Anonymous
04 June 2010 at 15:21
1. The Company was incorporated in beginning 2007
2. The Paid up Capital of Rs.1 lac (10000 shares of Rs.10/- each) was divided as follows:
1. Mr.P 99.90%
2. Mr.Q .1%
3. Mr.P, Q, R and S were the directors of the Company. Mr.P had entered into a shareholder agreement (SHA) with R and separate agreement with S to form this new Company, whereby Mr.P was to transfer 10% of shares each to R and S respectively. The same was done in year 2008 at face value. The SHA however, does not form part of the articles and is being informally agreed between the parties.
Revised Shareholding pattern in 2008 (Post above transfer) is as follows:
1. Mr.P 79.90%
2. Mr.Q .1%
3. Mr.R 10%
4. Mr.S 10%
4. Now, there was a deadlock in management as Mr.S could not bring in desired business and there was non-performance. Mr.S has resigned in end 2009 at his will and has also returned the shares at nil consideration and wants to move on. The same has been mutually agreed to between Mr.P, Mr.R and Mr.S.
5. The Book Value of the Company is very high in view of accumulated profits. Mr.R wants to just return the shares without any consideration and move on.
6. The Company has further done private placement in March 2010 for 40,000 shares to a Company which subsequent to this becomes its holding Company (80%). The Total Paid up Capital now is Rs. 5 lac.
Query :
1. Company Law : How can he return the shares to the Company so that it does not hit section 77 (Purchase of own shares by a company) and Section 100 (Reduction of Capital) of the Companies Act, 1956.
2. Tax : Please enlighten on the tax implications u/s 56 or any other section. We do not want any tax implication in the hands of the recipient.
sangeeta
04 June 2010 at 14:51
daer
i have one question
1.my society taked two building on rent 10 and 15 years , ,,both owner is same only 10 year building his wife name is also joint
2. he told me all property for comercial use like hospital school etc work that menstion in lease .
3 after some days i have come to know that some floor of that building map is not approved by meerut development atrorty (mda) and in betweet that sealed by mda .and suit filed by mda by his name on that building
4 another some porstion map is also not approved by mda , have notice in second 15 year building
5. in civil court he declared who say my map is not approved by mda , my map is approved by mda (he tell a lie ) after this pws that building was sealed, by mda
note---- all this is froed or not
geeta mob-9897146475
abdulla
04 June 2010 at 12:43
FACTS
Mr. A owns a 10,000 sq ft. plot. on this plot he constructs a building on a portion of the plot measuring 3000 sq ft. After certain years he leases the vacant portion of the plot (7000 sq ft.) to a builder to develop the same.
The builder constructs a building and sells the flats. The flat owners form a Co-Operative Housing Society under Maharshtra Co-Op Soc. Act 1960. How ever the land on which building is constructed by the builder is neither subdivided from the original plot nor is the land conveyed to the society. After about 30 years of the construction of the building by the builder Mr. B buys the land rights of all 10,000 sq ft. from Mr. A’s heirs and gets his name registered on the property card.
PLAN
Now Mr.B wants to buy all the flats in the registered co-op society and demolish all the structures and construct a single new building on that plot.
HOW BEST TO EXECUTE THE PLAN
How should he buy the flats? What will happen once the no. of members of the society falls below the stipulated mandatory number of 10? We should decide in view of the fact that the society does not have the conveyance of the plot. Can the society be dissolved? Can Mr.B buy flats in the society and the society can still exist with less than 10 members?
n v sudhakar
04 June 2010 at 11:58
Ours is a service industry registered under Service tax. While providing services to our clients we use some packing material. To save cost, we procured a corrugated manufacturing machine, and making corrugated cartons on our own by buying craft paper. While billing to our clients we do not show packing material cost separately i.e, our billing includes packing material cost. we are paying required service tax on these billings.
Now the query is whether the above comes under manufacturing and whether we need to take central excise licence and pay excise duty? If yes, how to calculate the assessable value. Again if yes, whether we need to pay both central excise and service tax on a single service?
N V SUDHAKAR
syed masood
03 June 2010 at 20:04
Hi,
1. If a non-farmer buy a land in Tamil Nadu, how he can buy.
2. If he purchases an agricultural land in Tamil Nadu, is it possible to purchase an agricultural land in other states of india as a farmer.
3. Is there any time duration to a person to become a farmer after purchasing agricultural land in Tamil Nadu.
Baskaran Kanakasabai
03 June 2010 at 19:59
According to Transfer of Properties Act,1882:
"a person is said to have notice" of a fact when he actually knows that fact, or when, but for wilful abstention from an enquiry or search which he ought to have made, or gross negligence, he would have known it.
Explanation I: Where any transaction relating to immovable property is required by law to be and has been effected by a registered instrument, any person acquiring such property or any part of, or share or interest in, such property shall be deemed to have notice of such instrument as from the date of registration or, where the property is not all situated in one sub-district, or where the registered instrument has been registered under sub-section (2) of section 30 of the Indian Registration Act, 1908 (16 of 1908), from the earliest date on which any memorandum of such registered instrument has been filed by any Sub-Registrar within whose sub-district any part of the property which is being acquired, or of the property wherein a share or interest is being acquired, is situated:
PROVIDED that-
(1) the instrument has been registered and its registration completed in the manner prescribed by the Indian Registration Act, 1908 (16 of 1908), and the rules made thereunder,
(2) the instrument of memorandum has been duly entered or filed, as the case may be, in books kept under section 51 of that Act, and
(3) the particulars regarding the transaction to which the instrument relates have been correctly entered in the indexes kept under section 55 of that Act.
Does it mean that the buyer of a land shall be said to have notice of any instrument (pertaining to any transaction relating to immovable property) provided it is registered duly in the registers of the ROD?
If that is so, notification under 4(1) is never registered in India, then how the buyer of a notified land shall be said to have notice of such notification?
Therefore will it be reasonable to conclude that a buyer of a notified land can be said to have had notice of a notification under 4(1) only if such notification is registered before he buys it.
A very meaningful logical extension of what is said in our Transfer of Properties Act,1882 is laid down in the definition provided in sec 16. of the Hong Kong Land Title Ordinance which is as follows :
"Sec.16
Entry in Title register constitutes notice to all persons.
All persons are deemed to have notice of every entry in the Title Register."
If the logic applies to Hong Kong which has an area of over 1000 sq.km., and a population of over 70 lakhs, will it not apply (more so) for India which is 3000 times larger than Hong Kong in area and 150 times larger in terms of population.
Baskaran Kanakasabai
03 June 2010 at 12:23
If any expert has handled a case under LA Act,1894 in which the buyer has purchased land after 4(1) notification, kindly let me know.
Anonymous
02 June 2010 at 13:13
Hello
I work as an Compliance officer for a pharma company and i am looking for paralegal certification courses in mumbai. Can you guide me which institute conducts such course and which institution is reputed?
N.GIRIPRASAD
02 June 2010 at 13:03
If independent house is to be built on a plot of land, the work or the contract would be given to the builder.Many times the builder demands money but does not adhere to the schedule in work completion & does not do the work we want. What is the care to be taken in such cases while entering into an agreement with the builder in such cases. Is there a standard agreement to be entered in such cases to avoid the above mentioned problems or other problems apart. Kindly clarify
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letter of administration
Dear Sir
My mother had acquired two row houses of her brothers asset and lettervof administration is been issued thru madras high court . now the problem is that she is very old nearing 80 and she wants to nominate me as her only son for the assets to be distributed since if she sells it now it can capture hightax capital gain but when we enquire our lawyer what he says is that with the letter of administration what she got she cannot nominate her children but she can sell it off by with holding for more that three years for gaining low tax capital gain. Sir pl advice in this regard since i am totally confused
regards
R_PVK