Pragandh Ketkale
09 September 2015 at 18:08
XIV. Business Partner shall not, directly or indirectly, develop, manufacture or distribute any products similar to or competitive with the Product in the Territory or elsewhere during the agreement period and Two(2) Years from Termination of Distributor/ agent relationship with “Company".
Non Competition clause is valid or not
Gaurav Gujrati
08 September 2015 at 15:09
Sir,
If the company takes loan from the private bank and that bank is also shareholder of the company and thereafter the company fails to pay their loan amount in spite of various request made by the bank. In that condition can bank file a petition for winding up of the company for recovering their loan amount ????
Thanks & Regards
Gaurav
Bhavita
08 September 2015 at 14:39
Hi,
I had made exports under 90 days Usance LC to a foreign buyer. My export bills ( three in total )were discounted by bank as per my existing limits with them. However on due date, the LC issuing bank refused to honour/ Pay citing that they had negotiated the documents under “URC 522 (collection basis)” for all the three shipment / documents negotiated. Now, on taking up the issue with my banker here, my Indian bank says that they had negotiated and discounted the bill because they had received Acceptance on all three occasions from the LC issuing bank, and are asking me to pay up instead of accepting their fault in MISHANDLING OF DOCUMENTS and demanding the rightful dues from the LC issuer. On asking for the communication of swift exchanges between the two or the email exchanges, my bank here had always denied providing me the documents citing some reason or the other despite several reminders via email, msgs and orally to them for nearly 4 months. Only after sending them a notice under RTI, they provided me the communications between them and the LC issuing bank. To my utter shock, the contentions of the LC issuing bank were found to be true . Every swift communication sent by then to our bank here mentions “MSG UNDER URC 522”. This clearly shows the Blunder committed by my negotiating bank in handling documents and reading the swift communication / ACCEPTANCE messages properly causing ultimate losses to me. Had they noticed it in the first instance itself, we would have been in a position of not accepting their contention and would have been in a position to recall the goods back. Not to mention that further shipments would never have been sent. You will agree that it’s just because of their foolishness if i may call it; they have put me in this situation of heavy loss.
Fortunately for me (I guess), I had taken an SSI individual shipment policy from ECGC against the LC issuing bank and the exports. The claim for which is still pending with ECGC and is under process and review.
Now, they (my bank) have approached the DRT and have filed a case against me and they have issued me a notice under Sarfasai Act asking me to pay up all the bills discounted with huge interest, close the existing OD limit with them and have marked my account NPA. Or else they will seize auction off my property mortgaged with them.
My questions are:
1) Is my negotiating bank’s action justified in ignoring the swifts sent under URC 522 and now claiming upon me?
2) Is there any action I can take against the negotiating bank for its Blunder committed which has caused me heavy loss?
3) Is there any action we can take against the LC issuing bank ?
4) Is the negotiating bank justified in filing claim with DRT even if the fault is on their part?
5) Can the negotiating bank file a case , mark my account NPA and issue me notice even when a claim is still under process/ pending with ECGC ?
(In a smilar query of Sarfasai notice when ECGC claim is still pending on this forum Lawyer Club of India ( some two years back) on an query from one Mr Mehta Harish, Experts – Mr Raj Kumar Makkad and Devjyoti Bhramman had replied that the notice is illegal).
Kindly advice further.
Anonymous
08 September 2015 at 14:12
Dear All, kindly opine on the following:
1. I had formed an LLP in 2012, and I had only one business transaction since the inception.
2. I have missed my Annual Filings and now I want to dissolve the LLP.
3. I understand that before that I will be required to comply with the Annual Filings, which is attracting exorbitant penalties, Rs.100 on daily basis.
4. I want to whether there is any provision or procedure for waiver of these penalties, especially as there has been almost no business.
Kindly let me know the steps to get absolved from penalties.
Thanking in Advance....
Anonymous
06 September 2015 at 21:45
Dear sir
I resigned from my job some time back. The notice period is of 2 months as mentioned in my offer letter, which I am serving in good faith. However, I have come to know that the organisation does not pay salary during the notice period and clears the same at the time of full n final which is 45 days after the last day of employment.
I want to know
1. Is it legal for the organisation to withold salary during notice period?
2. What is the duration of full and final?
3. Also, In the last FY I was eligible for bonus, half of which was paid AMD rest was supposed to be paid in september. I have been told that since I resignedy bonus amount will not be paid. Is this legal? The bonus is for the work done in last FY, can they withold it?
Kindy respond, I am dependent on my salary, I won't survive if I do not get it for 60+45 days.
4WhatIsRight
06 September 2015 at 20:29
Dear Friends,
One company limited by shares has decided to close down their unit alleging they are not in a position to run the same citing various reasons.
The reasons shown by the management are not real but intentional.
False losses have been created by diversion of funds.
The company has not booked orders intentionally to show that there is no demand for their products.
The real intention of management is to dispose off the property and invest the funds for regular interest income.
The company has loan from bank against first charge on property.
The management has also created false liability towards sundry creditors from their sister concerns.
notice of close down has been served to labour union and labour commissioner for resolution.
one of my friend being from the same trade and profession is interested in running the said unit.
My friend is willing to pay all liabilities and swear affidavit to the effect that he will ensure that company runs for at least next 10 years, despite profit or loss.
Existing management is not willing to listen to his offer as their agenda is clear- to sell the assets.
How shall my friend approach in the issue?
Labour union is interested in my friend's proposal.
can he seek state's intervention in the matter?
Tushar Ghige-Patil
05 September 2015 at 17:03
Respected Sir,
I have given a undated surity cheque to my company. If I have to leave job before the time limit of the company the company will deposit the cheque in bank.
At this stage what are the possibalites that I have in my hand.
please tell me what would happen if I apply in bank to cancel cheque payment.
Paramvir Singh
02 September 2015 at 08:38
Dear sir,
we were enjoying cash credit limit with Kotak Bank Ltd of Rs 30Lacs and Term Loan Of 20Lacs til now.
We moved over to Axis as Kotak was nor providing us with a new CC limit for Our new Venture in the same LAP.
We along with Axis bank had handed over Take Over letter on 1st July 2015 to Kotak. My CC account at Kotak was Debit Blocked for the past 1 Month as the renewal was not done for the Current CC limit at Kotak. After the DD were handed over for Take Over Kotak en cashed the DD on 13th August and Debited My Account for RS.12500/- as interest charged for 13 Days, ending us paying Double Interest One to Axis for the month of July.
On contacting kotak no specific reason is given except that they has processed for the foreclosure to HO which was taking time, that too this communication was verbal and after they Debited us for Rs. 12,500/- with no written communication whatsoever.
Secondly my sanction letter does not mention the foreclosure fees , but they are demanding Foreclosure amount of 2% with service Tax, they say its written in the Master loan Agreement. When I have nothing to pay for the loan than why the Foreclosure amount. Its a cc Limit which they term as "Facility" and not a loan.
Has Law any way to get me out of this.
Thirdly I also had a TERM LOAN as mentioned above in the same account with Kotak, That too was Paid on 1st July, But They also did not en-cashed the amount till date, Saying TL will close only when full amount has been paid. They again have charged us with Interest of July and August in TL Account. As we were fighting over the Foreclosure % amount till now.
We have finally paid the Foreclosure amount and TL Interest today as we had to obtain the NOC and our Property Documents.
Can this Delay in Encashing be questioned and what can be done in Law to bring Kotak Accountable for Miss communicating us and providing us with no Answers.
I have lodged official complaint with kotak on 19th August but nothing has been communicated by far to us.
ankush
01 September 2015 at 14:01
In order to determine whether a director is resident director or not for year 2015, What Would be the 'previous calendar year' for the year 2015 ?
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Claim for compensation for delay of delivery of goods.
The applicant loaded 5 wagon of COKE for delivery of the goods to his siding. Out of five wagon only 4 wagon are delivery to the applicant siding but one wagon was not delivered by the Railway.
Applicant filed an OA before the railways tribunal for non-delivery of the goods. After filing of the Original application before the learned tribunal, the railway delivered the goods to the applicant after 5 year 4 month of delay. At the time of pending OA, the counsel of the Railway submitted that the goods has been delivered to the applicant. This point was placed before the member judicial ( Tribunal) and the Tribunal passed the order that the Railway will pay the compensation i.e. the only interest part (for the 5 year and 4 month) of the total valuation of the goods.
Now matter is that the railway has filed the appeal before the Hon’ble High Court for set aside of the order passed by the Tribunal.
1. The Tribunal passed the order rightly or wrongly?
2. What is the SC judgment are available regarding this part?
3. On which ground the High Court set aside the order of the Tribunal?