Anonymous
18 November 2010 at 21:50
I am looking for a legal advisor for our UK based consulting business. We represent UK / EU based companies that are interested in setting up their operations in India. These operations could include (1) just appointing a representative (2) setting up a full fledged official presence (3) looking to find a outsourcing partner either for manufacturing or service outsourcing. I need somebody (or a legal firm) helping us through the process and help us draw up the necessary paperwork and applications. I can send in additional details or can call you up if you are interested.
Regards
Narayanan S Kaveripatnam
J. P. Shah
18 November 2010 at 17:59
I would like to know what business or profession an advocate with sanad cannot engage in. Can he be authorised auditor under coop society act or public trust act or income tax consultant etc and also continue to hold sanad.
Rajeev Reddy
18 November 2010 at 00:19
Hi,
In the year 2009-2010 we developed software for a customer in Dubai for 5 months.
We got this project from outsourcing firm in Mumbai.
We were suppose to get 75000/- per month.
We worked for 5 months and got paid for 2 months only.
Our original customer from Dubai has paid Mumbai outsourcing firm for our 5 months of work.
I have not signed contract at the beginning as that Mumbai firm is owned by one of my old colleague.
I have taken backup of all the e-mails communication as a proof of delivery.
Kindly guide me how can i get money from them as they have stopped responding to my mails now.
Regards,
Rajeev
Anonymous
17 November 2010 at 14:57
Dear Sir,
i m interested to start money lending business, i want to know in mumbai wether it is necessary to obtain lic. and where to apply? what should be min. amount to start with?
Anonymous
16 November 2010 at 11:51
We are an SSI EOU. In april'07 the bank classified our accounts as NPA inspite of no overdues position and also never gave any letter as to when and why our accounts were NPA. In July'07 they served 13(2) sarfaesi notice. Sept'07 they served 13(4).On alleged NPA date the total exposure of the bank was about 80 Lakhs.
The main issue was a default of payment of Rs.17 Lakhs by our overseas clint in Dec'06. We had ECGC cover on the buyer under our buyerwise policy and in addition bank had taken ECGC cover on entire Pre and post shipment credit facilities. We had filed clim with ECGC in Dec'06 through the bank and also applied for due date extention as permitted by RBI. In april'07 the defaulting bills were not overdue and ECGC claim was in process at ECGC.
April to Sept'07 we all the time pleaded the bank to wait till ECGC claim is settled
or lternately recover 15% from all our sale proceeds till ECGC claim is settled and allow normal account operations. The bank refused any account operations and flow of working capital was blocked.
In Oct'07 we gave them personal equity shares valued at 10 lakhs with instructions to sell and adjust towards overdues and in Nov'07 we deposited another rs 10 kahs cheque andf again requested normal account operations and withdrawal of action under sarfaesi act.
In Nov'07 the overdues of bank was about 6 lakhs. The shares were never sent for Demat ntentionally to show no recoveries till April'08. In Dec'07 bank filed claim with ECGC under their whole turnover policy proclaiming us defaulters on whom Sarfaesi action is taken and got claim of Rs. 36 Lkahs within 10 days.
In May'08 ECGC paid Rs. 16 lakhs of our claim under buyerwise policy. In June'08 the bank took possession of our residential property and sold it in Sept'08 for Rs.24.50 Lakhs. This way the bank received Rs 82 lakhs in total.
During all this time, the bank refused to discuss debt restructure/ nursing, refused upgrading account to standard so that we could move accounts to another bank, etc etc.
Current account position is: therese is outstanding ledger balance of rs. 30 Lakhs in Packing credit account and the bank has receievd this amount from ECGC but kept in suspenec account which it wants to recover from us and pay to ECGC. They still have our seld occupied residential property as "running security" against which home loan was taken. They filed recovery suit at DRT for this amount +_ uncharged interest of 40 Lakhs. Intersest is charged even after claim amounts are received from ECGC + compounded+ penal interest...
Amounts paid in Oct'07, Nov'07, Feb'08 and Sept'08 after NPA were adjusted towards principal and interest was never adjusted since they could maintain the accounts as NPA and continue to terrorise under sarfaesi act.
As per RBI IRAC norms,
If the debits arising out of devolvement of letters of credit or invoked guarantees are parked in a separate account, the balance outstanding in that account also should be treated as a part of the borrower’s principal operating account for the purpose of application of prudential norms on income recognition, asset classification and provisioning.
This way our accounts should never have been NPA and should not be NPA even today.
After detailed investigation of over 1 year, Banking Ombudsman closed our file in Nov'09 on grounds that the subject needs detailed and elaborate investiogation but however observed that "the bank has reitrated that it has the right to classify the account as NPA as per its internal guidlines and take sarfaesi action". Inspite of agreeing towards all illegal actions of the bank, all other RBI depts refused to intervene on grounds that the bank has filed OA at DRT. OA was filed in Oct'09 even when the matter was being investigated by Banking Ombudsman and he was on the verge of writing an orde against the bank. We have copies of minutes of meeting at various hearings at BO and he has observed deficiency in service on atleast 10 grounds and under lenders liability.
Our manufacturing unit is closed in absence of working capital. To restart, we cannot obtain loan from other bankers since we are NPA, our last 3 years balance sheet shows accumulated losses of 90 lakhs and we have no security to offer.
Towards quick justice, can we file case for criminal action and penalties under Sarfaesi act at CGM court. Please advice.
Gargi Ranade
15 November 2010 at 11:32
Dear All,
Kindly let me know which CCI bench can be approched if plaintiff resides in Maharashtra and respondent resides in Tamil Nadu?
Can you suggest names of Mumbai based lawyers who have expeties in competition Act ,2002 and have presented cases before CCI.
Regards,
Anonymous
14 November 2010 at 00:13
Dear All,
As per sec. 265, a Co. may appoint directors as per proportional representation method provided that minimum 2/3rd of total no. of directors should be appointed by this method. My query is that:- What no. directors to be considered for calculating 2/3rd. In other words, should we consider the total no. of existing directors or the total no. of proposed directors for calculating 2/3rd ratio?
Hope for the early reply.
Thanking u all.
raj
12 November 2010 at 18:03
sir, my cousin had a firm with two partner. name of firm is gopal vision after two years my cousin has started his own firm seprately with name of new gopal vision.so his previous partner has noticed him for copy right. what is the acutal law and what should we have to do?
kiran
12 November 2010 at 17:24
I am running a small hotel.
And I would like to know, how can I apply for "Right of Admission Reserved" for my hotel.
Thanks and Regards,
Kiran.
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hire purchase business
HELLO......
I RUN A SMALL AUTOMOBILE HIRE PURCHASE BUSINESS AND I WANT TO KNOW THAT IS THERE ANY LICENCE REQUIRED TO RUN THE HIRE PURCHASE BUSINESS.