March 2017 - Page 2 of 5

After the builder hands society things to be checked

As previously discussed, during the handover procedure it is important to record and file all details related to the process so that even if problems arise years later, all you need to do is look through this set of records and, accordingly, figure out what to do next.
The builder-residents society handover procedure needs to be structured, but that’s not where the process ends. There are a few things you should remember to check even after the builder hands over your society.

1)Make sure all society related issues are recorded and filed: All defects that you find should be typed as a letter with a signed acknowledgement of the same from the builder, so he is obligated to fix them. All important e-mails should be printed and kept safely for future references.

2)Make sure you make good use of the builder provided warranty period: Builders generally offer a warranty period within which defects are to be pointed out and duly fixed.

3)Form a team of volunteers to check and cross check all formalities are done correctly: Apart from the Management Committee, it is recommended that you bring together a group of residents to volunteer in making sure all necessary documents have been collected and all required formalities have been done. (To learn what documents you need during society handover, read ‘Keep a Check on These When Builder Hands Over Your Housing Society’)

4)Get a community management software to help you keep a permanent track of records: Getting a society management portal will prove significantly helpful in the overall management of your community activities in the long run. (For example: CommonFloor Groups portal. With its many features such as Discussion, Complaints, My Dues, Issue Tracker, Documents repository this portal will serve as a platform to execute and manage community related activities effectively.)

5)Keep originals safely and copies separately with the Committee President: Make sure you keep originals of documents at a safe place such as the Association office and their copies with the Committee President which, when his tenure ends, are passed on to his successor.

6)Make sure you have all documents mentioned on the ‘Handover’ Checklist: Double check that you have all documents mentioned on the handover checklist in ‘Keep a Check on These When Builder Hands Over Your Housing Society’.

By admin|March 24th, 2017|Uncategorized|Comments Off

Builders are legally required to hand over all documents to the co-operative housing society

Builders are legally required to hand over all documents to the co-operative housing society. However, builders seldom comply with this statutory obligation. As these are statutory compliances, the cause of action continues as long as the default continues. Here is a case where a builder was held liable several years later, was ordered to comply with the formalities and also pay compensation.

Builders had undertaken a housing project at Juhu Koliwada in Mumbai. Those who had purchased flats in this project were given possession in 1975-1976. The following year, the Beach Resorts Co-operative Housing Society was formed and registered.

The Society repeatedly asked the builder to execute conveyance and hand over the title deeds. The Society also asked for various other documents that the builder is legally obliged to hand over to the Society. Since the builder did not comply, the Society, in 2009, filed a complaint before the Mumbai Suburban District consumer forum against Salot Builders and its partners. During the proceedings, it was found most of the partners had expired, except Chandrakant Salot. The Society deleted the names of the deceased partners without bringing the legal heirs on record, and proceeded against Chandarakant Salot alone.

The builder contested the case, saying the partnership firm of Salot Builders had been dissolved due to financial difficulties. Chandrakant Salot claimed due to advanced age, he was no longer in active business. He alleged the complaint had been belatedly filed to harass him, even though he had all along been willing to execute conveyance. He said in 1977, when the Society was formed, he had sent a draft of the conveyance deed for approval but the Society had not responded. He attributed the delay to the Society’s negligence. He also claimed all documents had been handed over to the Society. Chandrakant Salot argued the complaint should be dismissed as the legal heirs of the deceased partners had not been brought on record, and only he was being singled out and targetted.

The forum rejected Salot’s argument. It agreed with Vinod Sampat, the Society’s lawyer, that the builder was legally bound to execute conveyance in favour of the Society as provided under the Maharashtra Ownership Flats Act. The forum observed there was no evidence to substantiate the builder’s contention that the draft of the conveyance deed had been sent to the Society for approval. Similarly, there was no documentary evidence to prove that the builder had handed over the original title deed and other documents.

Accordingly, by its order of October 9, 2015, delivered by presiding officer A Z Telgote for the bench along with Members Kriti Kulkarni and S R Sanap, the Forum held that the builder was guilty of deficiency in service. It ordered the builder to hand over the property card, the clearance order from the Urban Land Ceiling Department, the development agreement between the builder and the land owners along with the power of attorney, the registration of the document, the permission and the plans given by the municipal corporation, the occupation certificate, the tax payment receipts, the title clearance certificate. The builder was also directed to pay Rs 15 lakh to the Society toward compensation and Rs 10,000/- as costs. The Forum also directed the builder to comply with the order within 30 days, or else pay the amount with 18 per cent interest.

By admin|March 24th, 2017|Uncategorized|Comments Off

FORMATION PROCESS OF A NEW COMPANY IN PUNE

Persons desirous of forming a company must adhere to the step by step procedure as discussed below:—
I. Selection of type of the company.
II. Selection of name for the proposed company.
III. Apply for Directors Identification Number and Digital Signatures, if does not have
IV. Drafting of Memorandum and Articles of Association.
V. Stamping, digitally signing and e-filing of various documents with the Registrar.
VI. Payment of Fees.
VII. Obtaining Certificate of Incorporation.
VIII. Preparation and filing of Prospectus/Statement in lieu of Prospectus and e-Form 19/20 (in case of public companies) for obtaining the certificate of commencement of business.
IX. Obtaining Certificate of Commencement of business (in case of public limited companies). Selection of the type of company The promoters of a company may be individuals or bodies corporate engaged in efforts to incorporate a company. They have the power of defining the object of the company and deciding various connected matters regarding incorporation. Proposed scale of operations, capital involved, etc. depend upon the purposes for which the company is to be incorporated. The promoters are at liberty to select type of the company viz. private company, public company, nonprofit making company, etc.
Requirement for having DIN As per proviso to section 253 of the Companies Act, 1956, inserted by the Companies (Amendment) Act, 2006, w.e.f. 1-11-2006, no company shall appoint or re-appoint any individual as director of the company unless he has been allotted a Director Identification Number under section 266B.
New section 266A has been inserted by the Companies (Amendment) Act, 2006 which provides that every individual, intending to be appointed as director of a company shall make an application for allotment of Director Identification Number (DIN) to the Central Government in the prescribed DIN Form. Therefore, before submission of e-Form 1A all the directors of the proposed company must ensure that they are having DIN and if they are not having DIN, it should be first obtained, however on the basis of the provisional DIN allotted online will serve the purpose.
Specific care should be taken that a person cannot have more than one DIN, therefore, a DIN once obtained shall serve the requirement for all the companies in which he is director or intended to be a director. Requirement for having digital signatures After 16th Sept., 2006, every documents prescribed under the Companies Act, 1956 is required to be filed with the digital signature of the managing director or director or manager or secretary of the Company, therefore, it is compulsorily required to obtain digital signatures of at least one director to sign the e-Form 1A and other documents.
Selection of name Six names are required to be selected in order of preference after taking notes of numerous clarifications, circulars and rules made by the Ministry of Company Affairs (DCA), etc. In case key word is required, significance of each key word should be given in the e-Form 1A.
APPLYING FOR ASCERTAINING THE AVAILABILITY OF THE SELECTED NAME The promoters are required to make an application to the concerned Registrar of Companies be submitted electronically to the Ministry of Company Affairs on the portal of MCA. An application shall be in e-Form 1A as prescribed by Notification No. GSR 56(E) dated 10th Feb., 2006 duly digitally signed by any one promoter or managing director or director or manager or secretary of the company alongwith the required fee of Rs. 500 only for ascertaining whether the selected name is available for adoption by the promoters of the proposed company. APPROVAL OF THE NAME After receipt of completed application in e-Form 1A, the Registrar shall intimate whether the proposed name is available for adoption or not. The confirmation of the name made available by the Registrar shall be valid for a period of six months from the date of letter issued in these regards. In case, if the promoters fails to submit all the required documents for incorporation within that period, then they are required to submit another application for revalidation of name with fresh filing fee of Rs. 500 only. Preparation of the Memorandum of Association (MOA) and Articles of Association (AOA) Drafting of the MOA and AOA is generally a step subsequent to the availability of name made by the Registrar. It should be noted that the main objects should match with the objects shown in e-Form 1A. These two documents are basically the charter and internal rules and regulations of the company. Therefore, it must be drafted with utmost care and with the advise of the experts and the other object clause should be drafted in a very broader sense. Estimate of registration fees for a new company The fees payable to the Registrar at the time of registration of a new company varies according to the authorised capital of a company proposed to be registered as per Schedule X to the Act. Fees can be calculated at the MCA portal using fees calculator. Filing of documents with the Registrar Next step for the promoters is to file the following documents with the Registrar for incorporation of the company.
The following documents shall be submitted to the Registrar alongwith the adequate filing fees as applicable for registration of the company electronically on line basis within a period of six months from the date of intimation of availability of name:—
(i) Memorandum of Association, duly signed by the subscribers and witnessed, showing the number of shares against their names electronically attached in PDF file. It should also be properly stamped as per the stamp duty applicable in the State, where the registered office of the company is to be situated. Photographs of the subscribers shall also be attached. Simultaneously original stamped copy of the Memorandum of Association shall be submitted (physical submissoin) with the Registrar of Companies concerned.
(ii) Articles of Association should also be duly signed by the subscribers and witnessed, showing the number of shares against their names electronically. It should also be properly stamped according to the authorised share capital. Photographs of the subscribers shall also be attached. Simultaneously original stamped copy of the Article of Association shall be submitted with the Registrar of Companies concerned.
(iii) Copy of the agreement, if any, which the company proposes to enter into with any individual for appointment as its managing or whole-time director or manager shall be attached in the PDF file.
(iv) Declaration in e-Form 1 by an advocate or company secretary or chartered accountant engaged in whole time practice in India or by a person named in the Articles as a director, manager or secretary of the company, that all the requirements of the Companies Act, 1956 and the rules made thereunder have been complied with in respect of registration. [Ref Section 33(2)]
(v) Power of Attorney for should be furnished by all the subscribers in favour of any one subscriber or any other person authorising him to file these documents and to with the Registrar and to obtain certificate of incorporation. The power of attorney should be given on Non-Judicial stamp paper of appropriate value and shall be submitted to the Registrar.
(vi) Other agreement if any, which has been stated in the Memorandum or Articles of Association shall also be filed in the PDF file with the Registrar because in such cases the agreement will form part of this basic document.
(vii) E-Form 18 is to be filed with the Registrar electronically with the digital signatures in regard to location of the registered office. E-Form 18 shall also be certified by the company secretary or chartered accountant or cost accountant in whole-time practice. [Section 146(2)]
(viii) E-Form 32 is required to be filed with the Registrar electronically for filing particulars of directors. The personal details should match with the information provided in the DIN. Following additional details are also required to given in e-Form 32: E-Form 32 is required to be digitally signed by the director or managing director or manager or secretary of the company. E-Form 32 shall be filed along with the adequate filing fee as prescribed under Schedule XIII of the Companies Act, 1956.

By admin|March 23rd, 2017|Uncategorized|Comments Off

What is Gift Deed?

Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..
=There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

Transfer of property by GIFT DEED

There are a number of ways through which the property can be transferred from the owner of that property to the donee. It can be done by sale, will or gift but the method commonly used to transfer the property to the family members is by executing the gift deed in favor of that person.

Though no monetary transaction is involved in the gift deed then also it is mandatory to get the gift deed registered.

Section 122 of the Transfer of Property Act, 1882 defines gift.

WHAT ALL CAN BE GIFTED?
Things which can be gifted should have such properties to be called as a gift –

1. It should be movable or immovable property.
2. It should be tangible property.
3. It must be transferable.
4. It should be in present time and not to be a future property.

GIFTING PROCESS

With the help of the lawyer, gift deed is drafted. It is basically a contract between the donor and the donee which defines the simultaneous act of giving and taking. To make gift valid, it must be made by the person voluntarily and not by force.

After the legal work is done it is necessary by the donee to accept the gift from the donor in order to make the gift deed valid. Acceptance of the gift must be done during the lifetime of the donor. In case donee fails to accept the gift, whatever may be the reasons, it is rendered invalid.

A gift of immovable property cannot pass any title unless it is registered under Section 123 of the transfer of property act. Attestation by two witnesses is mandatory during registration as well as post registration then only title transfer is possible.

REGISTRATION CHARGES

Stamp duty must be paid on the gift deed and the same must be registered. The registration charges payable on a gift deed differs from state to state. In certain states, it is a percentage with a cap, and in other states it is an amount with no cap. It would be advisable for you to check with a local lawyer as to what the registration fee would be on the gift deed in your state.

GIFT DEED IN CASE OF MINOR

Any person who owns the property can make the gift deed in favor of anyone but there is an exception to this rule.
In the cases in which either a donee or donor is a minor, minors are not eligible to contract so, they cannot transfer property as a gift.

• If the donor is a minor then the gift deed becomes invalid.
• In case, if the donee is a minor, a natural guardian can accept the gift on behalf of the minor.

Guardian acts as a manager of the property gifted to the minor and if the gift is burdensome, the responsibility of the gift cannot be enforced on the minor until he/she is minor. Once the donee becomes major he may either accept the gift or return the gift back to the donor.

TAX IMPLICATIONS IN A GIFT DEED
The biggest benefit is that there is no tax implication if you are gifting property to certain relatives.

CERTAIN THINGS WHICH SHOULD BE REMEMBERED WHILE MAKING GIFT DEED

While executing the gift deed one thing should be remembered that, after executing the gift deed in favor of the donee, the donor does not have the right to revoke the gift deed until there is a special clause mentioning to revoke the gift, which has been made in the favor of donee.

Note that:- Though a gift deed cannot be revoked, it can be challenged in court, coercion and fraud being the most common grounds. So, if you have been tricked into gifting property, you can take the matter to court and have the transfer reversed. It can also be challenged on the grounds that the donor was not of sound mind or was a minor. You can never have a challenge-free gift deed, but consult a lawyer while drafting it so that the chances of it being challenged are minimum.

By admin|March 23rd, 2017|GIFT DEED|Comments Off

CORPORATE LAW SERVICES

CORPORATE LAW SERVICES Options
• Incorporation of Companies – Public, Private, Non Profit Companies.
• Incorporation of LIMITED LIABILITY PARTNERSHIPS under LLP ACT.
• Conversion of LLPs/Partnership Firms into Companies.
•Change of name, objects, registered office, share transfers etc.
•Conducting Board and General Body Meetings.
• Maintenance of statutory registers and records.
•Filing of various statutory forms, returns and reports with ROC/RD/CLB.
• Secretarial / Legal Audit and Due Diligence.
•Interpretation of law and providing opinions thereon.
•Designing of schemes for employees stock based compensation.
•Registration of Charges, Search Reports and Status Reports.
•Due diligence Audit for Banks.
•Preparing and filing of Petition under various provisions of Companies Act.
•Maintenance of Statutory Records /Registers and minutes books under Companies Act.
•Retainership Services.
•Shifting of Registered Office from one State to other.
•Shifting of Registered Office from One ROC to another ROC within the state.
•Obtaining of DIN & DSC.
•Approvals from Central Government (Ministry of Corporate Affairs).

By admin|March 23rd, 2017|CORPORATE LAW SERVICES|Comments Off

Company Secretary Consultants in pune

Company Secretary in Practice

Ved Legal has newly started up with Company Secretary Consultants in pune. Therefore company secretarial services will be provided by the highly experienced team of Company Secretary.
In India, unlike most other countries, has developed a field of professional practice called practising company secretaries. Unlike what the name may suggest, these professionals render variety of professional services, though centered around corporate laws. In several spheres, for example, secretarial audit, services of practising company secretaries are mandatory in law. In many other spheres, practising company secretaries share equivalent status with other professionals such as chartered accountants.

Corporate Secretarial Services

Promotion, formation and incorporation of companies and matters related therewith
Filing, registering any document including forms, returns and applications by and on behalf of the company as an authorized representative
Maintenance of secretarial records, statutory books and registers
Arranging board/general meetings and preparing minutes thereof
All work relating to shares and their transfer and transmission

What can Company Secretary in Practice do?

•While different professionals may have different areas of expertise, most practising company secretaries render company secretarial services – such as taking care of corporate law compliances, handling company law matters, and so on.
•Can a practising company secretary (PCS) appear before a court? No. That power is reserved with legal professionals. However, PCSs do provide back support in corporate law litigation.
•Can a PCS give legal opinions on company law matters – certainly yes. Not just in company law matters but in matters pertaining to securities laws, foreign exchange laws, competition laws, etc. Much would depend on the proficiency of the individual concerned.
•Can a PCS handle corporate law litigation in quasi-judicial bodies, say, Company Law Board? – Certainly yes.
Areas of practice:
•Company Law Board proceedings in complex matters concerning oppression, mismanagement, refusal to register transfers, investigation, freeze on voting rights, etc.
•Advisory services in corporate law matters including FEMA, foreign direct investment, ECBs, takeovers, securities laws, stamp law, etc.
•Indirect taxation – queries on service tax, VAT, sales-tax, etc
•Mergers, de-mergers, corporate restructuring, schemes and arrangements.
•Company law formalities such as incorporation, shifting of registered offices, compounding of offences, etc.

By admin|March 23rd, 2017|Uncategorized|Comments Off

Company Secretary Work in Pune

Company secretaries are responsible for ensuring that an organisation complies with standard financial and legal practice and maintains high standards of corporate governance.
Although they are not strictly required to provide legal advice, company secretaries must have a thorough understanding of the laws that affect their areas of work.
Company secretaries hold a strategic position at the heart of governance operations within an organisation and act as a point of communication between the board of directors and company shareholders, reporting in a timely and accurate manner on company procedures and developments.
They can also provide an important link between the board of directors and an organisation’s executive management.
Public limited companies are legally required to employ a company secretary and many private companies also have the role. Positions can be found across all sectors, in the public and not-for-profit sectors in particular.
Alternative job titles may include ‘head of governance’ or ‘head of democratic services’.

Company Secretary Responsibilities
Company secretaries work in and around the board, usually reporting to the chairman. This provides the opportunity to offer advice and guidance on matters of law and governance at the very top of organisations.
The role covers a range of functions, and specific tasks vary depending on the type and size of the company. However, typical activities include:
•organising and preparing agendas and papers for board meetings, committees and annual general meetings (AGMs);
•taking minutes, drafting resolutions, lodging required forms and annual returns with Companies House;
•following up on actions from meetings;
•overseeing policies, making sure they are kept up to date and referred to the appropriate committee for approval;
•maintaining statutory books, including registers of members, directors and secretaries;
•dealing with correspondence, collating information and writing reports, ensuring decisions made are communicated to the relevant company stakeholders;
•contributing to meeting discussions as and when required, and advising members of the legal, governance, accounting and tax implications of proposed policies;
•monitoring changes in relevant legislation and the regulatory environment and taking appropriate action;
•liaising with external regulators and advisers, such as lawyers and auditors;
•taking responsibility for the health and safety of employees and managing matters related to insurance and property;
• developing and overseeing the systems that ensure the company complies with all applicable codes, in addition to its legal and statutory requirements.

The work of a company secretary in a publicly listed company will be more specialised than in a smaller private company. For example, the liaison role with shareholders and compliance responsibilities may make up a major part of the work and can include:
•maintaining the register of shareholders and monitoring changes in share ownership of the company;
•paying dividends and managing share option schemes;
•taking a role in share issues, mergers and takeovers.
In small businesses, other duties commonly undertaken by company secretaries include:
•monitoring the administration of the company’s pension scheme;
•overseeing and renewing insurance cover for employees, equipment and premises;
•entering into contractual agreements with suppliers and customers;
•managing office space and property as well as dealing with personnel administration;
•overseeing public relations and aspects of financial management.

By admin|March 23rd, 2017|Company Secretary Work in Pune|Comments Off

Advocates on Matrimonial Disputes

Matrimonial dispute:-

Questions arises when there is a property jointly owned, in matrimonial dispute were Wife had filed Application u/s 12 of Domestic Violence Act,2005 and sought protection u/s 18 of the Act the Property acquired jointly by Husband and Wife, Wife Prayed to restrain husband from enjoyment of flat, Husband filed application of interim relief of accommodation rejected and limited relief was granted to him from alienating.
Problems In Matrimonial Disputes:-
In matrimonial disputes, what are the real problems that confront a divorcing couple? Begin with the definition of divorce. Black’s Law Dictionary defines divorce as “the legal separation of man and wife.” The New Brittanica – Webster Dictionary defines divorce as “a complete legal dissolution of a marriage.” Interestingly, however, marriage has a much broader definition. Brittanica – Webster defines marriage as “the institution whereby a man and a woman are joined in a special social and legal relationship for the purpose of making a home and raising a family.”

Thus, it is interesting to see that marriage is viewed as a legal and social union of two people; however, divorce is merely viewed as the legal termination of said marriage. These definitions in and of themselves highlight one of the basic problems that occur when a couple chooses to divorce. Namely, although the legal system is equipped to deal with the legal problems that the couple faces when divorcing, it does not address nor is it equipped to deal with the social and emotional issues that confront the couple.

Once the emotional or social issues are dealt with, it makes the resolution of the legal issues that much easier. Taking it a step further, what most people really are arguing about is not legal or financial issues, but rather arguments fueled by their desire to get some form of revenge for a perceived wrong by the other spouse.

Once each of the participants is helped and supported to resolve the emotional and social issues, however, they are in a much better position to deal effectively with the legal and financial issues.

By admin|March 22nd, 2017|Uncategorized|Comments Off

Apartment Deed Registration in Pune

According to The Maharashtra Apartment Ownership Act, 1970

Objects and Reasons:- Consequent upon the shortage of lands in urban areas, the majority the citizens of urban areas of the state cannot think in terms of owning houses on individual basis, though there is an evergrowing tendency to construct multi-storeyed flats, apartments and the like on ownership basis, persons purchasing flats, tenements or apartments do not have a marketable title thereto and cannot obtain any loan on the security of such tenements, with the result of that an enormous amount of capital is locked up, which can be utilized for new construction to meet the increasing demands for housing. it is, therefore, considered expedient that each apartment should for all purposes constitute a heritable and transferable immovable property, so that the sale and purchase of such apartment is carried out.

By admin|March 22nd, 2017|Uncategorized|Comments Off

List of Documents Required for Society Formation

List of Documents Required for Society Formation is as follows:-

7/12 extract of the land or property card.

Certificate from the competent authority regarding non-agricultural land.

The order regarding applicable/non applicable of land ceiling Act.

Construction layout approved by the competent authority.

Letter of sanction for starting construction.

Certificate regarding completion of construction work.

Development Agreement if the land is taken for development.

Letter of Power of Attorney of the land.

Title search report of the land.

The registered agreement of purchases of the flat with necessary stamp duty paid.
Architect Certificate regarding construction.

List of Members.

Scheme of the Society.

Application for reserving name.

At least ten members are necessary for registration of society. However the government has given permission subject to some conditions for the Housing society of less than 10 members by exercising powers under section 7.

If the land is given by the government or undertaking agency of the government then its guarantee letter.
No objection certificates from the Charitable Commissioner if the land is of Trust.

Certificate of the competent authority regarding non-agricultural plot.

While registering SRA/SRD and MHADA recognized Co-operative Housing Societies, it is obligatory to fulfill the necessary papers as per instructions given by that authorities by their circulars in addition to above criterion.

Application for Registering Society (A form)
Table giving information of society (B Form)
Table giving details of the members ( C Form)
Statement of Accounts of the Members (D Form)

Bye-Laws of the Mortgage Society.

Notorised Guarantee letter by the Chief Promoter of the society on the stamp Paper of Rs. 100/-

Notarised Guarantee letter by the Builder, Promoter on the Stamp Paper of Rs. 100/-

Affidavit of Members (Affidavit of Minimum 10 Promoters)

Two copies of bye laws approved by the Commissioner, Cooperation and Registrar, Co-operative Societies, Maharashtra State Pune.

Proof of the bank balance of depositing the amount of each share of Rs. 500/- of the promoter member and admission fee of Rs. 100/- after getting permission for reservation in the District Central Cooperative Bank.

Challan of Rs. 2500/- deposited in the Government Treasury Registration fee for the Housing Society of Backward class is Rs. 50/-

By admin|March 21st, 2017|List of Documents Required for Society Formation|Comments Off

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