Azeem
02 August 2017 at 21:29
I work in a MNC. All people think men dominate women but its not true in mnc culture it's like a cake walk for girls to complaint against boy for silly reason by adding masala into it that this boy sexually harrased me. Companies take decisions conservatively and they decide to terminate that guy on the basis of fake allegations as they don't want to take the risk of harassment against girl. Can't we make a law that if any girl try to trap a boy in fake case girl will get severe punishment too by law?
Aditya Dev
01 August 2017 at 18:42
This is urgent so please i would appreciate speedy replies.
I am an intern - 5th Year
A deposited 1 cr. 3 Lakhs in a company in 2012. Now the company did not issue shares to A in reciprocation. The director of the company also accepted and acknowledged the receipt of the said amount. Now there was correspondence between during the years and till 2015 the director kept on assuring A that he will issue him shares for the said amount.
Now in 2017, after 6 months of silence from the company in response to A's letters, A will be filing a suit against them. Now this is where I and my associate tend to differ.
My associate thinks that the matter will be filed under Section 73 (4) of the Companies Act, 2013 where as I think that section 74 is the correct one.
For Convenience I have mentioned both the sectons -
73. Prohibition on acceptance of deposits from public.—(1) On and after the commencement of
this Act, no company shall invite, accept or renew deposits under this Act from the public except in a
manner provided under this Chapter:
Provided that nothing in this sub-section shall apply to a banking company and nonbanking financial
company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the
Central Government may, after consultation with the Reserve Bank of India, specify in this behalf.
(2) A company may, subject to the passing of a resolution in general meeting and subject to such rules
as may be prescribed in consultation with the Reserve Bank of India, accept deposits from its members on
such terms and conditions, including the provision of security, if any, or for the repayment of such
deposits with interest, as may be agreed upon between the company and its members, subject to the
fulfilment of the following conditions, namely:—
(a) issuance of a circular to its members including therein a statement showing the financial
position of the company, the credit rating obtained, the total number of depositors and the amount due
towards deposits in respect of any previous deposits accepted by the company and such other
particulars in such form and in such manner as may be prescribed;
(b) filing a copy of the circular along with such statement with the Registrar within thirty days
before the date of issue of the circular;
(c) depositing such sum which shall not be less than fifteen per cent. of the amount of its deposits
maturing during a financial year and the financial year next following, and kept in a scheduled bank
in a separate bank account to be called as deposit repayment reserve account;
(d) providing such deposit insurance in such manner and to such extent as may be prescribed;
(e) certifying that the company has not committed any default in the repayment of deposits
accepted either before or after the commencement of this Act or payment of interest on such deposits;
and
(f) providing security, if any for the due repayment of the amount of deposit or the interest
thereon including the creation of such charge on the property or assets of the company:
Provided that in case where a company does not secure the deposits or secures such deposits
partially, then, the deposits shall be termed as ‗‗unsecured deposits‘‘ and shall be so quoted in every
circular, form, advertisement or in any document related to invitation or acceptance of deposits.
59
(3) Every deposit accepted by a company under sub-section (2) shall be repaid with interest in
accordance with the terms and conditions of the agreement referred to in that sub-section.
(4) Where a company fails to repay the deposit or part thereof or any interest thereon under subsection
(3), the depositor concerned may apply to the Tribunal for an order directing the company to pay
the sum due or for any loss or damage incurred by him as a result of such non-payment and for such other
orders as the Tribunal may deem fit.
(5) The deposit repayment reserve account referred to in clause (c) of sub-section (2) shall not be used
by the company for any purpose other than repayment of deposits.
Section 74
74. Repayment of deposits, etc., accepted before commencement of this Act.—(1) Where in
respect of any deposit accepted by a company before the commencement of this Act, the amount of such
deposit or part thereof or any interest due thereon remains unpaid on such commencement or becomes
due at any time thereafter, the company shall—
(a) file, within a period of three months from such commencement or from the date on which
such payments, are due, with the Registrar a statement of all the deposits accepted by the company
and sums remaining unpaid on such amount with the interest payable thereon along with the
arrangements made for such repayment, notwithstanding anything contained in any other law for the
time being in force or under the terms and conditions subject to which the deposit was accepted or
any scheme framed under any law; and
(b) repay within one year from such commencement or from the date on which such payments are
due, whichever is earlier.
(2) The Tribunal may on an application made by the company, after considering the financial
condition of the company, the amount of deposit or part thereof and the interest payable thereon and such
other matters, allow further time as considered reasonable to the company to repay the deposit.
(3) If a company fails to repay the deposit or part thereof or any interest thereon within the time
specified in sub-section (1) or such further time as may be allowed by the Tribunal under sub-section (2),
the company shall, in addition to the payment of the amount of deposit or part thereof and the interest
due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten
crore rupees and every officer of the company who is in default shall be punishable with imprisonment
which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but
which may extend to two crore rupees, or with both.
Now i think that clearly section 73 deals with post commencement deposit and provides the pre - requisites for the same. Hence in my opinion, because A deposited money in 2012, therefore 74 is applicable as the title of this section is "Repayment of deposits, etc., accepted before commencement of this Act".
Now please tell me two things:
1 - Whether I am right or not to say that section 74 is the correct choice as it deals with pre-commencement deposit??
2- And if i am right, then what remedy is available with the depositor as section 74 says that the "Company" shall approach the registrar??
Because in our case the company has not allotted the shares in the last 5 years and neither has returned the amount that A deposited. Therefore if a company does not go to the registrar as per section 74(1)(a), then what remedy a depositor has??
I know this is a long post, but please read it carefully and do reply soon.
Awaiting replies.
Thanks
Rajesh Kumar Agrawal
29 July 2017 at 18:49
1) A Land is purchased and registered with the Registrar of Assurances in the name of A,B and C, in 2007.
2) The above Land was transferred in the name of a Company XYZ Pvt Ltd.,in which all A, B and C are the Directors, in FY 2009-2010
3) The Company issued Equity Shares to the Directors A, B and C in FY 2009-2010 on account of sale consideration of the Land. The Land was not registered with the Registrar of Assurances, at that time in favour of the Company XYZ Pvt. Ltd., but Land was reflected in the books of Accounts of the Company as its Assets, in EY 2009-10.
4) In FY 2010-2011, the Company erected a factory building on the above Land.
5) Land and Building, both are now reflected in the Books Of Accounts of XYZ Pvt Ltd., since FY 2010-2011.
6) The Company is not running well , and the Directors have also given loan to the Company, in addition to the Capital Invested.Now the Directors want to close the sick Co.
7) Now, Can the Company give back the land , by sale or transfer the land, so that the loan of the Directors are paid off. The Company cannot get the sale deed registered with the registrar of Assurances as already, the records of registrar of assurances and land revenue records , show A, B and C as the owners of the Land, (as the land was registered in their name with Registrar of Assurances, in EY 2007-08, at the time of purchase, and the land was not registered with the registrar in 2009-10, when the sale was executed through allotment of equity shares of the Company).
An early and quick reply will be highly appreciated
Thanx
Azeem
28 July 2017 at 01:49
One of my friend was in a friendship with girl at office they used to joke alot sometimes they crack adult jokes on each other too. After some time they fought bcoz of ego issue they are not talking to each other but suddenly she complained at office that he harassed her he many times touched her inappropriately and he used abusive words against her. My question is, if company terminate my friend what can my friend do to save his job is there any law which can help him?
Kamini
27 July 2017 at 13:03
Hi my husband is working in a french based investment bank, 2 months back he was sent on some project on-site in Luxembourg for 2 months when he was about to leave , he was asked to sign a bond and told you have to 50000 thousand if u leave organization before 1 year from now. Now he got the better opportunity and ready to serve 2 months notice and ready to pay 50000 but now they are saying you are liable to pay entire trip cost somewhere around 10 lacs. Where in the agreement it is mentioned that liability of the damage and cost to the company will be not less and more than 50000. They contradicting their statement and trying to confuse and scare us. Please suggest, my husband doesn't want to lose new opportunity becos it is like once in a life time..pls it's urgent
Manish
26 July 2017 at 22:53
Dear sir
I have been banking with scb since 2010 and had lc limits with them
My renewal was due on 17th june 2016 and i refused to agree with there terms on prepayment charges
My rm kept on saying that he has put request for removing that clause and on feb 24 2017 he came to our office and said we can not extend documentation any further.
So in his good faith i cutted that clause with pen and signed there and submiited the document.
On 26th feb the bank dropped my limit without any info and told us if we dont sign the doc properlly they wont start our limits
Meanwhile on 15th march 2017 we got our limits from another nationalised bank and we started with our operations there
Now od utilization was nill since 1st march 2017 and lc payments finished on 20th june 2017
Now bank has started asking for 2% foreclosure charges agst our security documents.
Are we liable to pay the same ??
Dinesh Kumar Sharma
25 July 2017 at 11:16
I took cloud server in Nov'2016 from one of very known company of India. Till May'2017, I was not using the server. I started using the services in May last week. I got 20GB free bandwidth usage per month in basic plan.
Suddenly company officials sent me a mail on 31st May'2017 that I have used 1750GB bandwidth during 26-29th May and now need to pay the bill of INR 50000 (Incl. ST). However they have sent no intimation of 20GB free bandwidth consumption. On asking about the intimation mails or messages, the company officials were not answerable for 45 days. and on 14th July'17 they showed 3 mails (looking fake mails) showing that they have intimated me However I didn't rcvd those mails and told me to pay outstanding by very next day. Then I asked for the Server logs proving that they have sent a mail to me and it was delivered. Company again refused for any such logs and after one week, they sent a mail from their legal authorities to pay the bill. Pls suggest What should I do in this case as they are forcing me to pay the amount without proving themselves right...
SANJAY SINGH
25 July 2017 at 07:23
Sir,
Thanks !!!
My company "C" placed purchase order to vendor "V" for a rate contract for two years for supply to a location "L" of the company. The vendor "V" has executed part of the order.
In the meantime my company "C" has formed a joined venture company "J" and the particular location "L" is now part of the new joint venture company "J".
Now, the unexecuted part of the contract is required to be shifted to the new Joint venture company.
Kindly request expert to please advise on the steps to be taken.
Thanking you.
ChandanLawyersclub
20 July 2017 at 22:30
Dear Experts,
companies at senior level give 15-20% variable pay(80% fix+20% variable). Variable pay, which they use to pay to any one who completes financial year with company. Suppose one resigns and gets relieves after 31st March will get variable pay. Company use to send cheque to home, once it is declared.
From some years my company has changed the policy, variable pay will be only given if you are on roll on the date of disbursement. Normally they disburse it in July- august to reduced cost , as much you delay , leaving people will not get.
Since it is pay of previous financial year, this rule was made by some smart finance guy to save cost.
Is it legal for any company not to give variable pay of previous year despite employee has completed full financial year with the company. What labor law says on that.
thanks in advance
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Directors protection against cheating.
HI,
We are only 2 Directors in Pvt ltd company. So Both the Directors is having share percentage 60 and 40% share. So what document and procedure and protection should follow that director who is having only 40% share in the company. if in that case the director for bigger share try to sacking lower share partner. Please guide us.