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
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.
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?
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
Whether NHB provides funds for lending to Housing finance companies? We are aware that they are providing refinancing facilities, but whether they are providing direct financing as well?
I hold decree debt against an unlisted PLC,but company has stayed the execution for the last 5 years. Meanwhile promoters have abandoned the company, siphoned off almost all its assets, and floated new companies to carry on the old business ! Old company is still Active in MCA records.
Understandably this is Fraud by company promoters under Indian company Law,called 'Phoenixing' !
How do I make the errant Directors too liable ,apart from the company, as and when we file the EP against the PLC ?
Do I file a seperate EOW case for this prayer or will the EP court itself will hear this prayer ?
Can a poor lady who doesn't have bank account or PAN Card, can become the member of Nidhi company by taking 10 shares in cash.
Kindly suggest what should be the name of the agreement. Case is as below.
The promoters of a Company approach a investor to invest in equity of der unlisted public company.
The promoters guaranteed certain fixed IRR on that investment on der company and return of that investment at a fixed price..
Now this investor wish to pen all the things into an agreement.
Then what should be the name of that agreement. And can the investor make the company a party to that agreement which is legally enforceable.
As per companies Act 2013 section (2) subsection (77):
(77) ‘‘relative’’, with reference to any person, means any one who is related to
(i) they are members of a Hindu Undivided Family;
(ii) they are husband and wife; or
(iii) one person is related to the other in such manner as may be prescribed;
Mr. R had three sons, named Ka, Mo, Mu. Mr. R as well as his sons Ka, Mu are no more.
Huf of R never used in any type of activity whether business or income tax purpose.
Son of Ka has significant influence in the company.
Wife of Son of Ka is director of the company.
Grandsons of Ka are also directors in the company.
1.Whether grandson of Mu is relative of grandson/daughter in of Ka as per section 2(77) of companies Act 2013 ?
2.Whether wife of Mu is relative of grandson/daughter in law of Ka as per section 2(77) of companies Act 2013 ?
3.Whether the Huf of son of Mu (where all members of Huf is shareholder of the company) is relative of son of Ka or wife of son of Ka or grandson of Ka as per section 2(77) of companies Act 2013 or in any other act ?
1-Is there any minimum/maximum rate of interest at which NBFC/housing finance has to give housing loans to the public?
2-What is the cost of funds for new NBFC/housing finance companies at the initial stage?
3- What are the ways with which NBFC/housing finance companies can bring down it cost of funding over a period of time?
Can anyone help with these questions, it will be of great help