Manish.Mehta
02 June 2010 at 11:51
Please advice me on :law for Transfer of currently existing money lending license from one member to another member in the family ( before death ) and law for change of status of license from sole proprietor to partnership firm
sweta
02 June 2010 at 10:18
Dear Members,
Kindly clarify whether while conversion of Private Company into LLP is it necessary to have minimum contribution of the LLP equal to Paid - up Capital of the Private Company.
Your early reply is highly appreciated.
Warm Regards,
Sweta
Anonymous
28 May 2010 at 15:26
I am amit kumar singh i am working as a accountant in a ltd co. i want to what is rate of vat on plastic product in west bengal.
please give me your suggestion as soon as possible.
Thanking You
Amit.
asifa butt
27 May 2010 at 10:34
what is assignment of receivables.can any one send me an agreement/draft of assignment of receivables as security?
Anonymous
26 May 2010 at 14:45
One of our client is going for winding up of the company. It is voluntary winding up by the members. Major problem is there are 5 directors of which 3 are foreign national and 2 are Indian National in the company. But at the time of filing DIN 2 & 3 by the Company it has filed only for 4 directors. The one director left with out any DIN is Indian National having no DIN 1 up to now and at present he is settled in foreign country a year back. He is not co operating for filing DIN 1 in his name. Can we mention that the office of the so called director has been vacant under section 283 of the companies act for not attending 3 boar meetings. If so there is any requirement of filing any document with ROC for such vacation Or there are any alternative methods. If so please suggest the same at the earliest along with the checklist for complying with requirements of ROC for winding up of the company.
The company was formed in the Year 2002.
Is the any simplified exit scheme (SES) for the Year 2010 if so pls intimate.
Pls resolve the query at the earliest.
bharat
26 May 2010 at 10:56
Dear Sir,
We had entered into a contract with Delhi Transport Corporation for providing Electronic Ticketing Machines which also included providing manpower for managing operations at depots, providing consumables like paper for ticketing etc. Our source of revenue was through advertisement on tickets.
But the business model did not sustain due to lack of cooperation from the bus conductors and DTC officials and non availability of ads during that period.
Now another tender has been floated by Delhi Integrated Multi Model Transit System for purchase Electronic Ticketing Machines. The payment shall be made to the vendor on the basis of per ticket issued through this machine.
My question is
What should we do to save ourselves?
Can there be two different business models for the similar type of work?
Is there any court judgement referring to my question above.
Hoping to get an early reply from your side pl.
Thanks and rgs
Bharat
Anonymous
22 May 2010 at 17:57
A Private Company is incorporating the subsidiary company. The project cost is 5 crore, but the promoters do not want have paid up capital as 5 crore. And they are planning to issue 5% of the initial paid up capital to one of the first directors (A) under ESOP/ Sweat Equity Plan over the period of three years i.e, 1.67% at the end of each year.
Can a company issue the shares at premium for the first allotment?
Please guide me to structure the capital of the Company, and what will be share of the promoter Company and the director A (Remember Company wants Rs. 5 crore for its project). Its urgent, please help me out
VIJAY K. TEOTIA
19 May 2010 at 14:37
whether the provision of PFA Act are applicable to the samples used and distributed for the promotion of sale of a product. are there any exemptions available to the samples if yes, what are those.
asifa butt
19 May 2010 at 14:12
what is cash capture clause?what are its legal consequences ?
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RETURN OF SHARES
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.