live law consumer Arbitration trust ombudsman

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India: Corporate Frauds: An Analysis INTRODUCTION White Collar Crimes are the type of crimes that are committed by respectable persons, holding enviable positions, either in public or private entities. It is practically very difficult for the bureaucratic agencies to track and detect such frauds and probably because such activities are carried out in much secrecy and goes un-notified. Such crimes are defined by the Federal Bureau of Investigation as,  "Illegal acts characterized by deceit, concealment or violation of trust, which are not dependent upon the application or threat of physical force or violence".  The FBI says that in cases of white collar crime,  "Individuals and organizations commit these acts to obtain money, property or services; to avoid the payment or loss of money or services; or to secure personal or business advantage".  Today, the focus of white collar crimes has moved from the individuals to the organization, where individuals...

FRAUD AND THE COMPANIES ACT, 2013 I. INTRODUCTION  The financial/ corporate frauds and scams which have taken place in India, required the attention of the Law makers. It was high time to evaluate the high standards in corporate governance and implement stringent provisions to tackle corporate Fraud. The problem was on the rise both in its frequency and severity. The increasing rate of white-collar crimes demanded stiff penalties, exemplary punishments and effective enforcement of law with the right spirit .  Examples:  Our country has witnessed several corporate Frauds, till date e.g. Rs.  5,000 crore Harshad Mehta scam in 1992, Rs. 7,000 crore  Satyam fiasco in 2009, the Rs. 27,000 crore  Sahara fraud case which started in 2010 and is sub-judice at the Supreme Court  currently.   II. PROVISIONS IN THE COMPANIES ACT, 2013  The new Companies Act, 2013, (“ the Act ”) focuses on the issues related to corporate Fraud, as is visibl...

Competing With Your Former Employer If you are planning to start a company in competition with the one you just left, beware of five claims that could land you in court. Michael was employed by a a compaand supplies used in hot stamp decorating. When he started working, he signed a statement agreeing not to disclose any information acquired during his-employment relating to the company's inventions, trade secrets, or systems, or any other confidential information regarding the property and business affairs of the company. In addition, he agreed not to use such information in competition with the company. Through his job, Michael met and became friendly with Robert, who oned a company that sold marking tools to Michael's employer. Michael began favoring Robert's company with orders; the volume of those orders jumped from $12,500 for the previous year to $81,000 in the next 14 months. In addition, Michael began ordering patterns and models from...

Legal Action On An Employee Joining S Competitor Company  SVA2015 I have a query regarding an employee joining a competitor company after quitting his current job. One of my friend has resigned from his current employer. His manager is threatening him that if he quite & joins the competitor company, legal case will be filed against him & his career will be spoiled. Is there any possibility of such a situation arising. Can a legal case be filed against him for joining a competitor firm? NATHRAO Did the job contract with earlier company have any such written agreement about joining competitors? SVA2015 There is no such clause in the offer letter that was given or any bond/ contract was executed during employment. However, the general mention of secrecy & confidential information is there which states that no trade secret & confidential information shall be shared while being in employment as well as after qutting. SUSHILKLUTHRA@GMAIL.COM Refe...

Legal Action On An Employee Joining S Competitor Company [Thread SVA2015 I have a query regarding an employee joining a competitor company after quitting his current job. One of my friend has resigned from his current employer. His manager is threatening him that if he quite & joins the competitor company, legal case will be filed against him & his career will be spoiled. Is there any possibility of such a situation arising. Can a legal case be filed against him for joining a competitor firm? NATHRAO Did the job contract with earlier company have any such written agreement about joining competitors? SVA2015 There is no such clause in the offer letter that was given or any bond/ contract was executed during employment. However, the general mention of secrecy & confidential information is there which states that no trade secret & confidential information shall be shared while being in employment as well as after qutting. SUSHILKLUTHRA@GMAIL.COM Reference may be...