Corporate Law queries

Dhrumil 04 June 2009 at 22:51

Companies Act.

Section 297 is applicable if the transaction is between private company and public company or between two private companies.However, section 297 is exempt if the transaction is between two public company. i want to know reason behind it.

Continue

sanjay chugh 04 June 2009 at 16:25

company law

1. As per Section 193 of the Act, minutes of the Board meeting are to be signed by Chairman of the meeting or Chairman of the succeeding meeting.

Our Chairman is busy getting business for the Company and does not have time for signing of statutory documents/minutes etc and wants to authorize the Vice chairman to do all the signing of paper work.. Can Chairman delegate duty of signing of the Board Minutes to the Vice Chairman, where there is one by authorising him to sign on his behalf?

2. Further, Can any Director execute General Power of Attorney to some other person/Director to do the following acts, deeds and things like:
1. To represent in meetings and cast vote
2. To sign papers/docs which may be required in the usual course of business in capacity as Director
3. To enjoy all the powers and benefits which in capacity of Director I am entitled to
4. To do all lawful acts necessary for performance of all my duties, obligations, rights and interests as a Director

Declaration : I hereby declarate that all such acts, deeds and things that may be done by my above Attorney by virtue of the powers hereby conferred shall be binding on me if done by me in personam and I ratify all such acts that may be done by my above said Power of Attorney holder.

Continue

Rajarshi Ghosh 04 June 2009 at 13:17

Personal loan by Pvt. ltd. co.

Company Name: AGPL Pvt. Ltd.(AGPL)

Background of the case: AGPL was incorporated on 20.01.2007. The main object of the company is trading of various kinds of goods. The company has, in the financial year 2008-2009, given unsecured loans to 3 individuals for Rs. 500,000/- each at an interest of 12% p.a. AGPL is neither an NBFC nor did it apply for the registration in the F.Y. 08-09.

Query:

1. Whether there is any restriction under Companies Act or any other law for the time being in force whereby a private limited company is restricted from giving personal loan as stated above.

2. If there is a restriction, under which statute is it

Continue

Rameshchandran 18 August 2008 at 17:59

power of managing director to delegate his power to sign as occupier

Dear members of the Legal fraternity,

ours is a private limited company and the managing director is always in tour to foreign countries. He wanted to deligate
his power to sign in inspector of factories and such like files to General manager as the "Occupier". What procedure has to be done for that? NB: There are other two partner in the company who are also residing in foreign countries.

Whether he wanted to call for Director Board Meeting to get confermation of his decision. If not what is the procedure to be adopted?

Kindly reply to me immediately to enble me to render my duty as a legal assistant in our company.

thanking you

Rameshchandran

Continue

Subrahmanyam 06 August 2008 at 19:36

Appointment of MD in listed Co.

Say the position of MD is expiring in the middle of the year say on 1 Nov 2007, however no action is taken in this regard after that date. He is re-appointed in the share holders meeting conducted after 31 march 2008 with retrospective effect.

1) In such a case what is the law, is the appointment valid,

2)Are the transactions done in between 1 Nov 2007 and 31 March 2008 valid even if they are not specifically ratified

Continue

Dhrumil 06 August 2008 at 12:34

Taxation aspect of Venture Capital

Can any one have idea of taxation aspect of setting up venture capital

Continue

shantilal k. patel 05 August 2008 at 15:36

Public Litigation in case of Auditors of Listed Public Limited Companies

Can firm of chartered accountants be prevented to act as auditor of listed public limited companies if

(a)one of the parter has filed criminal/civil cases against other partners
(b)They do not talk to each other.
(c)there was fight amoung the partners,matter went to the court and court directed that all the financial transactons should be sign by two partners each representing one group
(d)filing cases by partners against each other is a ongoing process

Can Hight Court restrain such firm to
act as a Auditor of Listed Public Limited Companies if PIL is filed?

Continue

ca anil 09 July 2008 at 13:59