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Noe123

@Noe123

Dazzler

+ 6

Posted: 12 years ago

I want to understand how handover of 'Power of Attorney' works.

Nanu gave power of attorney to Avantika.

Avantika gave it to Anuj.

Can Nanu play a role here? He still is the owner. Remember, he had changed his will to include Pankhuri. So, he still has control or he doesn't? Can someone explain? How things work in legal world? Nanu can change his will and give his property to whom he wants to give but can't have any say in company power matters - yeh baat kuchh hajam nahi ho rahi.

I missed last week's all the episodes. Was something covered then?

Yes, I tried to google the answer, and Wikipedia has nice article on it, but all the legal mumbo-jumbo is not what I want to read right now. Are there any lawyers in the forum who can explain just the relevant facts in layman's terms?

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Sabrina the Witch

@shesherkobita

Dazzler

Posted: 12 years ago

I'm no lawyer but I love you for thinking that all Dewan cars could be transformers...❤️ Here's my 2 cents

Will is different from Business... When Nana dies all his property will be divided according to the will. So Pankhurii has a share when he dies, not before that.

Business is divided into shares...so everyone has some shares... Since its a private company all the family members have shares. All the members sit together to decide who will be director or the one with final SAY. Pankhuri doesn't have a share ( she didn't buy into it or wasn't gifted one). Nana should have shares too...this is not clear whether he has or not.

If Nana, Preity, Avantika, Adi's combined share is more than 50%... Then they can ousted Anuj. If Anuj, Sheila, Kaira, Rubel has more than 50 % then they rule... Don't know how POA works in business...

So if this business fails..then what is in the WILL gets affected too. Usually the houses and transformers cars are all collateral to these business if they have taken loan from bank... Which all big business do...

So, for nana and Avantika to stay passive about the whole thing is unreal.

Why she had a POA in the first place in something I don't know.

Avantika and gang has right to sell their shares and start their own business I think...

Take everything I wrote with a pinch of salt...I don't know anything about business, POA or WILLs...I am a housewife.🤣

Ps: nana has the right to change his will and give everything to Adi if he wants. If nana owns 10% of the business share, only that part is included in will.

Edited by shesherkobita - 12 years ago

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Noe123

@Noe123

Dazzler

+ 6

Posted: 12 years ago

Originally posted by: shesherkobita
I'm no lawyer but I love you for thinking that all Dewan cars could be transformers...❤️ Here's my 2 cents

Will is different from Business... When Nana dies all his property will be divided according to the will. So Pankhurii has a share when he dies, not before that.

Business is divided into shares...so everyone has some shares... Since its a private company all the family members have shares. All the members sit together to decide who will be director or the one with final SAY. Pankhuri doesn't have a share ( she didn't buy into it or wasn't gifted one). Nana should have shares too...this is not clear whether he has or not.
If Nana, Preity, Avantika, Adi's combined share is more than 50%... Then they can ousted Anuj. If Anuj, Sheila, Kaira, Rubel has more than 50 % then they rule... Don't know how POA works in business...

So if this business fails..then what is in the WILL gets affected too. Usually the houses and transformers cars are all collateral to these business if they have taken loan from bank... Which all big business do...

So, for nana and Avantika to stay passive about the whole thing is unreal.
Why she had a POA in the first place in something I don't know.
Avantika and gang has right to sell their shares and start their own business I think...

Take everything I wrote with a pinch of salt...I don't know anything about business, POA or WILLs...I am a housewife.🤣

Ps: nana has the right to change his will and give everything to Adi if he wants. If nana owns 10% of the business share, only that part is included in will.

Thank you! Thank you! Housewife sab jaanti hain!😆

At least now the clouds are parting. So, company ownership depends on who has how many % of shares. If no one is speaking up yet, then may be math is not in their favor. But, again if Math was always in Anuj's favour, Shila would have taken advantage of it long long time ago. So, equations changed with the POA.

Now, I remember Baazigar. When Shahrukh's dad gave POA to Kajol's dad, he took hold of everything and threw out Shahrukh's dad. So, may be something like that is at work here. Even that was a work of fiction, and so all legal procedures may be fictitious and same here.

And, you know what transformer cars are not collateral for business. They are on their own, just waiting for right moment to show their true colors. Did you notice? Today Rubel took Avantika's car, then where was Rubel's car which Avantika could have taken even if it's a jeep [they got drivers]? Must be off to attend some secret meeting.

Edited by Noe123 - 12 years ago

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ANJ4

@ANJ4

Rocker

+ 2

Posted: 12 years ago

In my dad business ... I have power of att. and I can only make decsion after I talk with my parents ... If he is out of the country ... I cannot make any descision without them ... So I don't know why nana just sits there and take it all ... LOL I think it is funny ... maybe coz it is India and thing are done differently ... LOL

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Dreamygal301

@Dreamygal301

Sparkler

+ 4

Posted: 12 years ago

I'm an ex lawyer but my speciality was in property/contract/white collar. However, as far as I am aware in the UK there are wo types of POA. One for health and welfare and the other for property and financial decisions. You can make separate ones or combine them.

A lasting POA is usually lets someone (you appointed) to make decisions on your behalf. For example if someone is disables it lets their appointed person make decisions about daily routine, medical care, life sustaining treatments and etc

In this story, I think Nana gave over his rights to the company to Avantika on a power of attorney. As the story never got into the ins and out, not sure what he gave over to her in the first place although its sounds like financial and company decisions. However, if its like the Uk's, then Nana also has the power to object now that Anuj has this. I am not also sure that Avantika can actually hand over the POA to Anuj, in the UK its made out to one named person or joint ones.

But for arguments sake, Nana can actually revoke the POA as the original donor (the person who had handed over his power of attorney) no longers wishes for it. Quite simple (😆😆) in the UK he would just have to fill in a form and say I want to revoke it!...Though in reality when a lot of money is involved, the person holding the POA will fight it, in this case they would have to show mental deficiency (eg Nana not being able to make his own decisions or that they are not reasonable and etc).

One thing for sure though, in a real life Avantika could not give over the POA to Anuj because it would become invalid., She is the only names person. For Anuj to have POA Nana would have needed to sign him down as the attorney - unless in the original one his name was already down...!!...but then Sheila would not have schemed so much...

See, no point in trying to apply real life logic to reel life...when we are only given half story with no proper information.😊

Edited by Dreamygal301 - 12 years ago

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srbakhsh

@srbakhsh

Inactive

Posted: 12 years ago

i think k POA sare decision making athourity kisi bharosemnd bnde. k haath mein dene k liye hai k wo peche se aapke behalf per faisle le sake wo aapke favour mein jae ya na jae per usko athourity hai ke aapne use ye sare right handover kr diye hain jese baazigar mein hua tha aur ab wo harr tarah k decisions le sakte hain jb tak aap apne haqq mein wapes wo papers sign nhi krwa lete jese nana ke sa avantika ko handover kiya aur avantika ne anuj ko per property nana ki hi hai kyunki nana ne anuj se kaha tha daro nhi main tumse kuch wapes nhi loonga remember ?

aur avantika jhgda nhi chahti to wo chup hai aur anuj baazigar ke dilip tahil ki tarah apne true colors dikha rha hai :-P[B][/B]

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Sana

@violetshine

Voyager

Posted: 12 years ago

Originally posted by: Dreamygal301

See, no point in trying to apply real life logic to reel life...when we are only given half story with no proper information.😊

Very true we don't know the ins and outs of the story so I think it's best we don't use our brains :)

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anusha.cochin

@anusha.cochin

Rocker

Posted: 12 years ago

In my Office POA is given to my team lead as our MD is always out of station

But as per my Knoweldge MD can cancel the POA whenever he wants

If things r like n PKDH ...ie ...Those who hold POA can throw away owner no1 s gonna give POA to any1...So its unrealistic😕

Nanaji can cancel dat POA ...I thnk so

Edited by anusha.cochin - 12 years ago

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Chandra

@Roark

Rocker

Posted: 12 years ago

Only a person who gives POA can cancel or revoke it or give it to someone else. If Nana had given the POA to Avantika, Avantika had no right too tranfer it to someone. Its only Nanu who can do it;.

A POA will only authorise you to do some acts and not tranfer a POA. It cannot be done.

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anusha.cochin

@anusha.cochin

Rocker

Posted: 12 years ago

#10

Originally posted by: Roark
Only a person who gives POA can cancel or revoke it or give it to someone else. If Nana had given the POA to Avantika, Avantika had no right too tranfer it to someone. Its only Nanu who can do it;.
A POA will only authorise you to do some acts and not tranfer a POA. It cannot be done.

I too think d same...

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