Mr. S aged 58 years was employed in a Government Department. He was going to retire...

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Mr. S aged 58 years was employed in a Government Department. He was going to retire after two years. Mr. D made a proposal to Mr. S to apply for voluntary retirement from his post so that Mr. D can be appointed in his place. Mr. D offered a sum of 10 Lakhs as consideration to Mr. S in order to induce him to retire. Mr. S refused at first instance but when he evaluated the amount offered as consideration is just double of his cumulative remuneration to be received during the tenure of two years of employment, he agreed to receive the consideration and accepted the above agreement to receive money to retire from his office. Whether the above agreement is valid? Explain with reference to provision of Indian Contract Act, 1872. (b) ABC Limited was registered as a public company. There were 245 members in the company. Their details are as follows: Directors and their relatives Employees Ex-employees (shares were allotted when they were employees) Others 190 15 20 20 (Including 10 joint holders holding shares jointly in the name of father and son) The Board of directors of the company propose to convert it into a private company. Advice whether reduction in the number of members is necessary for conversion. (c) What are the rules which regulate the Sale by Auction under the Sale of Goods Act, 1930? Mr. S aged 58 years was employed in a Government Department. He was going to retire after two years. Mr. D made a proposal to Mr. S to apply for voluntary retirement from his post so that Mr. D can be appointed in his place. Mr. D offered a sum of 10 Lakhs as consideration to Mr. S in order to induce him to retire. Mr. S refused at first instance but when he evaluated the amount offered as consideration is just double of his cumulative remuneration to be received during the tenure of two years of employment, he agreed to receive the consideration and accepted the above agreement to receive money to retire from his office. Whether the above agreement is valid? Explain with reference to provision of Indian Contract Act, 1872. (b) ABC Limited was registered as a public company. There were 245 members in the company. Their details are as follows: Directors and their relatives Employees Ex-employees (shares were allotted when they were employees) Others 190 15 20 20 (Including 10 joint holders holding shares jointly in the name of father and son) The Board of directors of the company propose to convert it into a private company. Advice whether reduction in the number of members is necessary for conversion. (c) What are the rules which regulate the Sale by Auction under the Sale of Goods Act, 1930?

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