Urgent query- loan agreement, who is correct?
akash
(Querist) 17 June 2013
This query is : Resolved
Hello Experts,
ABC Private Limited has taken a loan from a former director (Ms XYZ) who exited the company and now only holds a token 10 shares. She had given a loan of Rs 3 lakhs on March 1, 2012 (when she was a director). The notarised loan agreement, which has been signed by both parties on January 1, 2013, has these two conditions-
"Interest: ABC Pvt Ltd shall pay to Ms XYZ interest on the principal amount of the Rupee Loan outstanding from time to time half-yearly on July 1 and January 1 in each year at the rate of 15% per annum from the date of this agreement"
"No additional payments of any kind whatsoever are due from ABC Pvt Ltd to Ms XYZ, including for any services that she provided to The Borrower in her capacity as a Director"
Now Ms XYZ is claiming that the interest is due starting from February 1, 2012 whereas ABC Pvt Ltd is of the opinion that the interest is due starting from January 1,2013 as that was the date of agreement. Can Ms XYZ claim interest from a previous date under any condition? The loan was interest free when it was given by the directors initially.
I think that ABC private limited is correct and that Ms XYZ cannot claim a higher interest but would like to get your expert opinions.
Thanks in advance
ajay sethi
(Expert) 17 June 2013
company can afford legal fees
akash
(Querist) 17 June 2013
I think you might have hit enter earlier, cannot see the rest of your reply.
Guest
(Expert) 17 June 2013
Mr. Akash,
Except full stop (.) rest of the reply of Shri Ajay Sethi is complete. His reply intends to point out that free service is provided to the needy individuals to sort out their problems, not to the companies.
akash
(Querist) 17 June 2013
Mr Dhingra and Mr Sethi,
I'm specializing in real estate and law in a distance learning program, and thus don't have the benefit of experts like you in real life. A company would have their own legal expert to answer queries like this and would not be posting on this forum.
As you can see from my other posts, my queries relate to real estate and business laws.
Please do not discourage students like me from posting queries by giving replies like these.
Vidhi Joshi
(Expert) 17 June 2013
Dear Student,
Academic and hypothetical queries wont be answered!
Suggestion: Post the same in forum for discussion.
Raj Kumar Makkad
(Expert) 17 June 2013
It shall be better for you to avail the services of your teachers in this regard and being student, you are also required to go through law books and depend upon self study.
akash
(Querist) 18 June 2013
Sure, I'll post this in the discussion section.
Mr Makkad- you've helped me on a lot of my queries earlier. Thank you. We don't get access to teachers in the distance learning program. I've gone through the books and that's why I mentioned that ABC pvt ltd seems to be correct. I wanted to get opinion of others too, hence the post.
Guest
(Expert) 18 June 2013
Mr. Askash,
Thanks for the great news for us that you are a student and specializing in real estate and law in a distance learning program. But, nowhere that fact is revealed either in your profile, which speaks, "I will be updating it soon", or anywhere while discussing your problem.
Since you are a MANAGER (as per your profile) with some company, and your problem is of commercial nature, anyone can assume that you have posted the problem on behalf of the company.
Of course, people who are relectant in stating the real fact about the problem along with their relation with the problem or are arrogant in their replies, cannot expect any benefit of experts in real life. Had you stated the real fact while discussing your problem by introducing yourself appropriately, you could have expecte some solution to your problem.
Moreover that was not the way to get help by posing a query of academic nature. You must have introduced yourself properly and expressed your own view points, along with relevant section of the concerned Act, to ask for the comments of the experts to help you check whether your perception is correct or not. So, where is the point not to treat your present explanatory post addressed to Shri Sethi and me, as just a lame excuse part in a bid to justify your query.
Also, if you are really a student, better pose your problem during the study session in your assigned study centre of the distant education program to help in your studies.
About me, please be aware, a person can expect help from me in his personal problem, not in hypothetical unrelated problems.
akash
(Querist) 18 June 2013
Mr Dhingra, I'm not sure how you saw my reply as arrogant. As far as i understand, there is no restriction on using forums such as these to increase our knowledge. We are all here to help each other. Also, no one is forced to post or reply to any queries and its completely voluntary. If you don't wish to help in hypothetical questions Sir, its completely ok.
As instructed I've posted the query on the Discussions page- http://www.lawyersclubindia.com/forum/Loan-agreement-who-is-correct--82840.asp.
Discussions tab does not seem to be as active as Experts one and there isn't even a single reply to the query, which should be really easy for anyone with the vast experience that the experts here possess and would have taken less than couple of lines to explain, instead of the multiple posts questioning me.
