Pranav
24 September 2014 at 17:27
Respected Sirs,
I'm seeking expert advice and in my search I found this website and panel very satisfactory. My Mother and Father are the only two Directors with shares in the PVT Ltd., of which my Father left for heavenly abode recently. My father had already initiated sale of the company due to debts primarily and other issues before his sudden sad demise. Can my Mother (she has our family members positive consent to go ahead) sign the sale deed and other necessary documents towards the sale?
As the company takeover person (buying party) has to make balance payment with us, we would like to be cautioned before signing any further papers for fear of non payment.
My mother being a housewife and us (sons and daughters) have little knowledge on the said topic and seek your help on the above said.
Pl advise.
varsha bothra
24 September 2014 at 12:46
Two Proprietary Industry having separate entity in MP are established in one Land , adjoining to each other , is now converted into partnership firm and plant and machineries of both the proprietary unit are introduced as capital contribution in the firm. MY QUERIES ARE : 1)Whether commercial tax officer can levy commercial tax on introduced capital contribution in the machineries considering it as transfer/sale if yes or no please give reason for that with supporting case laws? 2) Whether entry tax leviable on introduced capital contribution in the form of plant and machineries though there is no movement of machineries from one place to another , there is no inward of machineries in the local area ?If yes /no then please give reason with case laws
naveenraj jain
24 September 2014 at 12:15
Respected sirs
A property which is already given as security to bank has a Encumbrnce entry of another loan from private lender. When a bank has already given loan how can another lender make a loan entry. The recitals of the private lender deed has mentioned about the bank loan loan as well. My query is this property coming for sale now how can a buyer proceed with.
Sanjay A
23 September 2014 at 23:23
I (sub contractor) am staying in Pune, employer i.e. Main Contractor is Delhi based. As per contract clause all issues arising from Contract to be addressed in Arbitration at Delhi. In my case there is no dispute on outstanding liability amount, however my outstandings remain unrealised for last year. Employer is financial doldrums and is expected to file Insolveny suit. My intention prior to his filing suit is to secure by way of attaching his assest, as currently his liabilities far exceed his existing asset. Arbitration proceed may take too long, can I directly approach Court and seek my relief ?? Kindly guide.
Anonymous
23 September 2014 at 19:57
Please help us
We proposed to start business of Human resources service to recruit employee for foreign country companies.
Please provide what are the registrations required to start legal business in india other than service tax registration
Thank you ...
Neetu Aggarwal
23 September 2014 at 18:04
Can A NBFC Can grant Loan to a Dormant Company.. Kindly advice.
regards
Neetu Aggarwal
Romy
23 September 2014 at 01:02
I want to seek opinion on fate of a partnership agreement made on non judicial stamp paper which we no longer wish to continue Now since it's pre business operational state and no bank account is opened in its name nor it's been registered
What do I need to do to exit it if thaw above state is true
What do I do in case it's been registered if I need to exit it
Chaudhry D
22 September 2014 at 11:42
Sir ,
75% of pre-deposit of awarded amount with interest has been held by Hon.Supreme Court as a must in order to entertain an appeal. The question arises - interest till which date should the party deposit, as parties are resorting to delayed/ abnormal delay in depositing the amount of interest -and that too - calculation is made till the date of filing the appeal - taking as long as 2 years to deposit the 75% amount calculated till date of filing appeal and this is being allowed by Guwahati High Court .
It is my contention that in all fairness - the Appeal should firstly not be admitted at all , and Secondly if at all Court allows deposit at a later stage, interest should be calculated till the date of deposit -(2012) 6 Supreme Court Cases 345 "Goodyear India Limited v/s Norton Intech Rubbers (P) Ltd "
In Goodyear v/s Nortan Rubber (2012) 6 Supreme Court Cases 345 - Hon.Supreme Court allowed the Plaintiff to deposit money in the Supreme Court and there-after remanded the case for hearing to the Madras High Court.
The Madras High Court , as per judgement available in Internet dated 21.3.2013 2013(5) CTC 25 has held that the Appeal is time barred - in view of the non deposit of 75% which is mandatory and has dismissed the Appeal.
My question - has the Judgement of Madras High Court become final or the parties have again challenged the matter before Supreme Court and is pre-judice ??
Can the matter of 75% pre-deposit before an appeal is filed be taken as good law having been settled - without which all appeals filed by agitating party will /should be dismissed?
In my case before Aizawl Bench of Guwahati High Court , the Project Pushpak , has not deposited the 75% amount calculated till ??date of filing of appeal ?? or date of payment and has been taking time whenever the matter comes for hearing and Hon.Court has been allowing it - thereby delaying the finality of judgement. Can anybody suggest further course of action ??
Thank you for prompt reply in advance.
Abhishek Mawle
21 September 2014 at 13:43
I had obtained an education loan from State Bank of India for pursuing Master’s education. I along with my father are Joint Borrowers for the education loan. Among other documents, I and my father also executed an arrangement letter cum Loan sanction letter along with terms and conditions, Dt: 27/12/2006 at point no.6(2a) of the said letter under sub heading SBI Life Yearly Premium which reads “SBI Life Yearly Premium to be debited to Loan Account:Re Obtain SBI SHIELD before disbursement of loan”. This arrangement letter was signed by all the parties to it i.e. Joint Borrowers ( myself and my father) and Astt.General Manager (RACPC), State Bank of India.
I had requested the Central Public information officer to give Copy of the insurance policy “SBI Shield” covering the lives of the “Joint borrower” for Education loan as per the terms and conditions mentioned in the arrangement letter, under the RTI Act 2005, as per my application dated 10-04-2014. Thereafter I received reply from Central Public Information Officer, Ref: Lr. No SARB/SVR/2014-15/24,Dt: 08/05/2014 wherein he has expressed the inability to furnish the Copy of the insurance policy “SBI Shield” covering the lives of the “Joint borrower” for Education loan "as there is no stipulation in the arrangement cum sanction letter for obtaining a life insurance policy of the borrowers as per the terms and conditions mentioned in the arrangement letter”, Which is a lie and completely contradictory.
I was not satisfied with the reply of Central Public Information Officer hence I filed first appeal. I filed an appeal with the appellate authority with an additional document titled "Most Important Terms and Conditions" issued by State Bank Of India Corporate office to all State Bank of India Branches across India point No.4 under sub heading expenses considered for loan which reads “Premium of the insurance policy covering the life of the borrowers of the loan”. I did not receive any reply.
At the time of availing the education loan,the bank has taken a “SBI life insurance policy”(SBI Shield) for Rs25.00 Lac in the name of each borrower i.e myself and my father from its sister concern SBI Life Insurance Co.Ltd and assigned itself as the nominee in the case of death of any borrower. At the time of disbursing of the loan the bank has taken the signature of the borrowers in the life insurance policies and letter of assignments which stands in the favor of the bank as beneficiary. As such the bank has taken the “ SBI Shield ” in the name of the borrowers before the disbursement of the loan.
The bank is silent whether they have encashed the life insurance policy standing in the name of the second borrower i.e my late father.
After adjustment of the loan outstanding amount with the benefit of the insurance policy of Rs 25.0 Lacs.I am entitled to balance amount of insurance policy which is approximately Rs 9.0 Lacs.
Can I file a civil suit against the bank for breach of contract, dishonesty, cheating or any other provisions etc and claim damages, other reliefs. Please suggest.
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Can private ltd company can transfer via shares
Sirs, I have a doubt, can a private limited company can transfer a piece of land via sale of shares or transfer of shares mode to a third party without payment of stamp duty, if no, then under what provision it is not possible as it can result huge revenue loss to the exchequer which it collects in form of stamp duty and registration, kindly note that the private limited company's balance sheet also shows few other movable assets including the land and building.
Please advice.