V.Satya venkatarao
12 June 2010 at 11:27
I would like to know whether a buy back of shares by the promoters of a company is legally enforceable. To be precise for instance if the promoters of a company enetr into a contract with another shareholder( Investor) agreeing to buy back the shares at a certain point of time with a certain rate is it valid?
Similarly can the promoters of a company assure a particluar rate of dividend to its shareholders? Will not such a contract run contrary to the provisions of the company law and will it not be a derogation of the shareholders rights
sachin
12 June 2010 at 10:57
Dear Friends,
My client has advanced money to a Pvt. Ltd. construction company as loan but shown as advance towards booking of the premises to be constructed by the said company.
The said company has two persons A and B as its shareholders and Directors.
My client knows A and hence on his word are making the said investment. However, B does not want to give any commitment on behalf of the company to my client about the completion of the construction and handing over of the premises to my client.
Can A in his personal capacity indemnify my client against any probable loss and execute an undertaking to reimburse the loan amount out of his own personal assets?
Will execution of the Indemnity and Undertaking be tenable in law?
If not then what documents need to be executed to secure the amount advanced by my client?
I shall be grateful if you could enlighten me on this queries.
Best regards,
Sachin
Anonymous
11 June 2010 at 16:20
My Purse with Debit Card Lost from me in Train Journey in Second Class Sleeper Cauch.then I fully try to contract to my Bank but don’t receive any response then I am immediately Filed first information report in Police station.
After then I receive SMS thought SMS Service a unknown another person use my Debit Card and Purchases Jewelry from Jewelry Shop ( Bank Vendor). After using that person threw out my purse then a another person get and send my home address thought courier.
Please guide me :-
That is Write on Debit Card “ Not Valid Uniless Signed”
I am not signature on debit Card.
Then I meat to Bank Vendor Jewelry Shopkeeper and my Bank Branch and Bank Head officer but not given any response and not ready to any help.
1- What can I take action before Bank Vendor and Bank.
2- My duet on a person he seat near in train journey but I haven any information of name and address that person.
With Warm REgard's
Raja Rajeswari S
11 June 2010 at 12:54
A private ltd which was not in operation for the past ten years wants to get its name striken off ROC records through the present Easy exit scheme.
The company has properly filed annual returns till now. The Company has a fixed asset of land for Rs 12 lacs and a share capital to that same extent. The Balance sheet filed every year shows the above asset(Rs. 12Lacs)and share capital liability (Rs. 11.75)with a nominal creditor liability(Rs. 0.25 lacs). The company was not in operation for the 10 years. The company does not have any secured loan.
the company wants to sell the land in company's name to the shareholders for rs. 10 lakhs. After this sale, the balance sheet will have a capial liability of Rs. 1.75 lakhs and crs of .25 lacs and a the loss on sale of land of Rs. 2 lacs debited in P&L A/c in the assets side.
Should the company pass any special resolution to sell its property to its members?
In above case as the asset(land) is sold and it is given to the share holders thus deducting their capital liability, will it not amount to capital reduction u/s 100 of the Co’s act?
If so, Will the ROC accept this balance sheet under the exit scheme?
How to dispose the land in the company’s name (In reality the market value of land is two crores) and get the company closed?
If not how should the company proceed to get its name strike off?
Should it go for voluntary winding up?
Kinldy clarify.
regards
RAJA RAJESWARI
Anonymous
11 June 2010 at 11:17
An individual was appointed as Director of a Private Company in 2007. Now w.e.f.2010 he is appointed as Chairman of the Board. Do we need to e-file Form 32 again for appointment as Chairman
Anonymous
11 June 2010 at 09:28
Hi every one,,,I need u all to guid me to fulfil my wish or a dream,,,i'v done International Trade Law (LLM from London University) in Arbitration, Marine Insurance,,,Carriage of goods,,, Sales of Goods,,Negotiable Instrument Act,,,,I wish to deal with foreign clients n visit abroad wanna earn in Dollars Pounds Euros,,,,,How it cud be done,,,,
Plz dont feel strange m 32 yrs old female n married n gonna b a mum soon n m going thru bad phase of life where i'v t think in dis way to show in-laws n hubby tat i can do smthg n take care of my child in future or i'll loose everythg my hubby n child...
One day i will get seperated if nothing can be done but for the time being avoiding cz i don wanna depend on my parents or anyone else,,,
How I cud use my qualification in a right way so that I wont regret,,,,
M already upset so plz no stupid ans,,,,
thanx those who take seriously :)
prithwish sengupta
10 June 2010 at 18:29
can a private trust be a shareholderr in private company?? is there in any restriction on being a shareholder of a company??
is there any case law of a private trust become a shareholder of a private company??
prithwish sengupta
10 June 2010 at 18:21
who can be a shareholder in a private company???
Pramod Kumar
10 June 2010 at 14:35
Dear Sir,
I put following points for your kind consideration and reply:
1. Whether it is necessary to hold qualification shares by a Director in a company under The Companies Act 1956? If not,
2. whether Articles can be amended to delete such provision, If it is provided by Articles to hold such qualification shares by a Director?
The issue is urgent and I soloicit your kind guidance at the earliest,
with Regards,
PRAMOD KUMAR
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