Startup Funding through Startup India-Part-1

Recently Pm Modi had announced the scheme related to Startups and extended his support towards innovation, its a very good step considering in mind a lot of startups are emerging and they need some sort of support to survive. the StartUp India initiative includes benefits like tax exemption,funding,relaxation and support in registration of intellectual property.

THE SCHEME-WHAT YOU HAVE TO DO

The number one thing you must do is to apply for recognition as a startup, for this first thing first is that you must be registered as a partnership,company(Click link for company registration process), or a LLP. In order to get recognized as a startup you must get

  1. Recommendation (with regard to innovation nature of business), in a format specified by Department of Industrial Policy and Promotion, from any incubator established in post-graduate college in India; or
  2. Letter of support by any Incubator which is funded (in relation to the project) from Government of India or any State Government as part of any specified scheme to promote innovation; or
  3. Recommendation (with regard to innovative nature of business ), in a format specified by Department of Industrial Policy and Promotion, from any Incubator recognized by Government of India; or
  4. Letter of funding of not less than 20 percent in equity by any Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/ Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business. Department of Industrial Policy and Promotion may include any such fund in a negative list for such reasons as it may deem fit; or
  5. Letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; or
  6. Patent filed and published in the Journal by the India Patent Office in areas affiliated with the nature of business being promoted.

KEEP IN MIND

You must qualify for the definition Startup as per the government of India Notification to get the benefits under the scheme. That means you must be qualified as under The Startup must possess-:

a) Up to five years from the date of its incorporation/registration,

b) If its turnover for any of the financial years has not exceeded Rupees 25 crore, and

c) It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property;

Read Complete notification here

If you are qualified as a startup and got any of the 6 documents mentioned above then you have to apply  on following link. and complkete the documentation once this done the Department of Industrial Policy and Promotion will issue recognition number and the startup will be recognized Startup.

Than the funding process will be initiate which will be discussed in next part.

By-:

Advocate Nitish Banka

Mail-:nitish@lexspeak.in

WIFE GIVING MAINTENANCE TO HUSBAND

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ CM(M) 169/2009

 

Judgment Delivered on: 31.03.2011

RANI SETHI ….. Petitioner             Through : Mr. G.K. Sharma, Adv.

versus

SUNIL SETHI ….. Respondent      Through : Mr. B.P. Singh, Adv.

CORAM:

HON’BLE MR. JUSTICE G.S.SISTANI

  1. Whether the Reporters of local papers may be allowed to seethe judgment? Yes
  2. To be referred to Reporter or not? Yes
  3. Whether the judgment should be reported in the Digest? Yes

 

G.S.SISTANI, J. (ORAL)

 

  1. Present petition is directed against the order dated 24.2.2009 passed by learned Additional District Judge, Delhi, on an application filed by respondent (husband) under Section 24 of Hindu Marriage Act, seeking maintenance from the petitioner (wife). By the abovesaid order, trial court has directed the petitioner (wife) to pay maintenance to the respondent (husband) @ `20,000/-, per month, and `10,000/- as litigation expenses and also to provide Zen Car for the use of the respondent (husband).

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HOW TO REGISTER WILL IN DELHI

HOW TO REGISTER WILL IN DELHI

Registration of will is not compulsory under section 17 of the registration act, but it is always advisable to register the instrument of will as it makes nearly impossible to challenge the will in the near future. Now this a step by step guide to register will in Delhi.

In order initiate the process of registering a will in Delhi, one must have a well drafted will by a counsel or read this article.

Now once your will is ready you are ready to go to your nearest sub registrar now to find your nearest e-sub registrar click here.

Once you have figured out the address, you need to ensure that you have 2 copies of will, 2 photographs and id card of the witnesses. Affix the photographs on top right corner of both the copies.

Now take online appointment by visiting the link and pay the e-registration fees and collect the receipt click here. Total registration fees is Rs. 660/-

All is done now, now take the documents to your nearest e-sub registrar along with witnesses, the rest will be done by the official, you will get a receipt and collect your registered will on basis of the receipt the vary next day.

 

Advocate Nitish Banka

9891549997

Feeling Harassed by Bank recovery agents-Follow this?

Feeling Harassed by Bank recovery agents-Follow this?

If you a loan defaulter or just missed few installments of the loan or your financial condition is poor that you are not able to pay the loan amount back to the bank. The bank employs various recovery agents to harass you as a measure to recover back the loan amount due upon you, these agencies are spread all over Delhi and even abuse you in front of your family members and relative, or they can even call you and your relatives at odd hours and start abusing, these are unlawful tactics adopted by the agencies of the bank.

What’s the Solution
Complaint to police station
A formal complaint against the bank and the agency can be lodged to the police station and if police is not taking any action or is not registering a FIR than one can resort to complaint to the Magistrate under 156(3), once FIR can be lodged your problem might get solved, in case of women if vulgar language are used against the women IPC 509 can be lodged but remember to have record of the conversation.

Injunction suit against the bank and agents-:
A civil suit of injunction with ad interim relief can be lodged against the bank and agency in civil court. so that officials of bank and of the agency does not visit your place for recovery.

Complaint to RBI

Recently RBI has also issued certain guidelines to curb this issue which can be accessed here. A formal complaint to RBI is also one solution a person can opt.

The Supreme court in observed in Manager icici Bank V. Prakash Kaur

 A man’s self respect, stature in society are all immaterial to the agent who is only primed at recovery. This is the modernized version of Shylock’s pound of flesh. No explanation is given regarding the interest charge and the bank takes cover under the guise of the holder of the card or loan having signed the agreement whose fine print is never read or explained to the owner. ? When a harassed man approaches the Court or the police station he is not armed with a recording phone and finds it difficult to give evidence of the abuse he has suffered. Here the bank gets away with everything. Young and Old members of the family threatened on streets, institutions and also at home at godforsaken hours by these agents who have the full support of their contractor bank. The stance taken by the bank in any suit alleging such incidents is that no such agent has been appointed by them or their agents do not misbehave in the manner aforesaid and if found guilty the agents have to bear the cross and the bank gets away scot free.

?Using of the abusive language for recovery is the norm of the day for most nationalized or multi national bank or non-nationalized bank. Though some are smart enough to record the abuse and proceed to establish the same through Court of Law, most of them are unfortunate not to have recourse to it. Such people form the majority and such litigations are pending in large volumes before the Civil and Consumer Courts. Again the banks escape liability since these agents are not salaried employees of the bank and hence not directly liable for anything. ? Taking it from the angle of the common man the inflow of software money and high salaries has resulted in uncontrolled expenditure. Rather than utility it is a fashion to carry a card for it makes a statement depending on the type of card one carries. ? To maintain ones image one pays the price of utilizing the card without realizing that even a single day’s delay in payment results in more than 100 to 200 rupees being charged as default and penalty charges, which if accumulates over a month, results in the charges exceeding the actual payment due.

Defamation suit

If recovery is based on wrong information an bank and recovery agent spoiled your CIBIL score based on wrong supply of information.

Trespassing complaint/House breaking

If the agents of the bank illegally entered into your house.

A complaint of extortion

if the agents forcefully recover the amount under threat.

How much may be the loan default, the bank should opt for legal ways like the use of SARFAESI act for the recovery of debt and resort to unlawful means by employing goondas and mawalis to recover the debt due.

 

Nitish Banka

Advocate Supreme court

9891549997

 

Should he send back to custody again?

Should he send back to custody again?

More often than not this question comes to the mind of every person that once a person a granted bail, he cannot be send back to the prison and he can use his freedom the way he wishes. But now a day’s more number of cases for cancellation of bail are coming forward because the accused while taking bail swears to abide by the express terms and conditions if any imposed or even otherwise he has to abide by the implied conditions of the Criminal Jurisprudence but since the accused forget the conditions be it implied or express, which makes the other party to move an application for cancellation of the bail.

But now the question comes that cancellation of bail is as easy as the granting of bail, the answer to the question is big NO as held by Hon’ble Supreme Courts in number of cases and reason for the same that once a bail is granted it should not be cancelled in a mechanical manner without considering whether any supervening circumstances have rendered it no longer to conductive to a fair trail to allow the accused to retain his freedom by enjoying the concession of bail during trail.

Now we see why the accused is required in custody because he should be presumed to be innocent unless proved guilty and that the law works on the principle of bail not jail, but then the question comes that even after applying these principles the court comes to know that the accused is taking law into his hands and interfering the fail trail by tampering with the witness or indulges into some criminal activity, the court has a reason to cancel the bail.

Following are the grounds as laid down by Hon’ble Supreme Court in Abdul Basit Vs. Abdul Kadir Chaudhary, 2014 (4) JCC 2810held that U/S 439 (2) empowers the High Court to direct any person who has been released on bail under chapter XXXIII of the Code to be arrested and committed to custody, i.e. the power to cancel the bail granted to an accused person:-

  1. The accused misuses his liberty by indulging in similar criminal activity.
  2. The accused interferes with the course of investigation.
  3. The accused attempts to tamper with evidence or witnesses.

 

 

 

  1. The accused threatens witnesses or indulges in similar activities which would hamper smooth investigation.
  2. The accused is likely to fell to another country, or otherwise avoid the due process of law.
  3. The accused attempts to make himself scarce by going underground or becoming unavailable to the investigating agency.
  4. The accused attempts to place himself beyond the reach of his surety.

 

The grounds mentioned are not exhaustive and merely illustrative. Therefore the accused are not to misuse the express as well as implied conditions imposed by the court and should not interfere in the due process of the court.

 

Kapil Chandna Advocate

Supreme Court of India

9899011450,9911218741

Understand Domestic Violence Act Better-Read This

The Domestic violence act is a very powerful act and often misused, many orders like maintenance, residence, custody,protection, compensation orders can be passed by the magistrate under the act and it is a quasi criminal procedures as adopted under the act, though act is for protection of women from domestic violence, here are the some of the scenarios where the act may or may not be applicable-:

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Security cheques and offence under section 138 NI act

Security cheques are the cheques only like any other cheques and they create  same liability to discharge as if they are the ordinary cheques and attract the provisions of NI 138 when they are dishonored. What is important is to show under which circumstances the cheque was issued, and in order an offence under section 138 of NI act is to be proved the said cheque must be issued in discharge of legally enforceable debt, merely calling a cheque a security cheque will not help the accused. He has to show the probable circumstances, such that the cheque was not issued in discharge of a legally enforceable debt or other liability.

Also Read: When security cheques does not lead to offence under Section NI 138

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