udai s parmar
16 February 2010 at 14:25
FACTS OF THE CASE
1. Mr. DPG and his brother Mr. VG were partners in a firm called M/s DPB. Mr. DPG died on 01.01.2008 and in his place DPG’s wife Mrs. NG was taken as a partner in the firm.
2. Mr. VG is active partner and conducts the business of a firm from Chennai. The firm has also an office in Mumbai and some business is also conducted from Mumbai.
3. Mr. VG resides in Chennai and Mrs. NG resides in Mumbai . Mrs. NG is not at all familiar with the business operations and the business is conducted solely and wholly by Mr. VG.
4. The firm is availing credit facilities from a Bank for which the necessary loan papers have been signed by both partners.
5. There is a clause in a partnership deed saying that any partner giving three months notice to another partner can retire from the firm.
6. Now due to some family dispute relating to other business entities, Mrs. NG has written a letter to the bankers of a firm alleging that the affairs of the firm are mismanaged by other partner i.e. Mr. VG and accordingly the letter may be treated as notice to a Bank for stopping the operations of the firm with immediate effect. Needless to say that Mrs. NG’s allegation against other partner is without any basis and proof.
OPINION SOUGHT
Under the afore stated circumstances:
(1) What is the correct stand the Bankers of the firm can take in the matter?
(2) Is there any way to save the business of the firm ?
(3) If the stalemate continues- will the Bank let the said account become NPA in their books?
Anonymous
15 February 2010 at 22:03
If on application for investigation of an Insurance Co. u/s 237 of Companies Act, the Central Govt. do not take any action, What are the remedies available? Do High Court may order for the same?
yogita
15 February 2010 at 12:20
Dear All,
i would be highly obliged if any one of you can tell about some Law Firms in Mumbai with their contacts as i require experts on labour matters dealing with corporates for my company.
the issues are related to employees, agreements,terms & conditions,PF etc.
Regards
Yogita
Anonymous
13 February 2010 at 18:40
Resp.Sir/Mam
What is due diligigence for merger and acquisition regarding human resource,more perticularly with regard to compensation to employees?
Regards
Kirti
SHEKHAR MISHRA
12 February 2010 at 13:32
where can i get my computer coaching institute registered in my state,jharkhand or any other state ?
Anonymous
12 February 2010 at 13:08
My self is working in a listed company as a semi company secretary cum in house legal advisor( qualified LL.B). But i don't have any court experience. I usually draft various agreements entered with the third party and follow up the legal matters with them and bankers and lawyersand other listing requirements. The compoensession i get is satisfactory. However if want to restart my carrer as a corporate lawyer will the above experience do? Some has advised that as i dont have any court experience it will hamper. Can any body give advise. If any body is interested i may mail my C.V to his mail id.
Rgds,
Asish
Anonymous
11 February 2010 at 21:42
what is the elgibility criteria to establish an insurance company
anshul sangal
10 February 2010 at 11:56
Please define in simple word section 138 of Negotiation Instrument act
Anonymous
09 February 2010 at 15:01
We done govt. contstruction ( Civil & Electric ) work by our firm for these Sales tax depatment issued Form - 7(D) to us. In which department issued our payment with deduction of tax according to Form - 7(D) at the place of 4% T.D.S, But at the time of return Sales tax department says that your Form 7(D) will not be counted submit your full tax. Whenever we purchase mostly material at local, which is less than 5% in any contract.
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