Corporate Law queries [Resolved] [471]

Raja Rajeswari S 12 January 2010 at 17:38

FEMA for LLP

Dear members,

LLP is to be started in India for exporting engineering products . A foreigner and a NRI wants invest in LLP by making 45% of the capital contribution each in LLP.The remaining capital 10% is to be contributed by Indian investor.

1) Is the investment allowed under Atuomatic route of FDI ? If so, kindly let me know the RBI notification/circular which allows Foreign investment in LLP.

2) If the investment is not possible, how can they bring in the foeign funds. they do not want to form a a pvt company? ( The Indian investor being the working partner with only 10% of capital contribution wants a share in the profit , hence he wants LLP form . If it is a company, he will be eligible only for dividend and fixed remuneration and so he doesnt prefer company form of organisation)

2) Can they repatriate the amount invested?

Kindly do clarify.

regards

RAJA RAJESWARI S

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Anonymous 12 January 2010 at 17:36

money lending

i want to get a money lending licence. In mumbai who is the authority(registrer)? Where is office and what are the procedures if u can guide?

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Raja Sundarraman 12 January 2010 at 15:56

Gambling- Ingridients of

Respected Learned Friends, My Client , a property management Company ,is going to indroduce a Scheme under which the rent received towards the monthly rent received by them from the prospective tenant of the Flat will in turn be given to the owners/ their clients by way of Gold Coins once a year instead of cash payments. Whether this Scheme will be construed to be a kind of Gambling ?

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Anonymous 12 January 2010 at 07:06

sending notice on behalf of internation clients.

what are the provisions affecting the issue of sending notice on behalf of internation clients .

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Anonymous 11 January 2010 at 22:40

credit note

what is the necessary features required to prepare a credit note?under which law? whether any particular format given in any law book?

thanks in advance.

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Dheeraj 09 January 2010 at 19:56

138 negotiable act

Dear Experts, Please resolve my query. I am partner in a partnership firm (unregistered with only two partners) last year, now due to some happenings I retired from the firm and a mutual agreement has been made between us that from the date of my retirement the other partner will take over the business of the firm with current name, goodwill and all debtor and creditors. No dissolution deed has been entered between us as on date. In order to run the business we have given some blank cheques as security cheques for procurement of goods.
Now the continuing partner not making the regular payment to the said party to whom blank chwques were issued. The said party now with a view to recover the money present the blank cheque by filling it with Rs 109000/- and the said cheque was dishonoured. The outstanding as per our accounts is Rs 60000/- to which party has agreed we have written document with the signatures of the party in this regards.
Since I am retired partner and other partner is continuing the firm, now a notice under section 138 (CC marked) comes to me, what will I do in this case.
Please reply

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Pawan Patil 09 January 2010 at 16:03

Negotiable Instrument Act Sec138 Dishonour of Cheque

Dear Sir/Madam,

We run hospital in pune one patient had issued cheques towards his outstanding bills.
The said cheques is dishonour & sent notice to patient & give sufficient time to deposit money in account.

However the cheque re deposited in our bank account.& the cheque dishonour again

I am going to suit file against patient u/s 138 of cheque dishonour

Is it possibility to recover the amount?

If yes How much time will take for recovery?

Regards,Choudhari

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Aditya R khandelwal 07 January 2010 at 20:48