Anonymous
01 September 2020 at 09:16
ABC Ltd. took loan worth Rs. 50 crores from bank against mortgage of property worth Rs. 100 crore. Company failed to repay the loan and interest. Bank issued notice under Sarfaesi Act and fixed a date. Company did not adhere to it. Bank has again issued a notice under the above Act and fixed a date which is yet to come. Company while sending annual results ended March and quaterly results ended June to the stock exchanges did not include above information in the results nor auditors were informed about above notices so they did not mention it in their report.
If a shareholder brings the above information to the knowledge of stock exchanges what action they can take against the company.
abhijit majumder
26 August 2020 at 16:40
Respected Experts
A person appointed as a Company Secretary in a Company(A 100%State Govt Company) on 01.012.2008(as per Form 32 of Companies Acy,1956). He removed on 30.06.2020. Now he claims Gratuity under Gratuity Act,1972.
While checking his eligibility for entitlement of gratuity the following irregularities are surfaced:
1. He was appointed by the Board only for 1(one) year in its Board meeting held on September,2008 at a fixed remuneration. Although the resolution states about Terms & Conditions there is no such terms & Conditions.
2. In March 03.03.2010 in a Board meeting just by referring that as CS is mandatory he obtained a departments (Finance Dept of the state of WB) permission, note it before the board . But suppressing the fact before the Finance Department that “by virtue of MCA notification dated 01.01.2009 effective from 15.03.2009 the appointment of CS in a Company upto 5 crore capital is not mandatory (the Company’s capital Rs2.5 Crore).”
3. Form 32 which is essential (shows) his Date of appointment was 01.012.2008 (He appointed on September,2008). Attachment with Form 32 does not contain any Board Resolution copy nor there is any appointment letter.
4. The PAN in Form 32 shows ACIPR7015A but when I call for his PAN for filing DIR 12(Which is required for cessation from Secretary)he gave me AJTPR0310C and said as he had not received PAN Card in respect of PAN : ACIPR7015A he applied for another PAN ie AJTPR0310C since 2010. That he runs both PAN at the same time since 2010. Further his spelling of his surname is different as per PAN record.
My query is On the Basis of the points 2 and 4 can I call the contract as void contract ( specifically because of suppression of fact and false declaration) so that he will be prevented from claiming gratuity.
ABHIJIT
Anonymous
26 August 2020 at 12:37
Can a client file a lawsuit against director of a One Person Company (OPC) if they are not satisfied with the quality of services provided?
My understanding is that since the OPC is a separate legal entity, if the lawsuit is filed against the company the liability of the director is limited by his/ her shareholding in the OPC, and does not include any personal assets of the director.
Anonymous
12 August 2020 at 07:51
Namaste Sir,
1. Iam working for one Bangalore based reputed PSU undertaken by Govt of India.
2. I Completed 19 years of service.
3. The PF pension what i get is meager after my retirement making me to work even after retirement
4. Presently iam working on 3 rotational shift basis
4.1) 1 st shift > 6:30AM to 2:30 PM
4.2) 2nd shift > 2:15PM to 10:00PM
4.3) night shift > 10:00PM to 6:00AM
4. I completed 12 standard in science stream ( Correspondence) by securing 1st class and received marks sheet on 5th August 2020 and now my age is 44 years.
5. Now i wish to enroll for Diploma in Pharmacy course where only day colleges exists.
6. Since iam in 3 rotational shifts and often shift change adjustment with colleagues i can attend day time classes.
7. If my company HR denies permission for day college admission, What i can do?
8. I can assure that i carryout my studies without hamper in my factory work activities.
Please advice
Regards
Narahari
Vinay Kumar Prasad
10 August 2020 at 18:40
Kindly let me know as to what would be Appeal fee amount for filing a SA appeal before DRT Ranchi u/s 17(1) of SARFAESI Act where the disputed demand amount is Rs. 7,34,904/-
A prompt reply will be highly appreciated
Thanks and regards
Vinay Prasad
Advocate , Jamshedpur
Anonymous
23 July 2020 at 22:19
Dear Sir(s),
The resolution professional has issued letter indicating reduction in salary of the employees.
My understanding is that since reduction in salary have adverse impact on calculation of gratuity and other benefits as such reduction may only be done after paying the previous accrued benefit and then starting afresh with the new terms of employment.
Kindly advise so that we may counter the resolution professional proposal.
Any judgment to support the contentions will be appreciated
Anonymous
23 July 2020 at 22:13
Dear Sir(s),
Resolution professional has issued termination letter to the employees without conducting vote on this issue.
My understanding is as under:
Relevant Section is Section 28 (1) (L) read with Section 5 (23) of insolvency and bankruptcy code.
As per these sections Resolution professional can only terminate the employee subsequent to voting conducted in this regard and further upon securing 66% vote in favour of this Agenda.
Kindly advise whether my understanding is correct or else advise the right method of doing during Insolvency.
Any judgment in support of the contention if available may be forwarded.
'
Anonymous
23 July 2020 at 20:50
I am working in a company say X, and currently I am on notice period. It has a 3 months notice of which 1.5 months is remaining. I dont have any project in company X, i am sitting idle here from last 1.5 months.
I have asked the hr and the manager multiple times for early release or short notice period, but they are adamant on not releasing me early. Escalated the matter also, but no results.
On the other hand, the future employer Y, is looking for early joining. All formalities are done, just they are waiting for me to confirm them the joining date. They, preferably, want me to join in August 1st week.
I need early release for joining the Y company. I am ready to pay the money in Lieu Lieu the remaining days, but hr is saying it cannot be done.Can you pls advise me what can be done here?
Ishwar Dutt
13 July 2020 at 10:36
Dear All,
Greetings! Hope all are in good health.
I am writing to know about opening a foundation for helping poor people in terms of free education and medical services. We are a team of 3 people and want to establish a foundation in Uttarakhand (near Almora Dist.) for the mentioned cause. I have some questions as mentioned below:-
1. How to open a foundation? What are the legal formalities? What is the website or particular process to get it done?
2. If possible, how to get free/concessional land in above mentioned area to initiate this noble work?
3. Do we have to go Dehradun (capital of UK) or it can be done with in Almora District ?
4. Any other suggestions if you want to give us.
Kindly guide me on above concerns and I will be thankful to you.
Thanks for reading my message.
With best regards
Ishwar Dutt
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Bank asking forecloser charges
We were enjoying cash credit limit from axis bank since 2017 and now on 15 august 2020 it was due for renewal but now we don't want to renew the limit and close the limit , we have already paid all the dues . We have ask bank for closer of limit in reply they are asking for foreclosure charges
I want to know can they ask for any charges as at time of renewal we asking closer and not in between of the limit and we paid all payment by own fund and there is no take over of limit
And bank is not giving proper reply and keep on delaying
So what should I do and are they liable for any foreclosure charged
Please guide me