shruti
01 August 2013 at 13:09
hi, friends,please suggest me the suitable answer for this query-
A pvt ltd company want to start a club,
if the membership of a club is refundable then , whether the club will come under the "chit fund company" or "nbfc company"?
balwinder
01 August 2013 at 11:37
sir i have a built up commercial property which i intend to lease out to a salon company on lease.however company wants me to sign a tripartite agreement between lessor i.e me, lessee i.e the company and the nominee i.e the franchisee.as per them company and the nominee are lessees collectively.as per the agreement nominee will pay the rent and the nominee if changed then the new nominee will pay the rent.however they mention that ultimate responsibility to pay the the rent shall be of the company only.please advise legally whether tripartite agreements safeguard the interest of the lessor in case of dispute between the company and its nominee ie the franchisee.and if it is not advisable to lease out property on tripartite agreement then why. regards balwinder singh
amol
01 August 2013 at 10:21
there is a Co winding up petition admitted in High Court
in which petitioner's claim is secured but other applicants filed application
one of the applicant got the order from the consumer court for the identical grievance inspite he has used company petition as a tool to recover the amount
the other second applicant merely on the basis of allotment letter of a flat issued by the Respondent Co who is a builder and developer approached to the Company Court without any judgement or order of any court
whether the claim of these two applicant can survive ?
please guide i think this a pressure tactic adopted by them against the respondent please guide with judgements
thanks
Suresh Menon
31 July 2013 at 12:13
Dear Sir,
Me and my spouse hold 100% in a Pvt. Ltd. Co. We are in discussion with a foreign Company for investment. They are willing to invest but they want 80% shareholding. Please confirm if we hold only 20% do we have any say in the running of the company thereafter. Also they are going to continue utilizing the banking facility with our collateral's. Please advice our status after this dilution.
Rajesh Agarwal
30 July 2013 at 22:52
Dear Sirs!,
I like to share one of the dispute which is still pending in the court for resolution.
The matter is I had 100 shares in my name in my D-mat account of a company, the company brings a buy back offer and a scheme for buy back is being framed and is approved by the Bombay High Court. The scheme is for every share the company will pay me Rs.100.00 in Cash by Cheque and for each share 5 debentures of Rs.10/= each which would be redemmed at the end of 1year of the allotment of the debentures. The buy back offer is being sent to each and every share holder by the company along with a option form to be submitted to the company if any share holder does not want to participate in the buy back offer along with a crossed cheque of Rs.10000.00 as part consideration of the shares buy back money. I have refused the buy back offer of the company and returned the cheque along with the option form to the company's Registrar and Share transfer Agent specifying not to participate in the buy back offer of the company. But after a lapse of 4 to 5 months I found that the shares from my D-mat account were debited and some 500debentures of Rs.10/= each were credited in my account. I contacted with the Registrar and Share Transfer Agent of the Company they never responded to my queries at last I filled a suit against the Company and the Registrar and Share transfer Agent specifying the deficiency of the company and the Registrar and Share transfer Agent's who later said that they have not received the option form sent by me to the Registrar and Share transfer Agent and also said that I have en cashed the cheque being sent by them in an affidavite filled by them in the consumer court moreover they have also said that it is not a consumer dispute. I have every prove that I have not en cashed any such cheques sent by them.
Sir , I have some specific queries regarding the above noted case, hope you would help me in getting the answers of the queries;
1. Registrar and Share transfer Agent is a service provider to the company and it's share holders for which he is being paid by the owner of the company of which the share holder is also one of the owner. It is grossly an defficiency in service of the Registrar and Share transfer Agent so it is a case of Consumer Dispute.
2. Any company coming up with a buy back offer of shares has to pay the buy back price of the shares to its shareholders by cash only as per Company's Act 1956. In this case the company has got a scheme of buy back of shares approved by the Bombay High court by paying the part consideration money of the share buy back in Cash and part by it's own Debentures, over-rulling the one of the specific criteria of Buy Back of Shares to be adopted by the Company in Share buy Back.
3. As per comapany's Act 1956 I have read that Shares are goods.
Dear Sirs in this above case I would request your valued suggestions and answers to my specific queries such as weather the above case is a Consumer Dispute, Is the scheme approved by the Bombay High Court is bad or not and can be Challenged, or any other related your valued suggestions that how a specific criteria.
Awaiting for your valued suggestions.
Thanking you',
with warm regards,
Rajesh Agarwal.
Syam
30 July 2013 at 17:54
Hi all,
I worked as Web developer for a Web Solutions & Marketing company in the past for 1 year and quit the job to start my own business i.e., a small affiliate marketing website. My past company also running a few affiliate marketing websites. So is there any chance for my past employer to file a case against me on starting a compete website/Business.
There is no non-compete agreement between us and they did not mention any such things in the offer letter too.
But i bought and register the domain through my brother and his name while i am working for that company and implemented the website after i left the company.
Is there any problem for me ?
Please clarify and advise me.
Regards,
Syam
mahesh
30 July 2013 at 16:15
Hello Sir/Madam,
I am working as a Permanent employee in Pvt Ltd IT firm. I have been working here since October 2012. I have put down my paper on 10th Jul 2013 as I got job in another firm. Notice period in my organization is 3 months. But considering my experience level no organization will wait for 3 months. Considering this I lied to new firm that notice period is 2 months. This firm is ready to wait for 2 months but my problem is my current firm is not willing to relieve me. Following are the clauses mentioned in my Offer letter regarding termination of service.
2.Termination of employment:
2.1. Either party may terminate the services with 90 days notice without assigning reasons.Notice period is meant to ensure completion of jobs already taken, transfer ongoing jobs, smooth transition and provide for time to get suitable replacement. Failing to fulfill this commitment and purely at the discretion of the employer, the employee will be required to pay to the employer, a sum not exceeding 3 month gross salary(excluding performance bonus) as was being received by the employee at the time of said notice, as compensation. In the same manner, if the employer w ants to dispense with the services of the employee, both notice period and compensation clauses apply to employer.
2.2.After notice has been given to terminate your employment either by you or by the company, the company reserves the rights to either terminate you with immediate effect or to ask you to serve the complete notice period.
2.3.Company reserves the right to terminate the services with 30 days notice on the basis of poor performance.
-------------------------------------------
I have completed all my work assigned to me but now they are re-assigning me to another project which is completely new for me.When I asked senior management about relieving me they gave me reasons as theses activities were preplanned for you etc etc.
According to offer letter I will have to serve the notice period if company does not accept my buyout option. I find this clause very unfair. Is there any legal way (any clause in employment law) using which I can serve only two month of notice period and also get my experience letter?
Regards,
Mahesh
phani
30 July 2013 at 15:29
Dear sir/ madam i have doubt regarding roc files , whether the manager/director able to file directly returns without company secretary intervention if the company having paid up capital bellow 10,00,000/- if so please be say clear .
thanking you
navin
30 July 2013 at 12:49
CAN a credit co-op society foreclose a property ?does sarfesai act b applied here for foreclosure?
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Franchise agreement
Ganga an Indian Company engaged in Hotel Industry desires to enter into a Franchise Agreement with a Foreign Company named XYZ Ltd. to sell their products in India under their (Franchiser’s) trade-name. As per the terms of the draft Agreement, the Franchisor shall be entitled to royally payment @ 3% of gross-sales and they are entitled to Gross-Payment without any deduction of Tax. It provides that if any tax is payable, it should be borne by the Franchisee. Subject to no restriction under Indian Laws, the Franchisee is agreeable with the above term. However, under the IT Act, while releasing payment to the Franchisor, it is the responsibility of the Franchisee to make TDS and deposit the same with the Taxation Authorities.
In view of the above, will the payment clause of the said Agreement be valid?
Will any approval of the RBI will be necessary to enter into the said Franchise Agreement?