Legal questions on Business Law

Bullying by 2 Directors on 1 Director in a Pvt Ltd Company

A, B and C started a Pvt Ltd Company to run a manufacturing business. All parties have 33.33% each, no one has 34% share and have distributed the shares to their respective family members. A has 15 years experience in the industry. A, B and C sign an MOU to insure the business operations is taken care by A as other two directors are inexperienced. However, 4 members from B's family and 3 member...

Pre-payment penalty on cc account

Dear Sirs, I have been banking with Axis bank for last several bank and using CC limit. I was compelled to move out to another bank at the time of renewal due to following reasons : -their services are pathetic. i am tired of chasing them again and again for every little thing. It has disturbed my routine business many times. -i have writen to their nodal office several emails in last f...

Transfer of shares

I had purchased shares of a company in 1992 thereafter I shifted my house and may be in shifting the shares would have got misplaced, I could not keep the track of those shares, recently I got to know that those shares are still standing in my name and has got transferred to IEPF, I asked company to issue duplicate shares, the company said that the shares has been lodged by a tranferee with tra...

Company forcing to serve notice perriod

Hi, According to the contract letter I have signed at my current company, the notice period conditions are as below: "Every employee is expected to serve and work for three months as the notice period except in case of non-confirmation of employment during probation period, redundancy or termination on disciplinary grounds. The notice period does not include the employees' vacation time or ...

Please Help me.

i joined a company in September , i flew to Bangalore from Delhi and started working there ( on my own expense which was more than 20k ) i was told a total of 4 months training will be provided ( sophisticated training ) but it was not done further only after 13 days the company tried to deploy me to its client. my father got sick( he is a heart patient ) and i returned to Delhi and never wen...

Stay Order of Supreme Court

1.Company applies to NCLT seekin extension to repay Fixed Deposits on maturity, Section 73 allows it. NCLT extended deadline of repayment four times, each extension was 6 to 9 months. , but never passed final order.The last extension was given even when ALL the deposits were past their maturity date, without seeking consent of Depositors 2. Upon appeal by a single depositor, NCLAT passed orde...

School giving notice to struck off name and stop online classes

All TUITION FEES is paid upto November 2021 but school is demanding for development fund for last year 2020-21 and also current session. Sending demand again and again. What is Supreme Court's verdict on development and annual fund etc. except tuition fees?? Please help. Part of mail sent by school : 6. In such circumstances, please be informed that: I. There is a provision und...

Friend refuses to pay loan back.

I need help as a friend of my husband Mr A, had borrowed money for his son's education. Mr A,owns a xerox shop in Nagpur. My husband worked for a reputed company, which was situated just close to Mr A's shop. During the period, my husband gave Mr A, plenty of business at which cost Mr. A, made a lot of money. During that period a sort of friendship developed between them and Mr. A asked for a l...

Personal Gurantee

We started a pvt ltd venture with friends as directors with equal shareholding. We took a loan where bank manager gave me white oapee to sign as O had to come back to delhi from chandigarh. I objected but friends sughested that they too would sign . Subesquently , they signed but later i cam to know it was sanction ketter and with Personal gaurantee. My networth cert is wrong and even mother p...

Can a company hold back salary if target is not achieved and while on PIP period?

So basically i have worked in a company for 1 month as a BDE according to my offer letter i had to do 50% of my sales target and mandatory 3 sales if am unable to do so i will get my salary but with certain deduction but this scammers put me in the PTB period which is a performance boost period and asked me to complete my sales target or else they won't pay me my salary. It was written no where...

Bounce back loan taken out by the former business owner that I became the new owner of.

Hi there, I’m sorry to bother you but I’m pretty sure I am being completely taken advantage of. When I took over the company as the sole director from the previous owner. It was agreed that I would also inherit the £10k bounce back loan that the company had already been paid. I have recently opened some letters from the bank that had been deliberately hidden from me and the bank is threateni...

Not Serving Notice period

Dear Sir Request to please guide me on below matter One of my friend has joined the company and signed appointment letter in which for pronation period is written as below given. "You will be on probation for a period of six months from the date of your joining our organization. Management reserves the right to extend this period at its sole discretion. During Probation, this Lette...

Legal Notice against cheque bounced

Dear Sir, I was a rural distributor of Pidilite Industries for district - Saharsa Bihar. I have suffered a lot due to covid-19. A lot of money was lost in the market due to which I was not able to pay the company on time. And still I am not able to pay the company. Some of my money is also deposited with the company in the form of credit notes. I have already sent 2-3 emails to the company to ...

How to recover payment from Foreign buyer or Importer

We are India based proprietorship firm, We basically are the exporter who mainly deals or export perishable & no perishable goods (Agro commodity Products) to UAE & other European countries, last year we made a deal with Dubai based Importer of an amount of 8K USD with DA payment terms (payment in 20 working days of Cargo Arrival at Jebel Ali port Dubai, U.A.E, as per PO we agreed upon), but st...

How to recover payment from Foreign buyer or Importer

We are India based proprietorship firm, We basically are the exporter who mainly deals or export perishable & no perishable goods (Agro commodity Products) to UAE & other European countries, last year we made a deal with Dubai based Importer of an amount of 8K USD with DA payment terms (payment in 20 working days of Cargo Arrival at Jebel Ali port Dubai, U.A.E, as per PO we agreed upon), but st...

Cancellation of business partnership

We (2 Parties) started a business with mutual understanding for the distribution of FMCG item as a C&F, we started business in March-21 with an initial investment, we didn't make any agreement and also the firm name also not registered, as 2nd party committed that in April he will complete the registration & other things. I was supposed to go abroad for three months & I went. The second party w...

False Notice against Me(Female Partner of a company)

We are running a unisex salon and its a partnership firm whereas my self and another female partner were the partners. im holding 66.66% Share and she is holding remaining 33.34%. Actually im a pure investor and i dont know about this field and i have only invested on her because she was an Manager in one of the top brand(T&G.), We faced a huge loss and it was totally 3 years till now and 1.5 y...

Employment Agreement Breach Notice Reply

Hi All, Below is detailed explanation. Employment agreement issue 1. I received a call from a small IT firm and they asked my willingness to join the company, I said no. 2 Nov 2020 2. The HR insisted me multiple time and I agreed to go with virtual interview call. 3. 2 online video interviews were completed, I cleared the interview. 4. HR called me and asked if I want to joi...

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...

Change in Partnership Firm & Partnership Deed

I and my father were partners in a partnership firm. We change the constitution and retired as partners from that firm starting 01.04.2018 and the remaining partners continued the business later on. As per terms of retirement in the partnership deed, an amount of Rs.45 lakh was to be given as a premium to both retiring partners in the ratio of 32:15 as me and my father held 32% & 15% in tha...