July 2017 - Ved Legal

Employment Law and ESOPs

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

Where Companies endeavour to attract and retain best human talent, employers have to frame every aspect of employer-employee relationship to make it work successfully.

We can work on drafting and reviewing employment agreements, policies, confidentiality provisions and other internal issues. We can frame and implement an appropriate ESOP (Employee Stock Option Scheme) plan for unlisted companies in order to compensate the employees.

By admin|July 31st, 2017|Employment Law and ESOPs|Comments Off

Privacy and Data Protection

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

Businesses today collect, store and share huge amounts of diverse data from various channels. Such data includes data regarding customers, vendors, users, partners, associates, employees, etc. To derive business insights, such data is used in various analytical tools which requires detailed information. This is thus increasing the importance of privacy provisions and an improper use of data may lead to reputational as well as monetary risk.

We can work on understanding the real need for data in your business, analyzing privacy obligations, advising on privacy documents and retention policies and drafting appropriate documents to ensure the same.

By admin|July 31st, 2017|Privacy and Data Protection|Comments Off

Outsourcing

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

Businesses require outsourcing of many functions which need not be handled in-house. This would include few factors like, clearly identifying the functions to be outsourced, identifying the right vendor and putting right contractual terms in place so that expectations of both parties are matched.

We can work from initial stage of information exchange to negotiating terms and execution of contracts.

By admin|July 31st, 2017|Outsourcing|Comments Off

Services for Technology Transactions

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

Indian business models are undergoing a change by admission of technology in every walk of business cycle. A question thus arises that how law will apply to such changing business models/ cycles. We advise companies (including extremely early stage start-ups) on all the legal issues that adoption of technology and digital strategies may bring in. This may include website terms of use, privacy policies, disclaimers, etc.

By admin|July 31st, 2017|Services for Technology Transactions|Comments Off

Private Equity Investment transactions

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

With the rising boom of start-ups and entrepreneurial spirit in India, raising of external capital has become one of the key milestones to be achieved by the founders. From getting their corporate structure right to proper documentation and handling rest processes become a key area of practice.

We can handle company incorporation, Founder agreement, capital contribution arrangements, term sheet negotiations, basic due diligence, definitive documentation, issuance of instruments, materialization of securities, etc.

By admin|July 31st, 2017|Private Equity Investment transactions|Comments Off

Consultancy on General Corporate Advisory, Contract Drafting and Operational Legal Advice

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

General corporate practice is the key practice area of us. Advice is rendered on a broad spectrum of, ranging from general corporate advice, corporate governance, contract law, industry specific laws, etc.

By admin|July 31st, 2017|Contract Drafting and Operational Legal Advice|Comments Off

Company Secretarial Services in Pune

Company Secretarial Compliances

We are driven by the belief that technology is bringing in huge change and affects all aspects of our lives. Such change brings in legal complications that are often not clear or well understood. We are focused on reading law to suit the changing needs of business in India.

Our aim is to implement customized legal solutions to meet our client’s needs. We believe that you should focus on developing your business and revenues; and we would take care of the rest compliances.

With the change in Company law, we can take care of all secretarial compliances under the new law. This includes maintaining of Company Board & General meeting records, various ROC filings, returns, appointment and resignation of KMP, annual filings, addressing investor queries, arranging information exchange module for investors, etc.

By admin|July 31st, 2017|Company Secretarial Services in Pune|Comments Off

Society Formation in Pune

60 % of the Promoters are must be ready to form Co-op. Housing Society.

If flats are sold as per the Maharashtra Ownership Flats Act,1963 [MOFA] then it is the duty of the Builder / Developer to form society and hand over the Account + Documents to Provisional Working Committee [PWC] In this case the builder become CP and other flat owners become Promoters for Registration purpose. This society register under Co-operation.

When the builder is not registering society due to some reasons or not support to registered society then flat purchasers can apply for registration of Co-operative Housing Society under Non Co-operation.In this case one of the flat owner should be elected as CP for Registration purpose.In this case some more time is taken to registered society as registrar is issue notice to builder for Non Co-operation. If no response then ex-party decision are taken for registration of the society. Now all the case of Non Co-operation Registration decisions is given by District Deputy Registrar [DDR] then society is registered

All flat owner should hold meeting and elect Promoter.All power for Registrations,documentation etc. should be given to promoter.The resolution should be passed and must be sign by all flat owners who wish to become member of the Co-operative Housing Society

Appoint Consultant / Legal Advocate for registration and ask him to comply all requirements.All members together also can do work for registration.

For registration of Co-op. Hsg. Society the following documents should be filed to Dy. Registrar / Asst. Registrar Of Co-operative Department area concern in order as follow

Applications for Name to be Reserved for Proposed Society’s
Form of resolution electing a CP and Promoter and giving them authority for doing certain acts on behalf of the proposed society
Application form “A” 4 copies
Information in Annexture ” A ” ” B ” ” C ” 4 copies
Bye-Law of the Society 2 copies
Details of Accounts Annexture ” D ” 2 copies
Bank Balance Certificate in Original 1 copy in Original
Agreement of Flat 1 copy
Advocate Search Report 2 copy [Title Certificate]
Society’s Building Plan 2 copies
Lay Out Plan 2 copies
Sanction Plan from Authority 2 copies
O.C / C.C copy 2 copies
Promoter’s Guarantee in form ” X ” On Rs. 100/- Stamp paper & notarized 1 copy
Guarantee in form ” Y ” On Rs. 100/- Stamp paper & notarized 1 copy
Guarantee in form ” Z ” On Rs. 100/- Stamp paper & notarized 1 copies
7/12 or City Survey Revenue Record of Land [not more than 1 month old] 1 copy
Promoters Affidavit On Rs. 100/- Stamp paper & notarized 1 copy
Indemnity Bond On Rs. 100/- Stamp paper & notarized 1 copy
NA Certificate / ULC 2 copy
Plot area Land Map 2 copies
Scheme
Registration Fee Challan for Rs.2500 1 copy original
Builder Non Co-operation form Z On Rs. 100/- Stamp paper & notarized if required 1 copy
CP Affidavit for Child Labour On Rs. 100/- Stamp paper & notarized 1copy

All this forms are available at your District Co-operative Housing Society Federation.

On submission of above document the Dy./Asst. Registrar will go through the papers And document. If found OK he will make order for issue of Registration Certificate.

If any deficiencies are found then the applicant will be inform accordingly and documents will be corrected wherever necessary. When all papers are in order, he will issue order for issue of Registration Certificate.

Registration Certificate is issued with covering letter and Officer’s name is mentioned who will attend First General Meeting. Normally the Officer concern is not attending meeting. In absence , all member has to hold meeting and has to elect Provisional Working Committee [PWC] whose working period will be ONE Year. After electing PWC the member of PWC has to submitted the M-20 bond on Rs. 100/- stamp paper with the sign of Officer’s whose name is in Covering latter to Dy./Asst. Registrar. All Rule and Regulations ,resolution and minutes which is written in AGM Register must be sign by Officer’s name is mentioned in covering letter it is the most important step.[Many society forget this which create problem latter] After First Annual General Meeting PWC is replaced with new Working Committee [WC] whose working period will be FIVE Year.The new WC election can conduct before PWC time over with proper election process. WC also has to submitted the M-20 bond on Rs. 100/- stamp paper with the sign of election officer to Dy./Asst. Registrar

When application for Name reservation of Society has given, the Dy./Asst. Registrar give instruction to Open Bank Account in Dist. Central Co-op. Bank The Account has to opened in the name of CP And deposit all money of Share Capital Contribution [per member Share Money is Rs. 50*10 = Rs. 500 i.e. 10 share of 50 rupees each] and Member ship Fees of Rs. 100/- i.e. Per member you have to deposit Rs. 600/- in bank and obtain Bank Balance Certificate and submitted it to Dy./Asst. Registrar. After First Annual General Body Meeting the Bank Account has to transfer in the name of Society.For bank Account operation Chairman sign must and either Secretary and Treasurer. Expenditure has to be made as per provision of Bye-Laws. Bank and Cash Transaction [Collection and Payment] are handled by Treasure when Billing Clerk or Accountant are not been kept.

By admin|July 29th, 2017|Society Formation in Pune|Comments Off

The Procedure for Deemed Conveyance

The Procedure for Deemed Conveyance involves the following Stages

Stage 1- Preparation for Deemed Conveyance
During this stage the Managing Committee prepares the Members of the Co- Operative Housing Society for Deemed Conveyance.

Stage 2- Documentation for Deemed Conveyance
During this stage the Documents Required for Deemed Conveyance are collected/ organized & the Case is prepared.

Stage 3- Legal Case for Deemed Conveyance
During this stage the case is filed before the Competent Authority & after contesting the same the Order & Certificate upholding the right of Deemed Conveyance of the Society is obtained.

Stage 4- Registration of Deemed Conveyance
During this stage the Deemed Conveyance Deed is Adjudicated, properly Stamped & Registered.

Stage 5- Transfer of Property after Deemed Conveyance
During this stage the Society Name is incorporated in the Land Revenue Records.

Let’s discuss each step in detail.

A. Preparation for Deemed Conveyance:

In this stage the managing committee needs to pass resolution to undergo deemed conveyance. A Special General Meeting is scheduled with prior notification and consent of all the members is obtained to move ahead.
During this SGM the following Resolutions are typically passed.

1. Resolution for going ahead with Deemed Conveyance
2. Resolution for Appointment of Authorized Representative
3. Resolution for Appointment of Legal Consultant for Deemed Conveyance
4. Resolution for Per Member Contributions

B. Documentation for Deemed Conveyance:

This is the most crucial step in obtaining deemed conveyance. It is a very meticulous job and make sure all the documents are lined up within the right format. You would require land revenue records, municipal corporation records, society records, property development records and professional certificates.

All these documents can be obtained from various departments such as Land revenue records from City Survey Office, Tahasildar/ Talathi Office & District Collector Office, municipal corporation records from Building Proposal Department of the Municipal Corporation. Society records and certificates can be obtained from society offices and professionals.

Once all the documents are lined up, society needs to fill in Deemed Conveyance Application- Form VII and attached all the related documents. In case of deemed conveyance, a legal notice is sent to the developer for their consent. In regular conveyance procedures, since the developers or promoters are willingly providing the rights lot of documents can be easily recovered from them.

Once the form is filled up and all documents are annexed it is submitted to the Competent Authority- the District Deputy Registrar of Co- Operative Societies of the particular District.

C. Legal Case for deemed conveyance:

Once the application is submitted to the authorities they issue Deemed Conveyance Scrutiny Report- Form VIII within 1 month. Once the compliance is provided the authorities issues Summons & Newspaper Notices to the Land Owners & Property Developers for appearing for the hearing.

During the hearing process authorities take into consideration the arguments of the both parties. The process takes place within 3-4 months. Once all the arguments are documented the office issues a Deemed Conveyance order within 1 month. The whole process is completed within 6 months as this is a time bound activity.

D. Registration of deemed conveyance:

A deemed conveyance deed is created during this phase and is signed by both societies and developers. If developers do not appear for hearing in the prior stage (Which is the case in deemed conveyance), authorities have the power to sign the deed on behalf of developers.

The society needs to conduct a meeting and appoint 3 members to sign the deed. Post that the deed is submitted to district stamp office for adjudication. If all the members have paid their stamp duty and if there is no balance FSI, the office issues adjudication certificate. (Note – Deed only requires Rs 100 stamp duty). The adjudication certificate needs to be then franked from local bank and resubmitted to registration office.

The registration office then issues notice to land owner/developer to verify if there is any stay order against the deed of conveyance. (Note – The developer can get the stay order only from high court). If there is no stay order the deed of deemed conveyance is registered and then the office issues scanned documents and Index II. This mark end of registration process and the society becomes the owner of the land and structure.

E. Transfer of property:

In this phase a new application is submitted to various departments to make mutation entries in their records. This would make the process complete.

By admin|July 29th, 2017|Deemed Conveyance of Co-operative Housing Societies in Pune|Comments Off