Car lease dispute with investors
I am the founder member and director of company founded in Sep 12 as it was the Technology based startup we acquired some equity based funding from a private investor in Mar 13 . At time of formation of company I have transferred the car lease from my previous employer to this company .
Now as per investors agreement I am entitled for a monthly remuneration of 25% of my salary and rest goes as debt to company and becomes payable once the goes positive. This agreement doesnt say anything about the car lease .
Now post the agreement company was paying the Car lease + my remuneration but after 13 months investors stopped my salary saying that my remuneration should include the car lease amount so they stopped my remuneration which is mentioned in agreement .
Please suggest how this things stands in Law ?
Asked 2 years ago in Business Law from New Delhi, Delhi
1it is necessary to peruse agreement signed by you with the company .
2) the issue as to whether you would be entitled to car lease amount can only be stated after going through the clauses of investor agreement .
3) if agreement is silent about car lease you wont be entitled to recover the same from the company .
1. The rights and liabilities in your case will flow out of the agreement alone. By an agreement you can confer and restrict some rights. So a threadbare perusal of the agreement is germane to decide what is the nature and extent of your rights.
2. If the original agreement is silent about car lease then the terms of agreement cannot be unilaterally changed so as to include car lease in the remuneration.
One what terms the car Lease was transferred to this company. We need peruse the documents relating to the terms of the transfer.
appointment letter or agreement need to be pursue for best advise, it will be better to mentioned the terms and conditions here
Advocate, New Delhi
1. What has been mentioned in the agreement about the payment of the lease amount?
2. If nothing in this regard is mentioned in the said agreement then you shall have to bear the same,
3. The Company/Investors is/are right in deducting the said lease amount from your salary.
you are entitled to get every benefits which is mentioned in agreement. if there is any oral agreement in the extension of that agreement then it shall be also included in the agreement but it is presumed that conditions which are written in agreement shall not be altered by oral agreement.
Your remuneration shall be governed by the agreement. without knowing agreement i can't say more about this.