Legal questions on Business Law

Director is working against the company

A director ( Mr. X) who is also the shareholder of 44% in my company , while I am ( Mr. Y) also the director and holding 55% share of company and operating the company with another Director ( Mr. Z) having NIL share. Mr. X is creating the hurdle and false complain submitted to BANK and made the request to close the all advance facility of company , therefore bank had reduced the advance fac...

Regarding irregularities of the Management

Respected Sir, I am T Nagaraju from Rayagada District, Odisha want to write few lines that, few days ago (last month) all the manager's of the L and T Finance branch unitedly has made false allegations on me to operational management of the said comapany. And also without any telephonic/written intimation to me they were removed all the Whatsap groups and blocked official gmail and other login...

Family business share issue with brothers and father

Hi, I have a family clothing business which constitute a 5Cr 3 storey showroom( built on the ancestral property given to my dad and an uncle by my grandmother), plus the clothing assets/material worth 2-3Cr in showroom. My uncle gave away his share to my father in a verbal agreeement or probably through a deed as my father helped him purchase another showroom in 1990( I think he still has name ...

Paper plate business loss by family relative

Hi, One of my family relative approached me for starting a business. But not planned which business to start with. I told I can only do investment and not take responsibility of the business. It will be your responsibility to run business and share profit with me. Please note no bond or contract was made. It was all oral communication since he was a family member. Then he and his friend decide...

Directors dispute

Hello, I asked a friend if he would be interested in doing a business for one of the idea I had and started a private limited with both of us as equal directors. I started the work from getting the documentation for company registration, name, logo, forming team, planning strategy and etc. When it came to designation only he wanted to be the CEO as he promised to invest. In mean time I got ...

Claim and reimbursement issue with company as channel partner

Dear sir We are doing corporate services as per company guideline. We were associated with BTI Payments Ltd in their division INDIA ONE ATM on service channel partner contract for five years. This agreement implemented from September 2015 on ward for five years. But they have paid us till july 2016 and stop our payment further without any confirmation and mail us that they appointed some one e...

Bank charged higher rate of inrest

We are having CC Account with south indian bank availing 3 crores CCOL limit. we are a long standing customer of branch since 2013. Our Account has been classified as Non Performing Asset (NPA) on [deleted]. we were unable to pay the interest for the period November 2018 to December 2019 in time, because of unfavorable market conditions and distressful economic conditions. Earlier we have p...

Gift deed vs. sale deed

I got details of your website through Google search. I am trying to seek advice as I am a non-resident Indian. I am a minor partner (5%) in a partnership firm in Mumbai. Since I no longer reside in India, it is my desire to dispose of my share within the partner who is also my elder sister.  The Article of Partnership has a " Sale Clause " under which I can sell my share to another partner. A...

Issue regarding IP

Hi, I was working in a company till June last year, Yesterday there was some security breach where client's IP was available online. I didn't know who did it but i received a call from HR to sign an undertaking where it mentioned that i haven't done it. shall i go ahead and sign the undertaking. i am pasting the content below. I am giving this undertaking of my own personal knowledge, and...

A person is asking for 50 % partnership in my start-up

Hello, So I started my start-up which has a perticular theme for product line .. A friend of mine has a product related to the theme which he was selling by himself from home on small scale.. he came accross my business and said that I will sell my product under your brand.. so I thought that anyhow I wanted to start my product line so okay not an issue.. and I told him "fine let's do it" to w...

Employment bond

I broke the employment bond with HCL Technologies and left to continue my studies. After 2 years, I got 2 letters in the span of 20 days from HCL Technologies asking me to send a demand draft of the amount mentioned in the bond within 10 days of receiving the letter . Both letters are written on HCL Tech letterhead. But they are not stamped and has a signature of a person (not printed signature...

Do i need to work in notice period if the work is hard to understand for me which is the reasonation

Hi, I joined on 30th june as a fresher, from 20 of july we started training which was for 7 weeks and then we come to the Ramp (THIS IS ALL WORK FROM HOME) where we do our Task with weekly increasing , because i unable to complete my target and work is hard to understand for me I have resigned on 30-Sep-2020 , i raised this things upto TM and SDM that i dont understand the work completely b...

Case of absconding after 2 days of employment with Tech Mahindra

Hello Sir, I had offer of employment from Tech Mahindra in June 2014 but I went there only for 7 days(24 to 31Aug2020) and due to some family problems, I could not got there again. My Offer letter clearly mentions that 7 days leave without approval and intimation will lead to termination. But nowhere It mentions that I need to pay anything. Today I have received a letter from company to pay...

Transfer of Partnership to Proprietorship

I was doing job as sales person in private sector during that i have started a small business on the name of my wife in 2013. I had registered my firm and had TIN number. Then I had started partnership with my friend’s wife. Done partnership deed of 50% each and convert proprietorship to partnership in 2016. I changed states of firm with government body. Then came GST, we have migrate to GST fr...

Business loan and personal loan given

On Feb 2019 we met Mr jeenupati Raj kumar for electric auto business and Mr j Raj kumar motivated us to start for electric auto business at kakinada Andhra pradesh , so he told us for auto delearship we need to pay him 8 lakhs and we have paid him 8 lakhs through bank transaction and later we came to know from direct e auto manufacturer that dealership is given for 1 lakhs ( we found that Mr Ra...

Personal Loan ECS Mandate

Hi,I have taken below 3 loans Home loan tenure (15 years) Axis Bank : 55 lakhs Since 2015 i am repaying it with zero defaults Balance 39 lakhs Personal Loans (tenure 4 years) Yes Bank : 15 lakh(Balance 6 lakh) HDFC Bank : 20 lakh(Balance 8 lakh) Since 2017 Oct i have been repaying it with zero defaults I have left on in 2018 and started my own business, unfortunately, biz is not ...

Regarding Interest charged by supplier on delayed payment during Automobile Crisis and Corona period

Dear Kaanoon team, I am Vygnesh Rao K B working for Icon Colour Coats(Bangalore) as Accounts Manager.Our Supplier named Indian Diecasting Industries(Aligarh) started to supply from August 2019 and he has supplied till January 2020. Till March 2020 he has supplied material worth Rs.78,98,920/- and we have made payment of Rs.38,72,220/-. in 2020-21 he has not supplied but we have cleared hi...

Notice period

Hi, I have joined an organization on 16th Sept but because of family health issue I need to resign and I have resigned on 29th Sept as per my knowledge the contract state that I have to server 2 weeks notice period. But I got mail today stating you need to 2 month salary in case you are not serving notice period of 60 days. They are saying you can be blacklisted and i dont wish to receive any ...

Unpaid salary

Dear Sir, I had worked with my earlier company and got relieved after completing all my formalities on 01/11/2017 I've collected the documents signed from them on 24/02/2018 The proprietrix informed me that the final settlement will be done withing some time period as the financial situation is little critical. I accepted that and after few days asked as reminder over call, in initial days t...

Assisting in forex analysis.

My uncle who is a american green card holder who has lived there for over 15 years has taken an interest in Forex trading and has request me, his nephew to assist with analysis and entry and exit point for execution of trades, I.e its his account, his money, his american bank account with american dollars earned there itself by him connected to the broker, I simply will assist with placing the ...