement has a clause where it says that I have made this decision to join the business on my own risk.
The idea was, I shall quit my Part-Time employment, join his business and then I was given SPECIFIC responsibility to generate revenue to business.
However, from Feb 2013 I did not participate in business, I did not perform any of the specific responsibilities given to me and I did not contribute to business or to the revenue etc.
After 3 months of signing the BuA i.e. May 2013, I decided to take up an an Overseas Employment. Informed my friend just 2/3 days before my departure. He was very upset, but I continued with my employment.
One Year later i.e. February 2014, I came back to India on vacation and met my friend w.r.t Business. He informed me all that has happened between May 2013 and February 2014 (in writing) how he underwent huge business losses.
My friend also informed me that, there was a need to infuse additional Rs. 15 lacks in to business to ensure continuity and I should actively participate at least from now onwards. He proposed that I pay off 50% of Rs. 15 lacks. I refused to pay additional funds into business and I refused to quit my Overseas Employment even as my friend told me that, if we do not infuse the required funds Rs.15 Lacks, then the business has to be closed down.
I did not provide additional funds. I again went back on my Overseas Employment. Some time in March/April 2014, he informed me that due to heavy losses accumulated in Y 2013 and also, due to shortage of funds, he closed down the business.
I came back to India in December 2014. I know he has closed down business in April 2014. Now I asked my friend to RETURN my investment. He is telling me that there are accumulated LOSSES and I need to share 50% losses. He is further refusing to give back my investment.
My friend is telling me that I have failed and defaulted to fulfill the role, responsibility, investment and also, failed to addressing business exigencies and also, If I wanted my investment money back, I should have told him the same on or before 15th June 2013 in writing.
My friend says, he can neither pay 18% interest as this was not the understanding per BuA and can’t refund the money back as business underwent loss and is closed now.
WHAT ARE THE KIND OF LEGAL OPTIONS I HAVE.
CAN I RECOVER THIS MONEY FROM HIM.
Please ADVISE.
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Legal formalties to start paying guest by taking property for r ,service apartment as hotel business
we would like to take property for rent to run Business.
I would like to know the legal formalities to follow to start a paying guest or service apartment and hotel as lodge. can you give brief idea about the legal formalities, charges, and the concern person or agency to do the work in right way. is there the same rule for all city and what about Bangalore?