Satyan manuja
25 April 2014 at 22:09
I am doing a business of food items and company will send the goods through consignee. I handed one cheque of Rs. 30000/- as security to that consignee.
the consignee send the goods which is expired and near to expiry and present the same cheque in the bank and cheque dishonour.
Kindly suggest what to do in this matter so that goods will return and matter wil;l solve.
Bhavesh
25 April 2014 at 17:24
Hi while starting a sole proprietor firm can I show my office in my residential house. Can I get Gumasta for on the same and is it mandatory to show a part of my house as for Office only.
Bhavesh
25 April 2014 at 17:21
Hi while starting a sole proprietor firm can I show my office in my residential house. Can I get Gumasta for on the same and is it mandatory to show a part of my house as for Office only.
George
25 April 2014 at 15:42
Hello Experts,
Is home delivery of alcoholic beverages is illegal in India? I am trying to explore if I can set up an online store wherein people can place orders which I can fulfill by procuring the same from near by liquor store. By doing so I will be acting just as a delivery man. Please guide me.
Meha Harish
23 April 2014 at 12:19
Bank had whole turnover ECGC cover on Pre shipment Packing Credit and Post shipment FBD advances. Exporter also had ECGC policy covering his buyers for default in export payments. One buyer defaulted for 50% payment. Exporter filed claim with ECGC through the bank under his policy with instructions to pay claim amount to bank since the bills were discounted.
Next week bank classified the accounts as NPA and one week thereafter issued Sarfaesi act 13(2) demand notice and 80 days thereafter issued 13(4) notice for possession of secured flats.
After NPA and Sarfaesi act notices, the exporter regularly kept on paying the interest and principal dues and requested revival of accounts. However, the bank adjusted all payments towards principal and interest was not adjusted.
1. RBI directives state that 'The credit facilities backed by guarantee of the Central Government though overdue may be treated as NPA only when the Government repudiates its guarantee when invoked.'
'Credit protection given by the following entities will be recognised:
Sovereigns, sovereign entities (including BIS, IMF, European Central Bank and European Community as well as those MDBs referred to in paragraph 5.5, ECGC and CGTSI), banks and primary dealers with a lower risk weight than the counterparty;'
Can the bank classify account as NPA till ECGC claims are settled or declined. Our claim was paid in full after one year by ECGC - to the bank.
2. RBI circular states 'In respect of post-shipment credit extended by the banks covering export of goods to countries for which the ECGC’s cover is available, EXIM Bank has introduced a guarantee-cum-refinance programme whereby, in the event of default, EXIM Bank will pay the guaranteed amount to the bank within a period of 30 days from the day the bank invokes the guarantee after the exporter has filed claim with ECGC.
ii. Accordingly, to the extent payment has been received from the EXIM Bank, the advance may not be treated as a nonperforming asset for asset classification and provisioning purposes.
Can the account remain classified as NPA after claims are received from ECGC???
3. After issuing Sarfaesi act 13(2) and 13(4) notice, bank filed claims with ECGC on both - pre and post shipment advances. ECGC paid both the bank's claim at a reckless speed of 10 days.
4. Bank sold the mortgaged flat under Sarfaesi act and adjusted the proceeds to wipe out the outstanding in Cash Credit & Mach Term Loan accounts. It lodged OA with DRT for recovery of outstanding in Packing Credit a/c for which ECGC claim was received and parked in Suspense a/c at branch.
5. Concerning ECGC's cover to banks, there various circulars in public domain which state:
ECGC gives cover to bank's for reducing their NPA's.
Claim shall be paid in case of protracted default by exporter
legal action for recovery after claims are paid
rehabilitation measures can be taken by bank for viable / potentially viable units after claims are paid with permission from ECGC.
ECGC's claim paid NPA accounts cannot be sold to ARC's.
In view of these,
a. was the bank legally correct in classifying the accounts as NPA before filing claims with ECGC.
b. Was the bank legally correct when it issued Sarfaesi act 13(2) & 13(4) notices before filing claims with ECGC.
c. Was the bank legally correct in maintaining the accounts as NPA after ECGC paid the banks claim - even though it had issued Sarfaesi act demand & possession notices.
d. Was the bank legally correct in pursuing recoevry action under sarfaesi act after ECGC paid claims for Pre & post shipment cover to Bank.
e. If ECGC claim paid accounts cannot be sold to ARC's, can the bank take legal action under Sarfaesi act at all.
f. Can the bank recover the ECGC claim paid amounts from Personal guarantors and continuous security given by directors by filing OA at DRT.
Please guide. Thanking all in advance.
Ajinkya Deshmukh
22 April 2014 at 11:55
Hi All,
As per Sec. 12 of the New Company Act 2014 it is mandatory to mention the CIN no on company letterheads, invoices, notices and on all official correspondence and publications. apart from this i want to confirm whether it is mandatory to mention the CIN no the documents related to Gratuity and superannuation trust.
Please suggest me... thanks in advance..
Ajinkya
mohan sehgal
21 April 2014 at 20:38
Job Work Challan Format for removal of inputs for further Processing/Working ...to be returned to the principal manufacturer.....
Challan Form.....
P.C. Joshi
21 April 2014 at 14:47
Dear Friends,
If I make a dealership/distriboturship agreement on letter- head instead of stamp paper and sign and withnessed by both the parties.Is it a valid legal document or it has to be made on stamp paper only.
Is a term of trade containing majpr terms and condition for distributorship arrangement between two parties is legally enforceable.
Please let me know your comments.
Thanks
P.C. Joshi
Prince Kumar Tiwari
20 April 2014 at 13:59
Can anyone give me the format of AOA as per Table C of companies Act, 2013 for section 25 company not having share capital and limited by guarantee ????
Please it's urgent.
Thank You.
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In partnership firm name can use word "india"
Dear Sir,
My firm is partnership and i will goes to registration but my CA tell me some problem using some keyword like...
XYZ INDIA EXPORT
Please tell me can i use "INDIA" IN MY FIRM NAME.
CA SAYS if you use INDIA it is a long process
at most 6 month and also vary expensive and also says in future u will may be not get benefit from government.
and how many authorized capital required in import-export firm and also if i use "INDIA" word in export firm required capital.
and tell me how long processed?
Thanks