Corporate Law queries

Bhushan K 03 October 2011 at 17:50

Distribution agreement - principal to principal or agency

Hi,

The mutual fund companies in India signs non exclusive distribution agreement with various Banks and other entities for distribution of their products. They mention in the agreement that the arrangement is Principal to Principal basis.

The Distributors act as the agent of the customer.

My query is whether such distributors can be construed as agents of such Mutual Fund by their act even if the relationship is clearly described in agreement?

Thanks

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Bhushan K 19 September 2011 at 17:30

Mrtp query

Dear all,

SEBI regulations such as takeover code, PMS regulation has defined the word "Group" as group as defined in MRTP Act. Now since, the MRTP Act has repealed, should we still refer to it for the purpose of definition of Group or should we refer to Competition Act.

Thanks

BK

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Bhushan K 09 June 2011 at 17:21

Decree issued by Lok Adalat

In one of the investment folio (mutual fund)with us the investor had nominated his son as a noominee. After the death of the investor the three sons of the investor entered into a family settlement and filed a petition for decree with Lok Adalat. The Lok adalat issued a decree with instructions to Banks, Post Offices, LIC MF etc to divide the amount and transmit.

Are Lok Adalats authorised to issue such orders. Are such decrees issued by Lok Adalats shall be sufficient for transmission purpose and shall such decrees be accepted in place of legal heir certificate ?

Thanks

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Bhushan K 24 May 2011 at 12:39

Charitable trusts in Karnataka - approved investments

Dear friends,

Can you please help me with the list of approved investments allowed to charitable trusts registered in Karnataka.

Else can anybody provide me a copy of the applicable act in karnataka for charitable trusts.

Thanks

BK

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Bhushan K 13 May 2011 at 10:51

Cheque deposit process

Hi,

We have received an order from High Court Mumbai to deposit some money in the name of Prothonotary & senior master, High Court, Mumbai.

What is the process of depositing the money ? shall we issue a cheque and send to them with a letter ? whats the address for prothonotary & Senior Master, Bombay High Court ?

Thanks

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Bhushan K 13 May 2011 at 10:23

Competition law - query

Dear All,

I have a query as follows:

There is an association of trade in India to which all the entities doing that trade are members. As per the notification of Government, the Association is authorised and is the centre point for registration of distributors for sale and marketing of the products. No one can distribute the products unless registered with the Association (as per government mandate). The Association charges registration fees and renewal fees (every three years) to distributors for such services.

The fees so charges varies from legal status of distributors.

e.g. Individual - 10000
Partnership - 20000
Senior citizen - 5000
pvt. ltd companies - 1,00,000
public limited companies - 10,00,000
etc.

whether charging such differential fees based on the legal status of distributors is in violation of sec 3 or 4 of Competitation Act ? Whether it limits or controls the competition ? more particularly in case of pvt. ltd and public limited companies, is it limiting competition ?

Please share your valued opinion.

Thanks in advance.

B K G

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Bhushan K 27 April 2011 at 19:43

Status of HUF - urgent

Dear all,

I am in need of the resolution of the following query.

Father, mother and unmarried daughter were part of HUF. The daughter got married and later father expired leaving his wife and married daughter. My queries are as follows:

1. What is the status of HUF, dissolved or continuing?
2. If continuing, who will become karta ?
3. If dissoved who are cLaimants to HUF property?

Need help urgently.

Thanks
BKG

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Bhushan K 20 April 2011 at 12:42

powers of economic offence wing to order redemption of mutual fund units

Hi All,

We are an AMC and few months ago, we had received a letter from economic offence wing of police dept to freeze certain folios of mutual fund belonging to someone involed in criminal offences. we had acted on the instructions of the police. later on they asked us to provide them the latest accounts statement and we provided them. Now we have received another letter from them asking us to redeem the units and invest in liquid fund so that the money remain safe from market fluactuations and can be returned to the depositors.

My Query is whether EOW of police has powers to issue such order and if yes under what section and are we required to abide by the same. Should we ask them to provide us with Court order ?

Thanks

Bhushan

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Bhushan K 15 April 2011 at 11:14

Legal heirs of minor property

Hi All,

I want to know in case of death of a minor who shall own the property of the Minor. In hindu succession act there is no mention of inheritence of minor's properties. Does the same rule applies to a minor which applies to a major ?

Thanks

Bhushan

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