ajay verma
16 October 2010 at 17:00
what is the legal formalty making new money lender licence
Harshpal
16 October 2010 at 10:12
I am Director of a company based in Dehradun. We were enjoying credit facilities from the bank since 2003 and were having A+ credit rating all through. Because of overall recession in 2008 our business suffered a setback & subsequent cash flow problems our business operations came to standstill. We requested our bank for additional funds but the sanctioning authority declined our request because of her negative attitude. Somehow we managed funds from our own sources & restarted the business but in the process we could not meet our repayment obligation in time. The bank instead of cooperating with us initiated recovery proceedings against us under SARFAESI.
On June 3 the bank took possession of our movable as well as immovable assets in our absence. The possession notice was affixed on the building & a copy was given to one of our ex employees. Who was a junior level employee & did not have any authorization even when he was working with us. He informed me on telephone about all this. I protested with the Bank Officers on phone. They said they are doing everything as per law & I can go to court.
The bank did not follow any procedure as laid down in Rule 4 of the rules made as under the Act. After 7 days the bank gave a press notice in which the language & content of the possession notice was totally changed. There was no mention of movable assets in the press notice only immovable assets were mentioned & a word was mentioned the possession is symbolic. On seeing this notice we contacted the bank & enquired; what is the actual position especially about movable assets as both the notices have a contradiction. The bank was evasive in its replies. About movables we were informed that it is also in bank possession. We protested that the bank has not followed the procedure while taking possession of movables as prescribed under SARFAESI. We did not get any response from the Authorized Officer. Than we wrote to the CMD of the bank we did not get any response.
We filed a criminal complaint against the authorized officer of the bank for contravention of the Act under section 29 of the Act in CJM’s court. Our complaint was dismissed.
We requested the Authorized officer to take steps for the preservation of our stock. They have not taken any steps. The stock or major part of it must have perished. Now to absolve them of their responsibility they have replied that they took only symbolic possession of the stock. We have responded to them by saying that there is no provision for symbolic possession of movables. They have not responded to our letter.
Pleae advise what to do
Anonymous
14 October 2010 at 13:12
Can any one provide me Adidas & Rebook merger details
Manish Raj Verma
12 October 2010 at 22:12
hello sirs'/madam,
a client of mine has asked me that, he wants to the business of vehicle finance on hire purchase. and how he can take the license of hire purchase,
so, i would like to know, how to get such license, who is the comptent authority to issue such license. etc. etc.
kindly let me know.
Thanks,
Manish Raj Verma,
Advocate
9359427713
P.C. Joshi
12 October 2010 at 19:14
Can anyone explian the meaning of 'coined word' in connection with name of a company to be incorporated. Is there nay restriction to use Coined words in the nameof a company.
regards
P.C. joshi
Anonymous
12 October 2010 at 10:36
Mr. Y is giving the Gurantee to the banker for his elder brother Mr.X but Mr.Y is not sure that weather Mr. X is able to pay the installment properly but due to family pressure Mr.X is bound to give the Gurantee.
So weather there is any type of agreement through which Mr.Y can put the pressure on Mr.X for the proper payment.
And If so is available then please give me a copy of that Agreement.
Sarvesh Kumar Sharma Advocate
10 October 2010 at 11:01
Respected All,
There is a problem with my friend, who is an advocate& His father was also. Father was providing services for taxation matters to many companies. Unfortunately his father expired in an accident. After some time my friend come to know about some pending fees and expenses amount on some company and try to convence the companies. Some companies paid the balance amount but some other companies are not paying the pending amounts.
Now your kind suggestion are appreciated on this issue and proceder to recover the pending amount.
baswanth mohan paruchuri
09 October 2010 at 20:51
what is exactly Euro Issues means and what is the role play by these issues in Global capital market?
Anonymous
09 October 2010 at 18:29
I had invested money in equity on behalf of my son, now he has gone to usa and does not wish to come back , I wish to sell shares as I am aging. What can I do to get back money in my name
SON IS FIRST HOLDER ,
FATHER IS SECOND HOLDER
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Exports
I request Experts, expertise in Export matters answer to the following:
1) What are the necessary rules and regulations of Government of India ?
2) What is Export Code and from where it can be obtained.
3) In case of any dispute between the Exporter and Importer where jurisdiction lies?
4) Between the Exporter and Importer an Agency on commission basis working in Mumbai and any dispute arises whether the Commission Agent can file Complaint in Mumbai?