Professional Documents
Culture Documents
ISSUES INVOLVED
a. Were the people/ families residing in the area informed of the same?
b. Was the general public, concerned authorities, etc. informed of the sale?
Was the point that Shivalik Ventures was no longer involved with the
project informed?
c. What are the tax implications? Has tax been paid?
d. Who is SVI? What is the experience of SVI Realtors? Who are the people
behind?
C. Same Firm i.e. M/s Shivalik Ventures forming into two Private Limited
companies on different dates/
Extinguishment of Contractual Obligations.
“It is proposed that the company on formation, shall take over the
running business of M/s Shivalik Ventures lock, stock and barrel..
facilitate the process of such takeover.”
“Several agreements entered into with the societies of the occupants are
also entered into by the partnership firm of M/s Shivalik Ventures.”
22.03.2007 Shivalik Ventures Pvt Ltd passes resolution to apply for name
change to Ornate Developers Pvt Ltd or “some other name”.
Finally, the name of Shivalik Ventures Pvt Ltd was changed to Lifestyle
Realtors Private Limited vide fresh certificate of incorporation dated
17.05.2007 issued by MCA.
What was the reason for suddenly having a dislike with the name Shivalik
Ventures? – The answer lies in the contractual obligations to the various
occupants/ residents/ societies of the project. M/s Shivalik Ventures claims
that it had obtained consent letters and signed agreements with societies under
the name of M/s Shivalik Ventures. This was a means of extinguishing the
liabilities. In fact in a letter to the ROC, Lifestyle i.e. Shivalik Director wrote
that it was not interested in the name Shivalik.
4. M/s Shivalik Ventures which was already converted into a company (S1)
on 12.06.2006 was once again converted into a company by the same name on
24.03.2008
What is the legal standing of M/s Shivalik Ventures once it has been
converted into a company. The legal standing gets extinguished. However,
once again the MCA allowed an extinguished firm to be converted into a
company by the same name.
The same resolution has authorized Ramakant Jadhav “to make necessary
application to the ROC Mumbai for obtaining approval to the change of
name”