Member (Account Deleted)
12 December 2012 at 20:50
Dear Experts,
Someone may please clarify :
The ABC INC. (Foreign Corporation of USA) is holding 99.50% of the paid up capital in the Indian private limited company.
Query
Whether the said Foreign Corporation shall be treated as a deemed public company or not.
Ans : …………
How can we identity the Foreign Corporation as a Public Company or Private Company, if was incorporated in India ?
Ans : …………
Thanks.
zahur
12 December 2012 at 16:17
Non Banking Finance Company (NBFC)use SARFAESI ACT 2002 for reduce N.P.A. case? N.B.F.C. is registration Mandatory for follow SARFAESI ACT 2002? If yes, than were is done registration? & what process?
G. ARAVINTHAN
12 December 2012 at 14:51
X borrowed from a nationalized bank for the purpose of agriculture.
Secured assets were his agricultural lands and dwelling house.
though payments made, it was declared as NPA and 13(2) notice has been issued under SARFAESI Act.
Writ filed before High Court. Stay granted as it was agricultural loan.
Now bank issued second notice u/s 13(2) for house property alone.
What is the remedy?
Meha Harish
12 December 2012 at 11:50
As per statement of accounts - Bank classified all Working Capital and Machinery term Loan a/c's as NPA on 02.07.07 and reversed interest entries during April-June'07 and also stopped charging interest to all accounts thereafter. On 31.07.07 it issued Sarfaesi act 13(2) notice wherein it stated that NPA is on 07.04.07 and gave no reasons.
At DRT it initially stated date of NPA as 07.04.07 and gave no details in the OA. After our rejoinder to COD and our consistent stand that there were no overdues and NPA classification is illegal, they gave some Mach Term Loan EMI overdue amounts (Jan'07 to April'07 - 4 EMI's)which are not true.
1. Can we challenge that the date of NPA - 07.04.07 stated by bank itself is false because it continued to charge interest during April-June'07 and also did not reverse unrealised interest in April'07??
2. Bank had given several letters during April-May'07 seeking various documents - latest stock statement, provisional Balance Sheet, orders in hand, etc for annual renewal of accounts which was due in Nov'06 but nowhere stated about accounts being already classified as NPA on 07.4.07 nor did it mention about any overdues in any accounts.
3. There was sufficient balance in cash Credit account during March'07. We gave letter to bank on 20.03.07 to adjust all interest and EMI dues to avoid NPA classification on 31.03.07. On 20.03.07 they debited the account for Rs. 1.80 Lakhs but did not clear the Interest/EMI dues nor given credit to any other account. This resulted in EMI outstanding in one Term loan account for Jan-March'07.Interest / EMI in all other accounts was paid till Feb'07.
4. Could we state that it is a case of NPA due to siphoning or misappropriation of funds.
5. Can bank classify NPA with back date??
6. Is bank legally correct in invoking Sarfaesi act on 31.03.07 whereas NPA classification was done on 02.07.07. Is it deliberately stating a back date to justify this illegality??
Please advise how I could legally defend myself at DRT.
Meha Harish
11 December 2012 at 20:00
In response to banks Sarfaesi act 13(4) possession notice and also written assurance that measures towards flow of funds to our SSI unit shall be taken on payment of about Rs. 4 Lakhs overdues, I gave the bank shares of Blue chip companies - Siemens & G E Shipping worth about Rs 10 Lakhs in Nov07 in physical form with stamped share transfer forms duly discharged with request to encash and adjust against all dues.
The bank officials delayed the encashment process by 7 months and realised only 4.5 lakhs in May'07 due share market crash in Jan'08.
At DRT, bank states that delay was due to long process and of transfer in Bank's name the Demat and then sell. They stated that initially share transfer registrars returned the transfer requests due to signature authorisation stamp / letter, etc etc. I smell foul play because blank signed share transfer form were given. Physical Shares could be encashed straightaway with any broker in 4-5 days.
Please guide on what grounds I could nail the bank for the loss as well as fraud because they also promised revival of funds. This foul play is extremely damaging especially in view of the fact that it was a case of recovery under Sarfaesi act.
Thanks in advance.
akash
11 December 2012 at 15:18
A pvt ltd company has 5 directors right now. One director wants to quit. His equity capital would be paid back immediately after his resignation, and the rest of the amount that he has invested will be converted to loan with an agreed rate of interest and a one-sided lock in of 2 years. i.e. company can pay back earlier if it wants, but the exiting director cannot demand it back before 2 yrs.
Qs-
1. do we need to expressly incorporate that the loan is a company liability and not individual liability of the directors in case the business does not work out and the company has to be wound up? I think since its Pvt Ltd, there should be no personal liability but still want to check if some clause needs to be put in.
2. (linked to point 2) If the remaining directors choose to sell their shares to someone else within the 2 years, does the loan have to be paid back necessarily or can that still be carried over to the incoming directors, since its a company liability?
3. in order to give a loan, does the lender need to be either be a shareholder or a relative of the directors? do we need to give a token 1 share to the exiting director in order to keep his remaining money as loan.
Vivek Mehta
10 December 2012 at 17:54
One company xyz ltd. has its one of the main objects as trading in gold and providing infra services. In 2010-11 it demerged its infra division and it has now only trading in gold as business.
is section 372a applicable since its a limited company and is no longer provides infra services.
can copany say that just because it is providing infra servies earlier it is exempted from section 372a?
prabhdeep singh
10 December 2012 at 16:58
Hello,
There is a query.If i have lended someone some amount of money on the cheque basis.Does the new rule passed by RBI of multicity cheques makes some impact on my section 138 case.If i get the cheque bounced after 31st of december.
With regards
Prabhdeep Singh
Saurabh Kumar Singh
08 December 2012 at 17:19
Dear Experts,
one of the company has given us Rs. 3 cr cheques and we have already initiated 138 proceedings now we as a company also want to file WINDING UP petition, for which notice is condition precident. Now i want ot know is it necessary to made reference about 138 proceedings in winding up notice and petition. please guide.
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