tag:blogger.com,1999:blog-3202774368551476669.post4593700033484613497..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: Duty of a Crowdfund Campaigner towards Contributors Umakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3202774368551476669.post-50122098444994921132015-09-14T12:25:15.507+05:302015-09-14T12:25:15.507+05:30The dispute fails to elaborate upon the duties of ...The dispute fails to elaborate upon the duties of the crowdfunding portal That might be equity or a product, or a minor perk in exchange for contributing to a cause. Krishna Kumarhttp://hupictz.tumblr.com/post/128765209726/kickstarter-for-reaching-financial-goals-in-anoreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-90319533068538301072015-06-13T06:17:53.892+05:302015-06-13T06:17:53.892+05:30“But consumers should be able to trust their money...“But consumers should be able to trust their money will actually be spent on the project they funded.”<br /><br />Sporadic: Is this not nothing different from what has been happening all around, all the time; but thanks to the gullibility or imbecility or wanton ignorance , on the part of most of the customers, - not barring government departments- due to which the irregularity /illegality has come to stay as a part of the game, hence happens to be over sighted and not objected to any seriously? To readily think of an instance, in our own country, promoters of any building or other private or public projects , soon after signing a contract agreement, are, as agreed but unwittingly as a matter of routine, given a sumptuous / disproportionately large amounts , as ‘advance’. But, there is invariably no check or control, or monitoring, over the actual utilisation of the collections in advance by the contractor for the particular project for which the monies are advanced. This is an ongoing practice for decades in the notorious realty sector. It is only lately that in the specially designed regulatory enactment for realty sector , -mooted but with no known development or noticeable progress ,- that the mechanism of ‘escrow account’ is sought to be brought in. Of course, the success or otherwise thereof, if and when enacted, as is anybody’s guess, in turn is again going to wholly upon vigilant and sincere monitoring. <br />vswaminoreply@blogger.com