a.manoharan
27 September 2009 at 08:31
Dear friends,
Bank issued loan on intestate property to legal heirs of wife and son on the basis of Legal Heirship Certificate issued by the Revenue Authorities and the same Mortgage was registered also. When defaulted, the Bank issued possession notice under Serfesi Act , now one unexpected legal heir saying another son sent Legal Notice claiming 1/3 equal share in the total property of house . In these circumstances , how will the Bank proceed further ? What are the Bank's other remedies ? Whether Bank can proceed further under Serfesi Act or to approach DRT directly without proceeding further under Serfesi Act?
sharwan kumar mishra
26 September 2009 at 15:56
sir
i want open school for social purpose and registered under trust act but one problem faced by me,i want open school in 4 state e.g.bihar,delhi,u.p and utrakhan.am i lible for registration for all state or not.
Saj
23 September 2009 at 21:52
What would be the procedures, indian IT companies come upon while selling software services and products to outside clients ?
Is Software Technology Park (STP) registration required for all IT companies exporting software ?riven
cs
23 September 2009 at 15:46
time limit for filing revised annual return form 20briven
mintu
23 September 2009 at 15:22
Forty years ago Mr. Rajaram started his career as a good grains dealer in Palani. Though there was no one else associated with him in the venture, the business was started under the name and style “Raja & Company”. In course of time, “Raja & Co.” embarked upon many other areas of trading and manufacturing activities. More than 5000 employees took shelter under its umbrella. When Rajaram died recently, his two sons ‘Pramod’ and ‘Pradeep’ inherited the business.
The two brothers decided to convert the business into an incorporated body. They also want to enter the new pastures of ‘oil drilling’. For this they have negotiated with M/S Name Inc. USA for technical collaboration. The latter are willing to provide the technical assistance and other facilities, if but only if, they are permitted equity participation in the oil drilling business. The brothers are prepared, provided that they are quite sure that the management and control of the business will always remain with them.
Assume that the brothers are prepared to make a cash investment of Rs. 5 crores in the oil drilling business, which they have in their personal accounts with M/S Deena Bank, Palani Branch. A few friends of the brothers are also willing to make investments upto Rs. 5 crores in the oil drilling venture. The foreign collaborators want a minimum of 15 % equity participation.
The project cost of the oil drilling venture is assessed at Rs. 60 crores. This amount is to be raised by equity and term loan. The IDBI is prepared to provide the loan on the condition that the Debt-Equity ratio does not exceed 2:1.
The brothers seek your opinion. Give a detailed legal opinion, explaining the legal provisions and modus operandi for the same. It must be specifically explained how your advice when implemented would ensure that the brothers together can always retain control over the management of the new company.
riven
cs
23 September 2009 at 15:18
plz tell the time limit for filing revised annual return formriven
Bishwajit
22 September 2009 at 20:45
A endorsee can file a case u/s 138 of N.I. act against the drawer?riven
Himanshu
22 September 2009 at 16:57
Please guide me, if I want to enter into contract for marketing or any misc. work then that contract should be executed on stamp paper or it can be executed on letterhead of our company also. For legal purpose what is more useful stamp paper or letterhead for normal contract. please advice.riven
cs
22 September 2009 at 15:15
is there any form to be filed in case of forfeiture by a pvt. company
riven
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how a director can resign
sir please tell how a director can resign from the company.he is not an active director.kindly adviose what is the procedure to resign from a company.
the reason is to avoid the criminal liability under section 138 n i act.The M D is issuing the cheques and the notices are coming to directors for insufficient funds.
in such a situation where a director is not active in the business of the company and has recieved 8 notices u/s 138 N I Act.what should be done and what should be the procedure to resign from a company