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All About Equated Monthly Installment (EMI)


An EMI or Equated Monthly Installment is a fixed amount payment made by a borrower to a lender at a specified date of every month. The monthly instalments are used to pay off both the interest and the principal each month so that after the specified number of years, the loan is paid off in full."

The benefit of an EMI is that they know exactly how much money they will need to pay for their loan each month, making the personal budget process easier.

An EMI is a financial term used for loan repayments. It is a quick and easy method to pay off the loan. When a borrower takes a loan from the bank or Non-Banking Financial Company (NBFC), the repayment of the loan is done mainly in instalments. The fixed financial instalments are known as EMIs. The amount of EMI depends on the principal loan amount, tenure and the interest rate. This monthly instalment is supposed to be paid on a fixed date to the bank by cheque or by electronically. 

How EMIs work?

EMI is a fixed payment of amount every month as part repayment of a loan or a purchase. It constitutes the principal amount to be paid along with a certain rate of interest. The interest depends on the amount borrowed and the duration for which it is borrowed. The principal element is lesser than the interest element in the initial period of repayment and the rate of interest will decrease progressively and the principal amount will increase over the period of repayment.

How to calculate EMI?

EMI calculators require a few factors/parameters to produce the desired results.
- Loan amount
- Tenure period
- Interest Rate
- Processing Fee (If any)


Following are the few advantages and disadvantages of the EMI scheme 

Advantages:

Freedom of Buying Expensive Utilities: EMI gives a chance to buy expensive utilities which one won’t be able to buy. EMI helps you to buy anything and everything, be it expensive household items, a vehicle, gifts, jewellery or a house. The consumers get a chance to divide the amount in monthly instalments and pay it off easily.

Easy to Repay: The borrower can pay the loan in instalments by opting for EMI. The amount is decided on the basis of the principal loan amount, time, interest rate and the borrower’s capacity of repayment. EMI makes it easier for the borrowers to pay the said amount in small portions every month. Hence they don’t have to pinch their monthly expenses to afford various utilities.

Flexible EMI Options by Banks: Many banks nowadays offer various flexible EMI options to the borrowers. The EMIs are decided as per the borrower’s needs. The instalment and tenure are decided by the borrower as per his or her convenience.

Affordability: EMIs gives the consumers the freedom to afford things that they won’t be able to make complete payments for. It lets the consumer make payments in instalments allowing them the freedom to purchase which they can’t make lump sum payments.

The absence of a Middleman: The EMI is directly paid to the lender and there are no hassles of a middleman.

Disadvantages:

Longer Duration of Debts: The borrowers have to pay the monthly instalments until they pay the principal amount and the amount of interest rate. In terms of a car loan or home loans, the tenure goes as long as 20 to 30 years. Which means a borrower spends almost half of his or her life repaying the loan. Which restricts the borrowers from buying any other utilities in.

No Early Repayment: If a borrower wants to pay back the loan earlier than actual duration by using extra savings or a bonus, banks do not offer an easy option to do so. Many banks and NBFCs charge an early repayment fee. Which makes it difficult further for borrowers to pay off the loan earlier even if they could.

Charges on missing EMIs: If a borrower misses or forgets to pay the EMI by the given date, the banks and NBFCs charge the borrower with late fees. Missing multiple EMIs may lead the borrower to face legal action and their collateral can be taken.

Extra Amount: The borrower has to pay an extra amount than the actual borrowed amount in the form of the interest rate. As the principal amount and interest rate are combined to form an EMI, the borrower can’t avoid paying this extra amount.

Additional Amount: Additional amount in terms of interest. One need not pay interest if the payment is made at once.

Penalty for Prepayment: Many institutions do not allow prepayment and in case they do there will be a serious penalty that one will have to bear for the prepayment.

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Procedure To Be Followed In Civil Recovery Proceedings


Step-wise Procedure to be followed in Civil recovery proceedings, In all eligible NPA accounts: 

1: Preparation of plaint - It should be ensured that the Plaint is made in the manner and as per legal requirements, it contains material facts, documents etc. Once the Bank files a Plaint, it will be known as a Plaintiff.

2: Remittance of court fees & filing the plaint - Court fee is calculated as per the Court Fees Act of each State. Court Fees Act prescribes the Court Fee depending on the subject matter of the litigation.

3: To complete process of service upon the Defendant/Defendants - The Court allots a serial number to the case once the case is filed, with a prefix indicating the type of the case, (Like "O.S" for "Original Suit"). The judge directs that a notice be issued to the Defendant/Defendants and also designates the next date. The Court then issues a "notice" to the Defendant/Defendants informing him that the Plaintiff has filed a case against him and instructing him to appear in the Court personally/through a lawyer on the appointed date.

4: Preliminary hearing - On the preliminary hearing when the Defendant/Defendants appears before the Court, then time is given to him to file the written statement, and next date of hearing is fixed for the Defendant/Defendants to file the written statement. Usually, a period of 30 days is allowed to the Defendant/Defendants. However, requests for grant of more time by the Defendant/Defendants are generally granted up to 30 days subject to a maximum of 90 days.
 
5: Filing written statement by the Defendant/Defendants - When the Defendant/Defendants files his written statement in the Court, he/they would deny all the assertions in the Plaint and compel the Plaintiff to prove every claim. This is also another way to prolong the outcome of the case, which may not be in favour of the Defendant/Defendants if the Plaintiff happens to have a bonafide case.

6: Framing of issues - A list of disputed questions of fact and law are called issues framed by the court which the Plaintiff has to prove through evidence. The points mentioned by the Plaintiff in his plaint, which is not expressly disputed by the Defendant/Defendants, need not be proved.

7: Defendant/Defendants (both borrower as well as guarantors) take steps to dispose of most of their assets (including hypothecated assets)
The following steps should be taken immediately after the suit is filed;
(a) Appointment of interim receiver and application for a temporary injunction 
(b) Interim attachment or injunction and interim sale.

8: Evidence After the Issues are framed, the case is then posted for evidence - 

(a) Filing documents & leading Evidence - The evidence of the Plaintiff is first taken for consideration. Next, other witness/witnesses, if any, on behalf of the Plaintiff are examined, and such witness/witnesses can also step into the witness/witnesses box to narrate the facts to the judge. This is called "leading evidence". All the witness/witnesses of the Plaintiff will be cross-examined by the Defendant/Defendants (i.e. by the Defendant/Defendants lawyer). 

(b) Evidence by the Defendant/Defendants - After the case of the Plaintiff is closed, the evidence on behalf of the Defendant/Defendants are taken up. The Defendant/Defendants is allowed to file any documents from his side, and these are also marked as records of the case. The witness/witnesses on behalf of the Defendant/Defendants are cross-examined by the Plaintiff (i.e. by the Plaintiff's lawyer). After the evidence of both sides is completed, the case is adjourned for final arguments.

(c) Closing Arguments - Since the judge may not be able to read and assimilate lengthy documents covering evidence on both sides, but he is accustomed for the quick perception of what is stated in the arguments. Documents are not read during the proceedings, and they have to be studied leisurely by the Judge, after court hours.
 
9: Pronouncement of Judgment & Passing of Decree: After the conclusion of arguments, the judge may reserve his Judgment to be pronounced on a later date or may deliver the same immediately as said earlier. Both parties may apply to the Court for a copy of the Judgment, and it is provided to them on their application.

10: Execution of the Decree - The party in whose favour the Decree is passed is called the decree-holder. The other party is called the Judgment Debtor. The Judgment debtor has to implement the Court's decree. If he fails to implement, the decree holder can file an execution petition in the Court. When a decree has been obtained by the Bank in its favour in the suit filed against the borrower and the guarantor, prompt steps should be taken for execution of such decree for recovery of the Bank’s dues.

11: Filing of Appeal - Where the suit is decreed in favour of either of the party, the aggrieved party may prefer an appeal, if there are valid grounds of law and/or facts to prefer an appeal. The Court, immediately higher in the hierarchy to the Court which passed the final judgment, is the Court to which an appeal will be filed. The appeal has to be filed within 30 days from the date of the decree.

12: Execution of Money DecreeEven if the Judgment debtor files an appeal against the Bank before the Appellate Court challenging the money decree passed by the lower Court in Bank’s favour, the Bank should nevertheless proceed to apply for the execution of the decree passed by the lower Court notwithstanding the pendency of such an appeal unless a stay order or injunction order is granted by the Appellate Court restraining the Bank from executing the decree.

The process as above appears very simple, but in real life, the litigation is dragged for several months and even years. This is not only on account of the delaying tactics adopted by the Defendant/Defendants but also due to an enormous backlog of litigations piled up and pending in civil courts. 
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Difference Between Mutual Divorce & Contested Divorce


Divorce helps a person to break free from a marital relationship. Marriage is not a contract; it's an important societal institution. The law is interested in the protection of marriage; it does not allow it to be severed only by ordinary wear and tear and choice. To get a divorce one needs to prove specific grounds, for e.g., cruelty/adultery/desertion etc. which are also known as matrimonial offences. People get confused between mutual divorce and contested divorce ending up with gratuitous legal bills. 

Mutual Consent Divorce:

A mutual consent divorce is a divorce whereby both the husband and wife mutually agrees to end the relationship and amicably decides the terms and conditions of the divorce. The reason why mutual consent divorce is also called an uncontested divorce is that the husband and wife files a joint divorce petition without the need to contest it before the court.

Parties desirous of Mutual Consent Divorce are always perplexed as to how to initiate the process, the role of court, terms, and conditions of mutual consent divorce, issues of maintenance and child custody, duration of mutual consent divorce, a place where Petition for mutual consent divorce can be filed and other allied questions.

Contested Divorce:

The court grants a divorce only on proof of fault conducted by one party and the innocence of another party. The most common grounds for divorce are cruelty, adultery, desertion ( it means wilful abandonment done by one spouse to the other without the reasonable cause), etc. Sometimes the conversion of religion and renunciation of the world is also one of the divorce grounds.
As per the law, our legal system does not grant a divorce on the irretrievable breakdown of a marriage or irreconcilable differences. To get divorce one has to prove wrongdoing on the part of the other spouse. The legislature has taken note of this practical reality, and a bill of the same is pending in the Parliament, which would allow a spouse to seek divorce on the ground of inherent incompatibility leading to the breakdown of a relationship.

Ground For Divorce: 

Under the Indian law, establishing a divorce ground is not necessary for filing a petition of Mutual Divorce, but for a petition of contested divorce valid ground. There are various reasons for divorce in India which includes adultery, mental or physical cruelty, desertion, conversion of religion, a venereal disease of communicable form, renunciation of the world, mental illness, leprosy and if the spouse is not heard being alive for seven years, etc. The valid reason for divorce in India is mentioned in section 13 of the Hindu Marriage Act, 1955.

Maintenance/Alimony, Division Of Property And  Child Custody: 

In a Mutual Consent Divorce, the formalities relating to maintenance/alimony, division of property and child custody, are decided by the husband and wife. However, the issues about alimony/maintenance, division of property and child custody are contested like the divorce petition. In India, for the case of Contested divorce, the lawyers file a separate request to deal with the issues.

Reconciliation of the parties: 

There is no concept of a reconciliation between the divorcing couple in a contested divorce. However, there is a period of 6 months in a divorce of mutual consent; it helps to give a chance to the couple some time to rethink on their decision. Under the new divorce law in India, the cooling period may be waived off by the court if it thinks that reconciliation is impossible and a cooling period will only increase their suffering.

It is observed that the Mutual Consent divorce is the easiest way to get separated, in this type of divorce both parties work out their terms and conditions on which both the parties agree to part ways- file petition in the court, which is finalised in 6 months.

Note: Legato connects you with top divorce advocates in India who can assist you in filing a mutual consent divorce or a contested divorce online in India, whichever applies to your matter. To get connected with divorce top verified attorneys near you send us an email at Support@legatoapp.com.


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About Amalgamation In India


Amalgamation is the blending of one or more companies into a new entity. When two or more companies come together to form a new company or when they decide to absorb or blend any one company by the other then the amalgamation takes place. An amalgamation of the company is different from the process of a merger. It is because neither of connecting companies survives as a legal entity at the end; a new entity is formed to house and consolidate the assets and liabilities of both companies.  

Amalgamation is the process carried out between two or more companies who are engaged in the same line of activity and the operations. The companies can also combine for diversification of the activities or expansion of services.

The main reason for amalgamating of companies is to acquire cash resources, to eliminate competition, do tax savings, to operate economies of large scale, to increase the value of shareholders, to reduce the degree of risk by diversification and to achieve growth and gain financially.

Amalgamation is like the merger that tries to minimize the risk of the assets and liabilities and maximize advantages as well as the shareholders' interests, and the business of the companies. No adjustments are made to book value. All assets of the transferor company become of the transferee company.

After the amalgamation, the business of the transferor company is carried on. Shareholders of the transferor company who holds a minimum of 90% face value of equity shares become shareholders of the transferee company.

When another acquires one company and shareholders of the transferor company discontinue to have a share as per decided proportion in the equity of the amalgamated company, an amalgamation like purchase occurs when conditions for amalgamation like merger are not met.

The procedure of an Amalgamation is as follows:

  • - The terms and condition of amalgamation are always finalized by the board of directors of the Companies.
  • - Approval is given by the respective High Court when the amalgamation scheme is prepared and submitted.
  • - Approval of the shareholders of the companies is obtained.
  • - Approval of SEBI is obtained.
  • - A new company is formed and issues shares to the shareholders of the transferor company.
  • - The transferor company is liquidated and all the assets, liabilities are taken over by the transferee company.

The main purpose of amalgamation is to achieve benefit which arises, with the combination of the two entities jointly. 

Various other objectives of amalgamation are as follows:

- To obtain the economies of scale
- To reduce competition
- To gain Goodwill and reputation 
- To reduce the of risk through diversification
- To improve managerial effectiveness.


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Adultery Law In India


In India, adultery is not a crime anymore, though it can be a ground for divorce. The Supreme Court said that a 158-year law that punishes a man for an affair but not the woman, treating her as her husband's property. "It's time to say the husband is not the master of the woman," said a five-judge constitution bench, unanimously sticking up for gender justice and calling out the Victorian adultery law as arbitrary.


Section 497 of the IPC was a section dealing with adultery. The law observed that a woman could is not punishable for the offence of adultery. Only a man who commits consensual sexual intercourse with the wife of the other man without the consent of her husband is punishable under this offence in India. If an individual "lives in adultery", the partner can file for divorce. The Supreme Court of India defended the law on 27 September 2018. The SC acknowledged the law as unconstitutional because it "treats a husband as the master of his wife". 


Section 497 says that:-

Whoever has sexual intercourse with a person who is and whom he knows or has reason to believe to be the wife of another man, without the consent or connivance of that man, such sexual intercourse not amounting to the offence of rape, is guilty of the crime of adultery.


Moreover, he shall be punished with imprisonment of either description for a term which may extend to five years, or with fine, or with both. In such a case, the wife shall [not] be punishable as an abettor.


On 27th September, a five-judge bench of the Supreme Court struck down Section 497 of the Indian Penal Code (IPC) and decriminalized adultery in India (it remains a "civil offence", as it can be a ground for divorce. The judgment is significant not because it got rid of a patriarchal law, but also because of its consequences that may arise in future.


All five Supreme Court judges hearing the case said the law was archaic, arbitrary and unconstitutional.


Chief Justice Misra said that "Husband is not the master of a wife. Women should be treated with equality along with men,".


Judge Rohinton Nariman said that "ancient notions of a man being perpetrator and woman being a victim no longer hold good".


Justice DY Chandrachud said the law "perpetuates the subordinate status of women, denies dignity, sexual autonomy, is based on gender stereotypes". He further said the law sought to "control sexuality of woman (and) hits the autonomy and dignity of a woman".


The judgment of the Supreme Court is essential, however, for the further indications it may have. All the judges were very clear that a woman has the right to bodily integrity, choice and personal liberty not just against the State, but also within the context of home and the family. It gives a call to a question that a number of our laws has actively denied these rights. The decriminalization of adultery may have a current effect that goes beyond its immediate context and serves as a springboard for greater freedom, equality, and independence within what is commonly understood to be the private sphere.



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Recovery Of Security Deposit


The most common quarrel between tenants and landlords is over the security deposit. For that purpose, states have laws with rules for suggesting the percentage of rent and security deposits to be kept with a landlord. As with any legal issue, if the tenant believes that the landlord is improperly keeping or mistreating the security deposit, it is essential to check the laws of the specific jurisdiction before taking action.

The first step in arranging the security deposit back is making sure the tenant satisfies the conditions of your lease. Any property that came with the apartment from the landlord must remain. The items which are not returned can be charged by the tenants. It is necessary that he leaves the apartment in good condition. The landlord can charge for damage above and beyond normal wear and tear.  The simplest way to get the security deposit back is to encourage a good relationship with your landlord while living in residence. If a tenant gets along well with the landlord, misunderstandings don't have to escalate into major disagreements.

The lease agreement executed between landlord and tenant should specify a period for occupancy. When landlord and tenant sign the lease, they agreed to occupy the space and pay rent for that amount of time. The landlord might be able to keep charging the tenant the rent until a new tenant comes to stay, he can deduct from your security deposit or keep the full amount.

It is advisable to give written notice when a tenant decides to move. The usual timeframe for notification is 30 days. If the tenant doesn't provide the required notice, then he can certainly be charged for the term of the notice. The courts don't always uphold a landlord's right to deduct from a security deposit for short notice. However, if your landlord does charge you, you'll have to go through the hassle of small claims court. Avoid disaster and financial burden by careful planning.

If any problem arises, as the landlord refuses to give your security deposit back, within the time period set by the law, or if you have any dispute charges that the landlord has deducted from the deposit, the first essential step for settling the issue is to contact the landlord (or his/her agent). One should mention the difficulty and request a refund. It is advisable to follow the conversation with a letter sent by certified mail and ensure to keep a copy. He/she can even give a hand- delivered letter having the sign of landlord and date of the print received by the landlord.

If everything fails, you may have to file a lawsuit and get the security deposit back. A lawsuit over a security deposit will go before a small-claims court, which means that it is not necessary to hire an attorney. If security deposit amount exceeds the claim amount for small-claims courts in the jurisdiction and an individual end up hiring an attorney to represent him in civil court, he can recover the attorney's fees after he wins the suit.

Filing a lawsuit can help to recover the higher amount than the original security deposit if the court finds that the landlord has acted in bad faith. In some cases, the award could be more the amount of the security deposit. The disadvantage of filing a suit is that the landlord can file counterclaims for damage to the property, violations of the lease deed, or other claims that may cause you difficulties in defending the landlord.  

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