Nu.Delhi.Law.Fora.
05 September 2010 at 17:18
Hi All,
A client of ours is a technocrat and investor by himself, wishes to be CMD/MD forever (preferably) and wishes to have a fixed % of profit always and also wishes to utilise his ESOP as & when he thinks fit. He also wishes to appoint some nominee when he is not present (read after his quits/demise). In essence, he wishes to control the Co. for all days to come.
Now Co. i.e. ABC Ltd. has received Cft of Incorporation and it has created a a WOS i.e. 100% subsidiary of an US based Co. wherein ABC Ltd. needs to transfer funds. The total number of shares of the US subsidiary company is 1000 shares @ 1$ per share. In which, 900 shares will be allotted to M/s ABC Ltd. and balance 100 shares will be allotted to our Client with an understanding that our Client will transfer back these shares (100 shares in his personal name) at the same face value of 1 $ / per share at the time of his resignation from the present post (CMD of M/s ABC Ltd.). On his resignation the 100 share will be transferred to new Chairman nd Managing Director.
The respective earnings of the 100 shares held by our Client individually in the US Company shall be treated as the earnings of M/s ABC Ltd. A Shareholders agreement need also to be executed.
Share-holding pattern is that he holds 30% in the shape of following: 30%:10%:15%:15%:30%:Nil total being six members.
our Client is to complete his share of investment in proportion to his / wife's shareholding in the company immediately upon the signing of the share holder’s agreement.
I understand its little long facts, yet I would appreciate if there is any considered opinion.
Thanks in anticipation.
Rabin Majumder
Advocate & Attorney
For Nu.Delhi.Law.Fora
New Delhi
nudelhilawfora@gmail.com
Rahul
05 September 2010 at 13:40
Pls tell full procedure of District consumer Forum filing complaint to decision under consumer protection Act 1986
sachin sinha
04 September 2010 at 11:27
Dear Professional collegues I want to know that if a company has not filed its annual accounts and annual return for last 2 years, and is not doing business since its incorporation, then whether it can go for stike off under section 560 of the act without filing the annual accounts and returns for the pending two years.
Also note that the company has received a notice from the ROC for filing its annual accounts.
Waiting for prompt response.
Anonymous
03 September 2010 at 21:27
Sir,
I was a senior manager in Punjab National Bank and removed from bank service in 2007. I have filed a writ petition against my removal at High Court, Allahabad and the matter is still pending. Bank has not paid me any of my dues. During service, I availed Staff Housing Loan, Clean Overdraft facility and demand loan against shares. Without paying my dues, the bank has issued notice to me u/s 13(2) of SARFAESI.My dues will be almost equal to the bank dues. What are the remedies available to me?
Thanks.
Mahesh Kakade
03 September 2010 at 18:58
Can a 100% holding compnay employee sign the document of the subsidary company i.e. Invoice, Letters exchanges between company with vendor or customer
nagarajan
02 September 2010 at 15:55
Sir,
What are the rights of the auction purchasers (participants) who had emerged as a successful bidder in the auction process conducted by the bankers and deposited 25% of the bid amount, and after 13 to 14 days the banks rejects that the bid received is lower and the sale can not be cnfmed in favour of him and returns the money to him. What to do. in the auction conducted more than 20 people participated and the win amount is Rs.500/- more than the reserve price. What can be done. The sale is done by a public sector bank under Sarfesai Act and what to do now
Anonymous
01 September 2010 at 13:50
a lady was a partner of one company of two partners only. the other partner died in 2007. he had given verbal promise to that lady that he needs nothing from partnership firm and before his death, he would hand over the entire property movable,immovable to that lady for rs. 2 lakh only.
now his legal heirs had started sending notices showing the reason that they are now legal partner of the firm and they need to have 50% share of the all property.
when asked to settle the account, they flatly denied saying that it is the existing partner's liabilities and they are not interested in paying the govt dues, one of which is income tax since 2 years and sales tax.
the legal heirs also stated in the notice that the 50% of company's share has been bequeathed to them by the will made by the partner before death. when asked to see the copy of the will, there were first two pages and the last few pages were missing.
can we ask for the copy of the will made by our partner before his death?? what we think that the will is a fake and hence the legal heirs of the deceased partners are hesitating to show to us.
how to solve this matter?? pls. give us a reply..
Amarnath
31 August 2010 at 19:11
1. Whether the Cheque is as equal to an On Demand Promissory Note to file a suit for recovery money.
2. The said cheque has not at all present to the bank for collection whether the said cheque will give cause of action to file a suit for recovery of money.
3. Whether the non presentation of the cheque to the bank will not affect the right of the holder of cheque to sue a civil suit.
SYED MAHABOOB BASHA
31 August 2010 at 12:55
Sir,
Uner business law what are the main povisions
coverd please clarify
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