Advocate Jai Patil

Questions Answered by Advocate Jai Patil

Q: Can majority stake holder[51%] dilute share of [49%] without consent

Can majority stake holder[51%] dilute my share [49%] without my consent? … can i say that "value the company correctly or shutshop as i dont agree to raising money at unfair dilution" The agreement does not mention anything about such a scenario

Advocate Jai Patil answered
Hi The Companies Act, 1956, provides that matters before the shareholders may be approved by a simple majority vote - more than 50% vote - or a special majority vote - at least 75% vote. For example, declaration of dividend requires only a simple majority vote, while a change of company's name requires a special majority vote. In a 50:50 joint venture, reserved matters are 'generally' not provided. This is because a partner cannot pass a resolution with his 50% vote - he will need the vote of the other partner. To that extent, both partners are sufficiently protected. However, the situation in a 51:49 venture is different. A 51% partner is in a position to pass all matters that require a simple majority. The consent of the 49% partner is required only for matter requiring special majority. In a 76:24 venture, the situation is such that the majority partner is in a position to get all matters passed without the consent of the minor partner, irrespective of whether they require simple or special majority.

Q: Builder offering refund in place of possession

 As per the agreement, we have paid Rs. 4620000 and have to pay the balance. When we requested the builder to provide the documents to avail housing loan, he is now refusing to sell the flat to us. He now shares that he has no intention of selling the flat to us and would return our money. We have no intention of taking back our money but are inclined to have our own roof in that locality. How should we proceed further

Advocate Jai Patil answered
Hi If u have entered in to an agreement of sale, u can file a suit for specific performance and pray the court to direct the builder to receive the balance consideration and execute the sale deed. Simultaneously u can obtain an interim order to restrain the builder from alienating/creating third party rights till the disposal of the suit.

Q: Builder project over-delayed and no penalty paid till now

Builder has told project will complete in August 2016, as per agreement if it is not done so after 3 months i.e from Nov onward they will pay penalty. But neither they completed the project nor they are paying penalty. I have email reply from builder saying they will not pay penalty. In a month 2-3 days they work remaining day project progress is zero. They have sold almost 124 flats from 128 Flats . everyone is in dilemma what to do now. Since project is completed more than 70% , not sure how RERA will help in this case. Under RERA builder application is in query. We as consumer are paying loan interrest and hosue rent and it is causing over burden. Please suggest best possible way to handle this situation and give a tight lesson to the builder. So that no other customer will suffer again.

Advocate Jai Patil answered
Hi For the delay in delivering the flat, u can approach consumer forum for deficiency in service and seek compensation and u can also claim the interest which u would have paid to the bank. In addition if u are willing to pay court fee u can seek damages from the builder from the civil court.

Q: How can I settle a cheque bounce case if I have no money?

Hello sir because of my health i am not able to pay my loans and credit card payment from one year now bajaj finance has called me from police station and telling to settle the amount but my health is not good i have a kidney shrinkage so i cant work i dont have money to settel what should i do plese help

Advocate Jai Patil answered
hI U can request the bank to grant some time and convince them that you would pay the same on future dates and file a compromise petition to that effect or if u do not have the funds now or in the future also u have move the civil court to declare urself insolvent.

Q: Legal procedure to recover advance money from real estate firm

I paid a real estate firm total 9 lakhs as advance for booking a flat but now they are not refunding or giving any flat , so need to recover my paid amount. Plz advise which case can help me

Advocate Jai Patil answered
Hi If you have entered in to an agreement with the firm, u can enforce the terms of the agreement by filing suit for recovery of money or u can also file suit for specific performance and demand the builder to execute the sale deed. or in alternative U can also file a complaint before the consumer forum alleging deficiency in service and seek refund of the advance with interest If u want to put more pressure u can lodge a complaint against the firm for having committed offenses of Criminal breach of trust and cheating.