20 April 2018 at 15:38

Limited company -bank account closed

Dear Sir,

In Limited company, the bank account closed and the balance amount of cheque issued in director name.
Any violation of law regarding the cheque received in director name after closing the company Bank Account.
Violation of Law as per Section 185 of Companies Act, 2013 – Loan to Directors.
Now cheque received in director name for Rs.3420/- can show as reimbursement of Expenses.

Please advise in above matters

Thanks & Regards
NK


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06 March 2018 at 14:47

Nbfc registration

Dear Sir,

1.As per RBI, for a company to be classified as an NBFC, to decide on its principal business, it will have to satisfy the two tests of assets and income. The financial assets should be more than 50% of total assets) and the income from financial assets should be more than 50% of the gross total income. Both these need to be satisfied for a company to be regarded as an NBFC.

2.Our Company carrying Investment business (Only Purchase & Sells of Shares & Mutual Funds) without obtaining the certificate of registration from the RBI. Last 7 years the Company invests in only shares & Mutual Fund & Total Gross Income of company from only Financial Assets Only. Now our company received notice from RBI regarding the Registration of NBFC. In this notice they are given three option :

1) Apply for COR 2)Merge company with another NBFC 3)Wind up the Business of NBFI.

Our Company Paid up Shares Capital is 24 Lacs & reserve is 1.03 Crores.
Net Owned Fund calculation as per RBI Formula is Rs.17.07 Lacs.

Clarifications required:

We have a investment company whose main objects clause includes investments activities. If they invest more than 51% of total assets in Investments and their 51% of total income comes from dividend & Capital Gain income. The company is not accepting any public deposits and investments are made for long term purpose and not for trading- Will it be treated as an NBFC company? Since their Net Owned Funds (NOF) are less than 2 crores(17.07 Lacs as per Calculations). Can we continue the investment activity without taking RBI registration?

Please provide me a simple letter which has to be given to RBI in respect of Notice received from RBI for Registration of NBFC.

Please advise the same in above matters.

Thanks & Regards
N. K.





















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03 March 2018 at 17:12

Buyback

Dear Sir,

In India a MNC manufacturing a product and export to buyer under buyback.
What are the procedure to follow under corporate law and Taxation.

kindly advise key points.

S.Raj


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01 March 2018 at 17:40

Mnc fired on name of resign

Dear experts,

I had been working in an American MNC for 6 years, and each year I got good increment and compliments on the performance but suddenly company told me to resign but I denied. Then company created pressure on me but still I denied to resign and told to fire me if company does not retain me. I was on company role and I had a valid PAN account and PF account.

But after 15 days they took my access card and given me full and final documents and told that you are fired.

but I got a information through a friend in HR, he said that company did not fire you on record but they fraudly steel my signature and created a forged resignation letter.

So like this company did cheat with me.

Now, no dues of PF amount is pending.

Can I do anything against this fraud????

Please help


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Anonymous
21 February 2018 at 11:51

Benami accounts

Saw this on the Net. Similar query so can you answer please


Many years ago I resigned my Chairmanship & Directorship in a Private Limited company when I found that some hanky panky was going on between the Managing Director and another Director who jointly had signatory powers to operate the Company bank accounts. It has taken me years to grope around to find out where the money was disappearing to.It was a herculean task as it was masked very well by the two of them. Sometime ago one of the ex employees of the Company gave me some leads by naming at least two accounts but without much details as to which bank and which branch,etc. I first tried to get information from HSBC where the Company had the main account but this was a no go as they had instructed the bank not to give me any information without written instructions from at least 2 signatories (I was the third but it was of no use). Next stop was to a Coop Bank where the Company had its day to day running account. Attempts to track down these accounts were futile as it was also stopped by these two signatories. About 7 months ago it was by sheer providence that when I asked one of the bank employees innocently if the two named accounts were with their Colaba branch she scanned through the computer and told me that both the accounts existed and gave me the balances in both accounts; adding that one had been frozen as not being operated for years. On a subsequent visit to the bank I got some more information as I had the Account numbers and found that large deposits by way of Dividend Warrants from Public Limited companies were going into the second Account (and still were going till a few months ago) that had more than 25 lakhs in it ????? I would like to bring this scam into the public domain but do not know how to go about it. Income Tax or Reserve Bank of India or any other body.


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Hi,

Recently I bought a car through a third party who deals with Banks for loans and Car dealers, I got connected with him while I was searching best deal for car online.

I was delivered the car and everything was fine but I mistakenly sign the loan agreement documents without feeling it properly and interest rate and amount columns were left blank. The loan amount to be taken is 2 lac on 8.89% but later I came to know he filled it with 2.2 lac with 9.26% and this information I came to know by his own, I started quarrel with him then but at that time the loan amount was not disbursed.

So I made a call to bank customer care and requested to cancel the loan and in this regard I sent an email to customer care of bank also mentioning that if bank disburse any amount then I would not pay any single penny as EMI.

But Bank passed the loan and 2.2 lac rupees credited to the dealer's account. Now I have the proof that in well advance I intimated to bank not to disburse the amount.

Now, Am I legally bound to pay the EMI of the loan?? inspite of I already intimated bank to not pay out any amount to dealer.

Now the dealer telling that the prize was fixed 5.7 not 5.5 and he is telling lie.

I am ready to pay EMI according to 2 lac which is justified but not for 2.2 and with higher rate of interest also.

Please help.


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Dear Experts
Request guidance in the following case
A Public Ltd company had placed order on us through a shell company but taken Advance Bank Guarantee in its own name ( No direct involvement of payments also )
The company is declared Bankrupt by RBI and has IRP sitting on it.
100 % tailor made material is ready for last 1 year, out of which 40 % material lifted after payment and adjustment of advance to that tune.
We filed claim with IRP but was rejected on grounds of not being a registered vendor of company.
The company is forcing us to extend BG every three months and pressuring us to withdraw case of claim against shell company and on giving in writing that we will not file a claim, they will take the material to the extend of balance advance amount and return BG.
This is in knowledge of IRP personal in charge now, who says that they cannot interfere and neither give assurance of non encashment of BG.
What is the remedy available for us, a SSI unit, whose 50 % money is lying dead and are incurring BG extension charges ?
Thanks
Vikram


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