Legal Question in Business Law in India

buy back agreements failiure

We started rabbit farming in Karnatak on buy back assurance from a company that they would buy the rabbits at age of maturity at a price of 90Rs/- per Kg. The buy back assurance is valid for 10 years and we have just started it 2 months back. We've got a feed back from localites that the company does not buy back the animals, which has caused huge loss to many. What protection do we have from law and what steps can be taken in order to make sure that the company sticks to its promise of buy back and in future before entering a buy back agreement what are the points that need to be considered.


Asked on 11/22/07, 1:20 am

5 Answers from Attorneys
muhamed mustaque mk associates

Re: buy back agreements failiure

what are conditions on which buy back agreement was executed? any way on reading your question it is possible for you to sue for damges against company for breach of contract.

Read more
Answered on 11/22/07, 3:55 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: buy back agreements failiure

If you have a lawful contract as per the Indian Contract Act you can enforce the terms of contract thru Civil suit in civil court. You can also claim damages for non performance of company's part of the contract.

Read more
Answered on 11/22/07, 9:02 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: buy back agreements failiure

You can sue the company for damages for breach of contract provided your contract is made with every aspect of legal points covered in it.

Read more
Answered on 11/22/07, 10:42 am
G. M. Gupta gmguptaandassociates

Re: buy back agreements failiure

hire a lawyer and he will explain and help.

there will be lot of details involved so will not be able to advice without knowing things.

Read more
Answered on 11/22/07, 12:54 pm
Amit Shukla AS and Associates Legal Services

Re: buy back agreements failiure

Pls file a complaint before Distt. Consumer Forum against said company.For more advice pls contact personally.

Read more
Answered on 12/04/07, 7:59 am


Related Questions & Answers

More Business Law questions and answers in India