TQM
Making a valid deed
Making a valid deed
11 Nov, 2007, 0230 hrs IST,Ashish Gupta, TNN
In case of property transactions, various types pf deeds need to be drawn up. These may relate to agreement to sell, sale agreement, power of attorney and so on. Certain basic points need to be taken into account while drawing out these legal documents. The main content of a deed includes:
1. The names of the parties -buyer and seller, lessor and lessee etc
2. Terms and conditions related to the sale or transfer of the property
3. Details of the parties
4. Details of property in question
5. Sale consideration agreed on 6. Advance amount paid 7. Mode of payments 8. Time limits for payment of consideration
9. Timeframe for handing over original documents of the property 10.Timeframe for handing over possession of property 11. Indemnity provisions for the parties.
The deeds should be prepared on non-judicial stamp paper of requisite value as prescribed by the Stamp Act of the State concerned. Different States have different valuations and stamp rules related to property transactions in respect of sale, mortgage and leases.The purchaser is liable to pay the stamp duty in accordance with the applicable stamp rules. Normally, a deed should be executed by all the parties concerned.
All pages of the deed are to be signed. The deed should be witnessed by at least two witnesses giving their full names, signatures, particulars and addresses. Most deeds related to immovable property need compulsory registration at the jurisdictional sub-registrar’s office. All the parties concerned need to be present at the time of registration. All documents should be presented in original.
In case the purchaser cannot be present personally before the sub-registrar, he can give a power of attorney to someone to sign and present the documents on his behalf. The photos of the purchaser, thumb prints and signatures are entered on the deed. The documents should be presented for registration within four months from the date of execution. If it is not done within four months, a grace period of another four months is allowed on payment of a penalty.
A maximum penalty of 10 times the registration charges may be levied by the registrar. The liability to pay the stamp duty as well as registration charges lies with the purchaser of the property. The terms and conditions contained in the deeds should be clear and unambiguous. Any vague references and ambiguous connotations may give rise to misinterpretation and disputes between the parties.
The details of the property should be specifically and clearly defined. The exact location of the property, whether the property is a leasehold property or a freehold property etc should be mentioned. The details of how the owner of the property got ownership should also be mentioned. The details of registration already done with the office of the registrar should be mentioned as well. It should also be stated whether the property is free from any encumbrances or not, or whether there are any charges on the property.
The date from which the transaction is going to be effective should also be mentioned in the deed. The purpose of drawing the deed should be clearly mentioned – whether it is an agreement to sell, a sale agreement, a lease agreement, or a licence agreement. The law will go by the nomenclature used to find the true nature of the agreement. The deed should be signed, preferably by the parties themselves, in person.
In case the person cannot be present due to unavoidable circumstances, the executor should have proper power of attorney from the original party to enter into the transaction on behalf of the original party. Such power of attorney should be registered with the office of the registrar. The signatures of the parties should be properly attested.
There is a solution to every problem
There is a solution to every problem
Mr Alok Kejriwal is a new media entrepreneur and founded the contests2win business in 1998. He has successfully created new-age businesses in India and China. In his non-working hours Mr Kejriwal meditates and collects Indian contemporary art. Here’s his take on four questions from Business Line:
Two things that my education/training taught me:
God is in the details.
There is a solution to every problem.
Two things I learnt from my work/real life:
The greatest value creation comes from people — value them the most.
If something is difficult — it’s a great sign. That’s what will make the effort valuable.
One quality I look for the most in a new recruit:
Passion, passion, passion.
A book that I read recently:
After Dark, by Haruki Murakami.
Do not procrastinate
Do not procrastinate
Ms Harinder Singh
Ms Harinder Singh is General Manager at Grand Ashok, Bangalore. She is responsible for implementing strategies to streamline the entire operations of Grand Ashok. She has also served as General Manager, Hyatt Regency, Kathmandu. An amateur golfer, Ms Singh is nine times national trap shooting champion. Here’s her take on four questions from Business Line:
Two things that my education/ training taught me:
Knowledge is wealth.
Thoroughness and hard work in all predicaments.
Two things I learnt from my work/real life:
Do not procrastinate.
There is no ideal situation — everything is subjective.
One quality I look for the most in a new recruit:
Positive attitude.
A book that I read recently:
The World is Flat, by Thomas Friedman.
The process of learning must continue
The process of learning must continue
Mr Sreeram Iyer is the CEO of Scope International and CIO of Standard Chartered Bank, India. An MBA from the UK, he is also a Chartered Financial Analyst, Company Secretary and a qualified Cost and Management Accountant. Here’s his take on four questions from Business Line:
Two things that my education/ training taught me:
The process of learning must continue regardless of success achieved.
Try and share your learning with your team members.
Two things I learnt from my work/real life:
There is no substitute to delivery, execution and action.
Every individual brings new talent and capabilities. Identify those and maximise returns.
One quality I look for the most in a new recruit:
Right attitude — to change, learning and ethics.
A book that I read recently:
Plato and a Platypus — Understanding Philosophy through jokes, by Thomas Cathcart.
Problems are not stop signs, they are guidelines
Problems are not stop signs, they are guidelines
Mr Ashish Kirpal Pandit is the CEO of Fortis HealthWorld Ltd, the retail arm of the Fortis Group. An MBA from Indiana State University, Mr Pandit’s tryst with Fortis HealthWorld began in early 2006. His focus on detail has been instrumental in powering the company to its current leading position. Mr Pandit is a traveller by spirit and an avid golfer. Here’s his take on four questions from Business Line:
Two things that my education/training taught me:
Honing my analytical skills — this has helped me in identifying trends.
Clear and effective communication is the key to success.
Two things I learnt from my work/real life:
To take up challenges and turn them into opportunities.
Problems are not stop signs, they are guidelines.
One quality I look for the most in a new recruit:
Energy, enthusiasm and eye for detail.
A book that I read recently:
The Pursuit of Wow!, by Tom Peters.
Principled life leads to success
Principled life leads to success
Himanshu Baid
Mr Himanshu Baid, Managing Director, Poly Medicure, started his business of manufacturing healthcare disposables in 1997 under the brand name Polymed. His aim is to build his company as the most reputed and trusted company in the medical disposables industry.
Mr Baid, after completing his BE, joined Philips in Germany where he gained vital experience in international trade. His stint in Philips helped him understand the psyche of international marketers.
An avid follower of tennis and cricket, Mr Baid likes spending time with his wife and two sons in his spare time. Here’s his take on four questions from Business Line:
Two things that my education/training taught me:
Principled life leads to success.
Punctuality and self-confidence.
Two things I learnt from my work/real life:
To be strong and face the challenges.
Passion and enthusiasm to learn from every aspect of life.
One quality I look for the most in a new recruit:
The ability to understand the needs and requirements of the organisation and being honest towards the company and to himself.
A book that I read recently:
The Tipping Point, by Malcolm Gladwell.
Be fact-based
Be fact-based
Mr Pradeep Nevatia
Mr Pradeep Nevatia, President and CEO, Ninestars Information Technology Ltd, is credited for bringing the ‘Integrated Six-Sigma Program’ and TQM (Total Quality Management) practices from the manufacturing to the BPO industry. Mr Nevatia is a post-graduate in industrial engineering from NITIE, Mumbai, and a alumnus of Birla Institute of Technology, Ranchi. He has co-authored Brand-Wise, Leveraging People to Create Powerful Brands (2004, East West Publications). Here’s his take on four questions from Business Line:
Two things that my education/ training taught me:
Structured thinking.
Systemic planning and analysis.
Two things I learnt from my work/real life:
Be balanced.
Be fact-based.
One quality I look for the most in a new recruit:
The capability of the person to go beyond oneself.
A book that I read recently:
Lie and a Truth, by Nandan Gautam
Take success and failure in the right spirit
Take success and failure in the right spirit
Mr Hasan Abdul Kader
Mr Hasan Abdul Kader is the Managing Director of CCS Infotech Ltd. A BE (Computer Science) from National Institute of Technology (formerly Regional Engineering College), Tiruchi, he has more than 18 years of experience in management, public relations, product branding and overseas marketing. Here’s his take on four questions from Business Line.
Two things that my education/training taught me:
Improved analysing and decision-making abilities.
Believe in social responsibilities.
Two things I learnt from my work/real life:
Success and failure have to be taken in the right spirit.
Broad vision coupled with strategic effort will yield results.
One quality I look for the most in a new recruit: The ability to take/see every opportunity as a commitment and challenge.
A book that I read recently:
The Argumentative Indian, by Amartya Sen.
The big picture
The big picture
Jacob Cherian, TNN
At a popular party venue just outside Delhi, about 3,000 had been asked to gather one evening four years ago. They were the employees of Daksh, a business process outsourcing firm, and they were a little perplexed.
No speeches, no presentations and none of the usual gobbledygook unleashed in motivation camps. They were just being shown short clips from a range of Hollywood films: Pretty Woman, Titanic, Gone in 60 Seconds and Mighty Joe Young.
What the then-CEO, Sanjeev Aggarwal, was trying to do was to communicate with his large team what he wanted from them to build the organisation.
From Gone in 60 Seconds, he highlighted the need to set a target (steal 50 cars) and accomplish it within the allotted time (three days).
In Pretty Woman, the clip showed Julia Roberts’ character getting ill-treated by a store keeper, but later treated with respect by the manager of a hotel. By showing this, Daksh wanted its employees to treat everyone properly, irrespective of status.
A Titanic scene in which the music troupe keeps on playing even as the giant ship is sinking, demonstrated to the employees devotion to customer service comes first.
On that one evening, Aggarwal succeeded in communicating his vision across his company, without having to resort to motivational posters around the office. The unique experience also stayed in the minds of the employees, helping them constantly remember the lessons.
Very often, a startup puts together a team and people are attracted to it because of the excitement of being part of a startup, a bigger paycheck or even a stake. They hear what the target of the company is, but they are not sure what it stands for. While a vision is set for the company, the values need to be put into place as well.
A business leader needs to articulate the corporate vision clearly so that the organisation’s progress towards its goals can be effectively monitored and employees are empowered to take decisions on the move. “Someone once said that leadership is not about leading from the front. It’s like herding cats; you have to herd them from the back. If you are at the back then the ones in front have to know where they are heading. The paradigm where leaders assign tasks is gone. Sharing the vision helps people make decisions on the fly. They can take decisions in the appropriate direction without feeling lost about it,” says Alok Mittal, managing director of Canaan Partners.
Some like Laura Parkin, executive director of National Entrepreneurship Network, believes that a team wouldn’t even be formed without sharing the vision. “The only reason anyone would join a startup is if they see the same vision as the entrepreneur,” she says.
There are entrepreneurs who hesitate to share their vision with the rest of their startup team, worrying they may share too much and lose the idea to someone else. Some may simply be unable to articulate the long-term goals for the company. “Many entrepreneurs are poor communicators. Though they see the light, they are unable to share it,” says Mr Aggarwal, who is now the managing director of Helion Ventures.
For the tongue-tied entrepreneur, help is now available from industrial psychologists, corporate trainers and motivational speakers who can help her/him voice it. One such person is Uma Arora, the founder of Idam Learning. Quoting from her experience, she cited the case of a startup firm that had been growing slow and losing people.
“After examining this company closely we realised that they all (team members) hadn’t arrived at a set of values and that their visions were purely in numeric form. They goal was to gain a certain market share, but we didn’t see any vision of what the quality of the company was. There is very often an excessive focus on numbers and not on what kind of company it should be,” she says.
“What I find among today’s entrepreneurs, and there are exceptions of course, is that when we dig deep enough, we see that their vision is simply to raise the valuation and sell it off,” she points out, continuing, “If this is the case then you have to learn to speak two languages. One for your confidantes and core team, and the other for your employees.”
For the entrepreneur with the big picture dreams, the vision and values can be etched in stone. For retail chain Subhiksha, it has remained “Be the largest player in the market we operate in and give the consumer the lowest cost.”
Subhiksha is now 920 stores-strong. “Instead of sharing the vision, co-own the vision,” says R Subramanian the founder of Subhiksha. Their vision and values was set back in 1996 when the six member core team set sail.
“If you get the core team into the formulation process, then it becomes our idea and not my idea. Here the team sets the goals, the values and works backwards from there,” says Mr Aggarwal. In 2000, Daksh asked the members of the 25-member core team to make presentations on what it the values of the organisation should be. At the end of the day the funnelled it down and handed it to the human resource department to make it into posters and cards to be distributed.
Sometimes the vision and values change and entrepreneurs must be ready to face it. They can be purists and decide to stay true to their original plan. Or they could evolve with the market for higher gains. “Our initial mission statement was ‘build exceptional customer relationships by leveraging India’s high quality, cost effective intellectual capital.’ In 2000, we thought that India would be the place from where we would deploy our services. We eventually discovered we could deploy our services from Mexico and Philippines as well. So we had to modify our mission statement,” says Mr Aggarwal.
In the case of a large organisation, hitting upon the right vision could be a day-long process that involves numerous people, a clubhouse, a buffet lunch and PowerPoint presentations. For a lone entrepreneur or small team, this could happen at the coffee shop on a paper napkin. “There are a lot of personal styles involved in communicating a vision. But first of all you (the entrepreneur) have to be clear in your head. Clarity and brevity is essential. If the entrepreneur were to write down their vision, if it is longer than even a 150 words, then it is too long,” says Ms Parkin, NEN.
The vision is a mix of numerical targets, values and big picture plan. These automatically set up a monitoring system. ‘’How you do’ and ‘what you do’ is a derivative of ‘where you want to go’,” says Mr Subramanian. Ms Parkin says: “We ask people to envision what their success looks like, and then work towards that.”
Aggarwal and Subramanian had the courage to think out of the box and disseminate their vision innovatively and effectively. As a result, the companies they founded have grown beyond their peers and broke their own targets. Great companies don’t just get the big picture right, but also hang it on the wall for everyone to see.
Team building strategies: You must know them all!
Team building strategies: You must know them all!
Neha Sharma, TNN
Walk the talk…
Our company founder, Mary Kay Ash, often said, “The speed of the leader is the speed of the gang.” I therefore focus on leading by example and always attempt to “walk the talk.” I make efforts to ensure that my actions are transparent, speak for themselves and that they set the pace for the rest of my team.
A leader must…
… have the ability to not only create and communicate an inspiring vision to all members of his/her organisation but also build purpose beyond the job for all of them. This should be complemented with excellent listening skills and a problem solving approach. I also believe that an effective leader must be very consistent.
My people should have…
… vision, honesty, integrity and a golden heart. I want team members who dream big, work hard and stick to their principles. I have found that when people focus on helping others achieve success, they typically achieve it themselves. The personal traits of an individual can either have an immensely positive impact in the work environment or vitiate it completely. At Mary Kay, we believe it’s impossible to separate strength of character and consistency of actions from the overall growth and success of our organisation.
Our culture is…
… built around the golden rule: “Do unto others as you would have them do unto you” . Regardless of where we operate around the world, we have found that when our people truly adopt this mantra, sky is the limit for them. A culture that is built on motivation, recognition and always doing the right thing makes for a great organisation. I firmly believe that if you will let people know that you appreciate their performance, dedication and consistency, they will respond by doing even better. Encourage them to take calculated risks in addition to this and you will have a winning organisation.
My personal space….
I am very fortunate to have a job that not only fulfils me professionally but also gives me the opportunity to meet other people who share my interest in creating opportunities for women to achieve their dreams. Apart from this, I spend a lot of time with my husband and two children. I also dabble in a number of activities, such as aerobics, yoga, playing the piano, interior decorating and reading to build new experiences.
ClicksandWrites 
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