Anonymous
14 July 2022 at 03:06
Our Housing Society in Mumbai negotiated and signed MOU with a Developer (a Pvt Ltd Comoany) for Redevelopment of our Society blogs. At the time of signing the Development Agreement, the Developer wanted the Society to sign the DA with its Wholly owned subsidiary, another Pvt.Ltd. company. Over the years this Wholly owned subsidiary has failed to honor its commitments as per DA like paying Corpus Fund, Compensation for Temporary Alternate Accommodation, Penalty for delayed possession etc. They are also not following certain clauses detrimental to the interests of the Society members. They say they are in financial difficulties. What are the responsibilities of the Holding Company under such circumstances and what action the Society can take against the Holding Company?
Krishnaiah Krishnsiah
13 July 2022 at 07:29
Dear experts,
Up to 2017 Lakshmi vilas bank having a good reputation in the market and paying regular dividends and also before a back issued rights shares above rs.100 to it's share holders and all of a sudden tranafered to a Singapore based bank alleging that due to bad or non performing assets.
What the government agencies like reserve bank, legal team before sanctioning loans, Finance ministry,and above all the board of directors about the loans doing for all the time.
Owing to their negligence the share holders like me got heavy losts.
If an ordinary farmer not able to pay his dues in time due to PROPER REASON the bank officials create a BIG SCENE before his house and why not the CONCERNED take a proper action and it is purly INEFFICENCY of the concerned and they must make responsible for that.
It is learnt that there is a case pending regarding the Lakshmi vilas bank in the honourable supreme court and hence is there any positive result or any expert knows the STATUS ?
Anonymous
04 July 2022 at 12:40
Dear Sir(s),
my client's company has been striked off from ROC . The company also has litigation pending in its own name.company is not carrying on any business or operation since its incorporation.
So can we apply voluntarily for withdrawal of company's name from ROC?
what about the litigation . We do not want to revive the company's name.
Krishnaiah Krishnsiah
05 June 2022 at 16:57
Dear experts,
A person having an amount in a bank about 10 lakhs died without nominees but a un registered will executed with having two witness stating that I blessed 7 daughters and performed marriages to all of them and given as per the custms .if I dies my entire properties belongs to my wife after my death and unregistered will deed as per the format. But bank officials are not accepting the unregistered will and not paying the amount and asking a succession certificate.
Would it be convenient for you, give a suitable advice and two of the daughters are expecting something ?
And also procedure?
Is it not valid unregistered will deed?
Thanq experts in advance.
Vijay Dattatraya
02 June 2022 at 02:02
Respected Sir/ Ma'am, Senior is asking me to resign for the breach of code of conduct because as per him i have manipulated the data and mispresented ...Actualy all these are false allegations. He is asking me to resign ..I asked for the termination but he is not doing it.
While reporting to office ,office security and other staff is not allowing me to work..
Please suggest , what can be done ?
Regards
Vijay
Anonymous
28 April 2022 at 11:39
My employer and my client has an 'No Poaching Clause' in contract. However, in my employment agreement, there is no such clause to join my client. I want to know whether 'No-Poaching' clause is valid in court of law and what repercussions can it have on me if I join my client without informing my employer.
Anonymous
27 April 2022 at 14:54
Builder promised me while purchasing flat that I have to pay advance maintenance for next 2 years and after that society formation process will be executed.
Now problem is that it’s been already 4 years completed and builder is not executing society handover process also he is keep increasing maintenance by giving exercise that “existing maintenance shares are not sufficient to run society” also we are getting sub standards services. He also promised us some services which will be delivered soon but they are not yet delivered. Even though we have asked multiple times to provide total income and expenses with bank statements but he is giving exercises on it.
So I want to take your legal opinion on maintenance part and on society handover execution.
Anonymous
25 April 2022 at 00:12
Respected Sir,
Need your help as I'm facing a financial crisis beacuse of a sudden decision by my company to seperate me from the company showing the fact of my performance.
I joined the organization in 2021 june and I have received a joining bonus of 50 thousands in the first month pay which has a lockin period of 12 months(I am completely aware of this.) However in October 2021 the organization has surprised me with a special payout of 2 lakhs showing the facts as demand for skilled employees is more and they have issued this as a retention bonus but they never added the word ''RETENTION BONUS" where the email was with the subject of "Special Pay-Out". (I will add the email clause in the end). When I joined the organization I was hired on one specific skill set but I was thrown to a project where I have to work on a different skill set which I found hard and I was slow with getting adjusted to it. And then I was marked for a PIP (Performance improvement plan) with a 45 days notice, they did not find improvement after that and asked me to leave the organization. I acknowledged this and I have agreed for the same to leave the company within 12 months joining it. After 40 days of leaving the organization I got email stating that I have to repay the 2 lakhs and 50k joining bonus to get my relieving cum experience letter. Please guide me to face this. I am adding the email clauses and few conditions from my offer letter which might be relavant.
Special payout email extract:
We have always ensured competitive salaries for our associates including increment, promotions, and bonus pay-outs in 2020 and 2021. How ever the talent market today is very volatile for various reasons - there is pent up demand owing to lack of hiring
& pay outs last year and increased demand for digitization. As a market correction, we are pleased to announce a payout of 4 lakhs to be paid in two equal installments at a gap of twelve months in October 2021 and October 2022. The payouts are subject to you being on active India rolls (i.e., not on notice period) at the time of pay-out. Each installment has a lock-in of 12 months from the pay-out date. This pay-out is over & above all other pay outs and increments as per your employment. Needless to say, we will continue to ensure that your pay-outs are increasing in line with your performance, company’s performance, and market conditions.
ALSO few conditions in the offer letter are:
1. Additional Payout (if applicable): You will be entitled for a one-time joining bonus of INR 50000 /- (Fifty Thousand only).
This shall be disbursed through first payroll after your joining. There will be a lock in period of Twelve (12) months from
the pay-out date. In case of separation / exit within the lock in period, you will be required to pay back this amount.
2. Termination:
Subject to the retirement and the probation clauses, either party may terminate this employment at any time by
giving a written notice of two successive months to other party or the payment of salary in lieu of the notice period.
In case a shorter notice period is decided by the mutual consent, the payment of salary in lieu of the notice period
shall be commensurate with such shorter notice period. However, please note that accepting any such shorter notice
period would be entirely at the discretion of Organization.
[Sub clause of Termination tab] If you fail, refuse are unable to perform your duties or responsibilities or have been negligent, or if there is a
consistent lack of performance at your end, and/or you fail or refuse to follow any express orders or are unable to
meet the targets/goals prescribed for you by Organization.
3. Return of Organization's property and / or any amounts / advance received:
Upon termination or expiration of your employment for whatever reason or whenever requested by Organization, you shall
immediately deliver to organization all property in your possession or under your control belonging to organization or its parent,
subsidiaries and affiliates, including but not limited to all confidential or proprietary information and trade secrets
and all equipment in good condition (ordinary wear and tear expected). Any sums payable by Organization to you shall be
subject to return of Company’s property in good condition, failing which company shall have the right to deduct the same
from the amounts payable to you or demand reimbursement thereof. Additionally, company will be entitled to adjust
any amounts paid to / received by you from company, from the amounts due and payable to you upon termination.
Fenelia Fantz
20 April 2022 at 20:25
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Need clarification on notice period clause
We have following clause mentioned in offer letter for RSUs or bonus:
"For purposes of this document, Participant's employment or service will be considered terminated as of the date Participant is no longer actively providing services to the Company or its Affiliates Unless otherwise determined by the Company or as set forth in a written agreement between Participant and the Company, Participant's right to vest in the Plan will terminate as of the Termination Date.
The Termination Date will not be extended by any notice period (e.g., Participant's period of service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment or other laws in the jurisdiction where Participant is employed or otherwise rendering services or the terms of Participant's employment or service agreement or other employment or offer letter (if any)."
Now the confusion is if the employee is getting RSU vested during notice period or about to get bonus during notice period then as per this clause can he get the bonus or will the RSU vest? we are confused with following particular statement:
"Participant's period of service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment or other laws in the jurisdiction
Now suppose employee is having 2 months notice period and he is supposed to get bonus in 2nd month of notice period what will happen as per the above clause? will he lose the bonus/RUSs? or he will get it as normal?
Thansks,