Corporate Archives - Page 7 of 8

Law Forum › Category: Corporate

Is it possible for an Indian company to give shares to an NRI as consideration for their investment, instead of paying them cash? If so, are there any specific guidelines for NRIs accepting shares as consideration?

Is it possible for an Indian company to give shares to an NRI as consideration for their investment, instead of…

Corporate

3875 views1 answers397 votes

Apni Law answered 2 years ago

As an authorized signatory for my company, would this clause in an indemnity agreement be considered standard in India?“… arising from: (a) any inaccuracy or breach of the employee’s representations in this Agreement; (b) any breach of the employee’s covenants, undertakings, or obligations under this Agreement; (c) any loss or claim directly or indirectly related to the employee’s actions or inactions; or (d) any fraud, gross negligence, or wilful default by the employee.”

As an authorized signatory for my company, would this clause in an indemnity agreement be considered standard in India? "...…

Corporate

3946 views1 answers404 votes

Apni Law answered 2 years ago

Dear Sir,I signed a franchise agreement and lease contract with an oil company in Mumbai, valid for 25 years. The business has been unprofitable for the past 10 years, and I’m facing losses. All investments and the land are in my name, and I have obtained necessary licenses.Can I withdraw from these contracts by giving 3 months’ notice before the stipulated period? If I do, am I legally obligated to pursue the case only in Mumbai courts?What’s the best way to free my property and investment from this struggling business?Regards,Rajan Babu

Dear Sir, I signed a franchise agreement and lease contract with an oil company in Mumbai, valid for 25 years.…

Corporate

3991 views1 answers407 votes

Apni Law answered 2 years ago

What are the essential steps to initiate a company closure process in India?

Corporate

3997 views1 answers407 votes

Apni Law answered 2 years ago

We work at a software company with about 20 employees and 12 HD cameras monitoring the office. While we all strive to do our best work, the constant surveillance makes us feel uncomfortable and raises privacy concerns. Is this level of monitoring legal in India? Any advice on navigating this situation would be greatly appreciated.

We work at a software company with about 20 employees and 12 HD cameras monitoring the office. While we all…

Corporate

4165 views1 answers423 votes

Apni Law answered 2 years ago

Two directors of a private limited company in India are facing a dispute. Both hold equal shares (50% each). One director has taken control of all financial documents and bank accounts, setting up a new company with similar business activities. He diverted the original company’s business to the new entity. The financial statements for the year 2014-2015 were not signed or approved by the other director, yet an income tax return was filed with the first director’s signature and the auditor’s report. Can the second director sue the auditor in this situation?

Two directors of a private limited company in India are facing a dispute. Both hold equal shares (50% each). One…

Corporate

4211 views1 answers427 votes

Apni Law answered 2 years ago

A partnership firm, ‘RR’ and ‘BB’, faced financial difficulties in 2010. ‘BB’, a borrower and guarantor using his property as collateral, passed away in 2014. The authorities instructed the bank to serve all of ‘BB’s’ heirs with a notice regarding the recovery of the debt, following principles of natural justice. The bank served the notice on ‘SS’ and another heir, ‘MM’. ‘MM’ claimed the property belonged to a Hindu Undivided Family (HUF) and not ‘BB’, securing a court order preventing ‘SS’ from selling or transferring the property. This order was also served on the bank. Despite ‘SS’ presenting a will claiming ownership of the property, the bank, allegedly in collusion with ‘SS’, did not auction the property but instead settled the debt in two parts: one labelled as an “out-of-court settlement” and another as a “private treaty” involving only ‘SS’ and ‘RR’, ‘SS’s’ wife. The private treaty document only mentioned ‘SS’ and ‘RR’ as signatories, leaving out the buyer’s identity. Another document, signed by ‘RR’, purported to sell the property to the buyer. The private treaty agreement is questionable.

A partnership firm, 'RR' and 'BB', faced financial difficulties in 2010. 'BB', a borrower and guarantor using his property as…

Corporate

4231 views1 answers428 votes

Apni Law answered 2 years ago

I was appointed as a Whole Time Director, alongside my role as CEO. The company resolution confirming my 5-year appointment as Director, including a monthly allowance, was provided. After six months, I resigned from the Director position. Later, I also resigned as CEO. Can I still claim the additional remuneration promised for my time as Director, on top of my CEO salary? Is this a valid case for seeking recovery of the committed Director’s remuneration?

I was appointed as a Whole Time Director, alongside my role as CEO. The company resolution confirming my 5-year appointment…

Corporate

4230 views1 answers429 votes

Apni Law answered 2 years ago

My friends and I started a business in March 2016. We’re struggling now and have a debt of â‚¹7 lakhs. I want to leave the business, but my partners are demanding I pay them â‚¹3-4 lakhs before I can. I’m from a middle-class family, and no one else is working. One of my partners has strong connections with local authorities, and I’m far from home with no one to help. I’m out of options, running out of money, and feeling helpless. I’ve even dropped out of college. What can I do? I’m desperate for a solution.

My friends and I started a business in March 2016. We're struggling now and have a debt of â‚¹7 lakhs.…

Corporate

4242 views1 answers429 votes

Apni Law answered 2 years ago

I signed a confidentiality agreement with a startup, but they haven’t offered me a job yet. I don’t have a copy of the signed document, and they’re refusing to give it to me. I have a recording of them saying they won’t share the document and that it stops me from working in e-commerce. I want to send them a notice demanding a copy of the agreement and ensuring it’s invalid without the job offer.

I signed a confidentiality agreement with a startup, but they haven't offered me a job yet. I don't have a…

Corporate

4267 views1 answers432 votes

Apni Law answered 2 years ago

A company in India secured Provident Fund registration for its employees. However, all employees have left the firm, and the company wants to surrender the registration. Can the company cancel or de-register the Provident Fund registration since there are no employees working there?

A company in India secured Provident Fund registration for its employees. However, all employees have left the firm, and the…

Corporate

4266 views1 answers433 votes

Apni Law answered 2 years ago

My LLP was set up in October 2013, but I haven’t done any business with it since then. I haven’t filed annual returns. What penalties might I face? Is there any way to avoid them?

My LLP was set up in October 2013, but I haven't done any business with it since then. I haven't…

Corporate

4398 views1 answers444 votes

Apni Law answered 2 years ago

I’m planning to invest in commodities through a foreign broker in the UK, but they said Indian law might not allow it. Is this true? Are there any regulations that restrict Indians from investing in foreign markets?

I'm planning to invest in commodities through a foreign broker in the UK, but they said Indian law might not…

Corporate

4453 views1 answers449 votes

Apni Law answered 2 years ago

My business partner and I run a firm together. Without telling me or the court about our bank loan, he filed a case to dissolve the partnership. Can he avoid paying back the loan? I need advice.

My business partner and I run a firm together. Without telling me or the court about our bank loan, he…

Corporate

4457 views1 answers450 votes

Apni Law answered 2 years ago

We’re launching a new venture with two of us. Any chance either of us could be held responsible for any legal issues the company might face?

We're launching a new venture with two of us. Any chance either of us could be held responsible for any…

Corporate

4469 views1 answers450 votes

Apni Law answered 2 years ago

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