amit upadhyay
22 October 2010 at 15:34
if there is no mention of a fixed time period in the agreement then in what way it will be interpreted?
Rajeev
20 October 2010 at 16:43
Greetings Members,
As per the provisions of the Section 252 of the Companies Act, 1956, a Public Limited Company needs to appoint at least 3 Directors in the Company. This minimum limit shall be maintained for ever till the time period the Company is not either wound up or become defunct.
My query is that, if suppose for a period of say 1 year this statutory minimum requirement of 3 Directors goes below 3 & not complied with, which means for a period of 1 year, if Company operates and transact all regular businesses with 2 Director, then what will be the repercussion. What penal provisions will be imposed on the Company as per the provisions of Companies Act, 1956.
Waiting for your quick response.
Thanks & Best Regards
Rajeev
Anonymous
19 October 2010 at 17:15
Respected Sir,
I Insurance my Two Wheeler from Reliance General Insurance. I want claim my vehicle damages.
Insurance Period From 03-06-09 to 02-06-10
In between caused accident on 06-12-09 and
Compliant to Police and First information Report dated 06-12-09 under section 297 & 337.
Date of Intimation to Insurance Company 29-04-10
After many time I send reminder to insurance Company.
Finally that insurance company refused the claim that
Reason for Closure -- Delay in intimation - 144 days
Now insurance company not to help me.
Please help and advise me what can I do.
With Regard’s
Anonymous
18 October 2010 at 18:17
Dear Friends
Our firm is based in Agra, we had a business dealing with a firm based in Delhi. All the transactions were done in Agra i.e. supply of goods, receipt of payment by cheque. But, as our Bank is CBS, the cheque was deposited in party’s bank in New Delhi. The cheque was dishonoured and we filed a suite under section 138 & 420. In the last hearing at the time of arguments, the judge told us that the suite falls under Delhi’s jurisdiction, as the offence was committed in Delhi and he mentioned about a ruling of Supreme Court.
Will appreciate, if some learned friend guides me, whether the suite is maintainable at Agra or not. Secondly, suppose it gets rejected at Agra, are we eligible to file a fresh suit in Delhi, as the suite is 4 years old, will we get the benefit of limitation or not,.( We mean that will the period of litigation in Agra court will be counted or not.
Will be grateful, if some noble soul provides us any ruling of any High Court or Supreme Court,in this regard.
Thanking you & with Best Regards .
Anonymous
18 October 2010 at 17:44
Hello. Is a public sector bank also a public sector company. If so, under which provisions of the companies Act. Please note that public sector bank is governed under the Banking regulations act.
Kindly revert at the earliest.
Thank you in advance to all.
Jayesh Shah
18 October 2010 at 15:55
This may appear complicated but I will try my best to explain it in details. It should be easy for all the knowledgeable lawyers and legal experts on this site to respond.
In 1971 a partnership was formed between the following with 20% each and capital or Rs. 10,000 each in Pune:
1) Mr.A(HUF),
2) Mr.B(HUF) also son of Mr.A,
3) Mrs.C Individual and also wife of Mr.A,
4) Mr.D Individual and son of Mr.A and
5) Mrs.E Individual and wife of Mr.D.
The partnership firm continued doing business for years and have acquired plant, machinery, property and other assets both movable and immovable currently valued at about 3 crores. When Mr. A passed away in 2007, Mr.B being the eldest became the Karta of Mr.A(HUF).
Now it gets complicated-
Both Mr. B and Mr. D, sons of Mr. A have a daughter and a son each i.e. four grandkids of Mr. A and each of these grandchild has a daughter each, thus four great granddaughters of Mr. A all born before Mr.A's death but all great grand daughters are under 18 year of age.
The business cannot be divided in metes and bounds and it is impossible to sell part of the property.
Some Questions
Out of the four grand children of Mr.A, only one grandson who is son of Mr.B is interested in continuing to be actively involved of the business and the other three grandchildren would like to get their share from their Grandfather Mr. A's HUF share. Knowing the above situation, My understanding is Mr. A seems to have the following legal heirs, wife Mrs.C, sons Mr.B and Mr.D, two grandsons, two grand daughter and four great granddaughter. Total 11 members as legal heirs.
Question 1: Does the great granddaughters who are daughter of grand daughter also have equal share in Mr.A's HUF share?
Question 2: Can one Grandson of Mr.A, who is also son of Mr.B and is interested in continuing to participate in business ask for partition of Mr.A's HUF without effecting Mr.B's HUF share in the partnership? Or will Mr.B also be forced to dissolve his HUF?
Question 3: If answer to Question 1 is Yes, then every surviving legal heir will get 1/11 of HUF's 20% share. Is that correct?
Question 4: If the three grand children of Mr. A who don't want to participate in the activity of this business want to sell their share of 1/11 to Mr. B's son what is the best way for this transaction?
Question 5: What additional expense will have to be paid in terms of stamp duty, capital gain tax etc for any change in the partnership or by each grandchild who wants to sell his/her share?
Question 6: What are the steps the grandson who wants to continue participating in the business needs to take to make sure no future legal problems arise?
Question 7: Can anyone oppose dissolution of Mr.A's HUF and the share distributed to legal heirs?
Anonymous
18 October 2010 at 15:33
sir may i know what all do we need to study for an interview in a law firm?..i am confused...
Gaurav Agarwal
17 October 2010 at 13:32
What is the difference between Arbitration and Conciliation? Is arbitration award full and final? Can a party move to court after arbitration award had be awarded?
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Letter of Credit
Is letter of credit used in service industry?
If yes, how?