vijayalakshmi
11 August 2017 at 09:50
I have recently started a money lender business in Tamil Nadu with licence. I want to know about the what is the maximum rate of interest can I charge per month
Malik Javid Iqbal
10 August 2017 at 22:57
I retired as Regional Manager of a bank and just seven days before date of retirement I was given a charge sheet of some negligence in loan cases pertaining to the period seven years back.Can they do so legally ?
Mrs.Radhika
09 August 2017 at 19:12
I have left the company without serving the notice period of 3 months and have joined other company. Inform ed the previous company that due to my ill health I will not be coming. But I have not signed any bond it's just the appointment letter signed.kindly suggest
Manish
09 August 2017 at 17:03
Dear sir
Please give your comments if foreign banka are allowed to charge foreclosure charges on working capital limits ?
Neha
05 August 2017 at 22:13
Hi, I received a legal notice from the employer for whom I was working. I left the job due to some family problems(my mother was not doing well and there was nobody to take care of her) I communicated each and everything to the HR and the MD, family issues were a primary reason of leaving the job but few other factors contributed to it like when I was in need of money the company putted my salary on hold, from past six months I have never received the salary which I was promised at the time joining. While receiving the resignation HR didn't mentioned about the notice period but suddenly after 25 days they sent me a legal notice asking for 1 lakh rupees. I have the company laptop and mobile with me and I have told them that once the situation at my home will recover I will come and give you the company property as well as I don't have issues in serving the notice period. Now my question is what shall I do about the legal notice.
Anonymous
05 August 2017 at 08:34
HI,
We are only 2 Directors in Pvt ltd company. So Both the Directors is having share percentage 60 and 40% share. So what document and procedure and protection should follow that director who is having only 40% share in the company. if in that case the director for bigger share try to sacking lower share partner. Please guide us.
Azeem
02 August 2017 at 21:29
I work in a MNC. All people think men dominate women but its not true in mnc culture it's like a cake walk for girls to complaint against boy for silly reason by adding masala into it that this boy sexually harrased me. Companies take decisions conservatively and they decide to terminate that guy on the basis of fake allegations as they don't want to take the risk of harassment against girl. Can't we make a law that if any girl try to trap a boy in fake case girl will get severe punishment too by law?
Aditya Dev
01 August 2017 at 18:42
This is urgent so please i would appreciate speedy replies.
I am an intern - 5th Year
A deposited 1 cr. 3 Lakhs in a company in 2012. Now the company did not issue shares to A in reciprocation. The director of the company also accepted and acknowledged the receipt of the said amount. Now there was correspondence between during the years and till 2015 the director kept on assuring A that he will issue him shares for the said amount.
Now in 2017, after 6 months of silence from the company in response to A's letters, A will be filing a suit against them. Now this is where I and my associate tend to differ.
My associate thinks that the matter will be filed under Section 73 (4) of the Companies Act, 2013 where as I think that section 74 is the correct one.
For Convenience I have mentioned both the sectons -
73. Prohibition on acceptance of deposits from public.—(1) On and after the commencement of
this Act, no company shall invite, accept or renew deposits under this Act from the public except in a
manner provided under this Chapter:
Provided that nothing in this sub-section shall apply to a banking company and nonbanking financial
company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the
Central Government may, after consultation with the Reserve Bank of India, specify in this behalf.
(2) A company may, subject to the passing of a resolution in general meeting and subject to such rules
as may be prescribed in consultation with the Reserve Bank of India, accept deposits from its members on
such terms and conditions, including the provision of security, if any, or for the repayment of such
deposits with interest, as may be agreed upon between the company and its members, subject to the
fulfilment of the following conditions, namely:—
(a) issuance of a circular to its members including therein a statement showing the financial
position of the company, the credit rating obtained, the total number of depositors and the amount due
towards deposits in respect of any previous deposits accepted by the company and such other
particulars in such form and in such manner as may be prescribed;
(b) filing a copy of the circular along with such statement with the Registrar within thirty days
before the date of issue of the circular;
(c) depositing such sum which shall not be less than fifteen per cent. of the amount of its deposits
maturing during a financial year and the financial year next following, and kept in a scheduled bank
in a separate bank account to be called as deposit repayment reserve account;
(d) providing such deposit insurance in such manner and to such extent as may be prescribed;
(e) certifying that the company has not committed any default in the repayment of deposits
accepted either before or after the commencement of this Act or payment of interest on such deposits;
and
(f) providing security, if any for the due repayment of the amount of deposit or the interest
thereon including the creation of such charge on the property or assets of the company:
Provided that in case where a company does not secure the deposits or secures such deposits
partially, then, the deposits shall be termed as ‗‗unsecured deposits‘‘ and shall be so quoted in every
circular, form, advertisement or in any document related to invitation or acceptance of deposits.
59
(3) Every deposit accepted by a company under sub-section (2) shall be repaid with interest in
accordance with the terms and conditions of the agreement referred to in that sub-section.
(4) Where a company fails to repay the deposit or part thereof or any interest thereon under subsection
(3), the depositor concerned may apply to the Tribunal for an order directing the company to pay
the sum due or for any loss or damage incurred by him as a result of such non-payment and for such other
orders as the Tribunal may deem fit.
(5) The deposit repayment reserve account referred to in clause (c) of sub-section (2) shall not be used
by the company for any purpose other than repayment of deposits.
Section 74
74. Repayment of deposits, etc., accepted before commencement of this Act.—(1) Where in
respect of any deposit accepted by a company before the commencement of this Act, the amount of such
deposit or part thereof or any interest due thereon remains unpaid on such commencement or becomes
due at any time thereafter, the company shall—
(a) file, within a period of three months from such commencement or from the date on which
such payments, are due, with the Registrar a statement of all the deposits accepted by the company
and sums remaining unpaid on such amount with the interest payable thereon along with the
arrangements made for such repayment, notwithstanding anything contained in any other law for the
time being in force or under the terms and conditions subject to which the deposit was accepted or
any scheme framed under any law; and
(b) repay within one year from such commencement or from the date on which such payments are
due, whichever is earlier.
(2) The Tribunal may on an application made by the company, after considering the financial
condition of the company, the amount of deposit or part thereof and the interest payable thereon and such
other matters, allow further time as considered reasonable to the company to repay the deposit.
(3) If a company fails to repay the deposit or part thereof or any interest thereon within the time
specified in sub-section (1) or such further time as may be allowed by the Tribunal under sub-section (2),
the company shall, in addition to the payment of the amount of deposit or part thereof and the interest
due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten
crore rupees and every officer of the company who is in default shall be punishable with imprisonment
which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but
which may extend to two crore rupees, or with both.
Now i think that clearly section 73 deals with post commencement deposit and provides the pre - requisites for the same. Hence in my opinion, because A deposited money in 2012, therefore 74 is applicable as the title of this section is "Repayment of deposits, etc., accepted before commencement of this Act".
Now please tell me two things:
1 - Whether I am right or not to say that section 74 is the correct choice as it deals with pre-commencement deposit??
2- And if i am right, then what remedy is available with the depositor as section 74 says that the "Company" shall approach the registrar??
Because in our case the company has not allotted the shares in the last 5 years and neither has returned the amount that A deposited. Therefore if a company does not go to the registrar as per section 74(1)(a), then what remedy a depositor has??
I know this is a long post, but please read it carefully and do reply soon.
Awaiting replies.
Thanks
Rajesh Kumar Agrawal
29 July 2017 at 18:49
1) A Land is purchased and registered with the Registrar of Assurances in the name of A,B and C, in 2007.
2) The above Land was transferred in the name of a Company XYZ Pvt Ltd.,in which all A, B and C are the Directors, in FY 2009-2010
3) The Company issued Equity Shares to the Directors A, B and C in FY 2009-2010 on account of sale consideration of the Land. The Land was not registered with the Registrar of Assurances, at that time in favour of the Company XYZ Pvt. Ltd., but Land was reflected in the books of Accounts of the Company as its Assets, in EY 2009-10.
4) In FY 2010-2011, the Company erected a factory building on the above Land.
5) Land and Building, both are now reflected in the Books Of Accounts of XYZ Pvt Ltd., since FY 2010-2011.
6) The Company is not running well , and the Directors have also given loan to the Company, in addition to the Capital Invested.Now the Directors want to close the sick Co.
7) Now, Can the Company give back the land , by sale or transfer the land, so that the loan of the Directors are paid off. The Company cannot get the sale deed registered with the registrar of Assurances as already, the records of registrar of assurances and land revenue records , show A, B and C as the owners of the Land, (as the land was registered in their name with Registrar of Assurances, in EY 2007-08, at the time of purchase, and the land was not registered with the registrar in 2009-10, when the sale was executed through allotment of equity shares of the Company).
An early and quick reply will be highly appreciated
Thanx
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How to reopen lok adalath settlement case
8/12/2017 LAWyersclubindia : Experts : Ask Query
http://www.lawyersclubindia.com/experts/ask_query.asp 1/1
I am IT professional with more than 10+ years of experience, i was working in Techsoft technologies limited,
Bangalore as Test leader from 07th March 2016 to July 06th 2016. I have received salary only for month of
March and April 2016. Till now the company has not paid salary for the month May and June 2016. Company
gave me cheque of Rs 1,25,000/- as bonus on 18/05/2016.
The cheque got bounced on 16/08/2016. I have filed case on cheque bounce on 30/08/2016. Now case got
settled in Lok Adalath as 03/07/2017. Company owner agreed to pay only Rs. 80,000/-, and has promised to
issue relieving letter and payslips. Company owner agreed to these items as mentioned in joint memo and
took date for one month i.e. on 03/08/2017. On 03/08/2017 company owner only gave me DD of 80,000/-
only. Now company owner has harassed and threatening that he will not give relieving letter and payslips.
Company owner reason he is saying that i have bounced the cheque and went to court for settlement.
As mentioned in order:
ORDER
The joint memo filed by the
parties is hereby accepted. Case is
disposed off in terms of the joint
memo. The accused shall pay a sum
of Rs. 80,000/- to the complainant as
per the terms of the joint memo and
also issue relieving letter and pay slip
to the complainant as stated in the
joint memo. If the accused fails to
comply with the terms of joint memo
the complainant at liberty to take
appropriate legal action in accordance
with law.
In view of the settlement
reached accused is acquitted for the
offence punishable U/s 138 of N.I.
Act. Bail bond of the accused shall
stands cancelled. The CS deposited
by the accused is ordered to be
refunded in his favour in accordance
with law.
My question:
The company owner is not giving reveling letter and payslips. I have to apply for new job. I require these
documents. I was suppose to get 1,25,000/-(bonus), 1,18,000/-(two months salary) and 28000/- (PF money).
Total amount is 2,71,000/- and i have received only 80,000/-.
Question no.1: Can reopen this Lok adalath case?
Question no.2: Can i file new case for threatening and harassment from employer for not giving relieving
letter?. Is there any section punishable for employer?