Anonymous
23 December 2011 at 09:35
What is the concept of 'companies under the same management'? I read somewhere that section 370(1B) which contained provisions regarding this was deleted in the year 2000. Is there any other section which speaks about this thing?
SM
Kirit Shah
22 December 2011 at 20:14
We are a company with four family members as partners. We intended to enter into Joint Development of projects at Bangalore, as I am a Civil Engineer. We entered into a Joint Development Agreement with a Land Owner in 1997. But due to several problems in getting ULC Clearances, change from Agriculture to Non-Agri land use, I.T clearances, etc not received from the land owner, we could not proceed with the works. We eventually agreed to release ourselves from the project and negotiated a settlement of our deposit paid to them and signed a Tri-partite Agreement along with the new developer, us and the land owner, on 2-1-2002.
In that agreement, we were to receive a sum of amount in installments ( as per the payments received by the owner on sale of flats from his share) by 02-10-2003. In case of any delay, we were to receive interest at the rate of 18% per year.
They never sent any payment till the whole period expired and only started paying after 14-3-2004 after a great effort at chasing them on our part. Then onwards, they kept paying various amounts at various dates. The last payment received was on 20-8-2007. The total amount paid in all such installments still does not match the contracted settlement amount.
What I would like to know from you is the following:
Are these installments to be adjusted towards the interest? We did send them a letter saying that these payments will be adjusted towards interest due at the time of its receipt.
Is this interest cumulative? Banks charge it cumulative and add interest to the original Amount every THREE months and charge interest on the revised amount from then on.
Is the interest chargeable from the end of the period by which the whole payment was to be made, viz. 02-10-2007 or from the date of the Tripartite Agreement, viz. 02-01-2002? As I understand, this period allowed to make payments was not utilized at all and no payment was made during the same. As such, they cannot enjoy the interest-free period at all.
Can you please inform me of the correct legal procedure to follow in this scenario?
Also can you please either refer me to any High Court or Supreme Court Judgments or send me copies of the same on my E Mail ID?
Are any charges payable in this advice?
Thanking you, Kirit Shah
Anonymous
22 December 2011 at 19:36
security cheques are not covered in 138 of NI act but when & how security cheque taken normal business trasection between manufacturor and its dealer for sale of product is covered u/s 138 of NI Act . or any other remedy available to manufacturor using cheque held as security ..........please answer
Anonymous
22 December 2011 at 15:48
Dear Sir/Madam,
Can any one of you can solve my problem mentioned below
I own a VAT & CST registered Proprietor firm in Hyderabad,Andhra Pradesh with TIN no : 286XXXXX556 ( i am a dealer of Sports goods )
All the goods the i purchase are from Uttar Pradesh,Punjab,Mumbai and Delhi.
I sell the goods in my state by paying CST and VAT.
When i sell the goods to other state customers i have to pay CST to the state where i am buying the goods and charge CST to the customer who is buying from me. in this way i was charged CST twice, and transportation twice
For example if the cost of a product i get from the company is for Rs 100 and the CST is 'C1' and Transportation is 'T1' by the time product reaches my state it costs me 100+C1+T1 and if i have to sell the same product to other state customer i have to charge him another CST that is 'C2' and another transportation T2 ,so total cost of product becomes to 100+C1+T1+C2+T2 , in this way i am paying CST two times and transportation two times and more delivery period to reach the customer
In this way both the cost of the product and delivery time of the product are increasing, because of this we are losing a lot of customers.
My question is can i send the goods directly from Manufacturer to customer both from other states without bringing goods to my state by attaching my firm invoice,
First i want to know is it possible to send directly from manufacturer to customer with my bill.
If so how many times should i pay CST and to what all states should i pay CST.(Whether for Manufacturer state or Customer state or dealer state)
How should i fill the CST Waybill in this process.
So can any one suggest me the best solution for my problem
Thanking you
M.P.Reddy
Plot 57,beside PVT Market,
Kothapet X Roads,Saroornagar,
Hyderabad,A.P - 500 035.
Mobile: +91 9030393970
Land Line : +91 40 24146274
Fax: +91 40 24146274
Email : skysportsindia@yahoo.co.in
Anonymous
22 December 2011 at 13:03
Atlas (A Public Ltd. Co.) had export packing facilities/bill discounting limits from a Consortium of Banks X & Y. The lead Bank X had the facilities secured by guarantees of Atlas’s director Mr. Zak and Atlas’s sister company Beta (A Pvt. Ltd Co.). Bank Y had its facilities secured by a guarantee of Alas’s director Mr. Zak.
Atlas suffered losses and became an NPA. Bank Y filed a claim against Atlas with ECGC and received a payment of its claim of approx Rs.150 Lakhs. Subsequently Atlas reached a settlement with bank Y at approx Rs. 50 Thousand and received a no due certificate for itself and its Director Zak in the year 2004.
Similarly Bank X also filed a claim with ECGC but due to deficiency in its paperwork received no payment from them. Subsequently Atlas also reached a settlement with X and received no due certificate for itself and its guarantors Beta and Zak in the year 2006.
Atlas has subsequently undergone a change of management and promoters and is now not related to Beta and has no common directors.
Company Beta now has been granted export credit facilities from Bank M and needs cover from ECGC to avail the facility. Beta has now learnt that ECGC is unable to provide cover to Beta on the grounds that it is on the specific approval list of ECGC (as a sister concern of Atlas though it is no longer related ) and that it has a common director Zak (though Zak resigned from the board of directors of Atlas in 2008)
Beta has approached ECGC for deletion of its name from the SAL and both the banks X and Y have given their no objection to ECGC for such deletion.
Under the circumstances:
1.Are Beta and Zak entitled to be removed from the SAL?
2.Can ECGC continue to keep Beta and Zak on the SAL and deny cover to Beta for exports in view of the claim it had to pay on behalf of A which it will have to write off?
3.What remedies are available to Beta and Zak if it is denied cover by ECGC?
Jee Education
22 December 2011 at 10:39
I would like to have the following clarifications:
1. A society regd under the society's act 1860 didn't file with the charity commissioner for 6 years. Some of the members of the governing body is not active / interested to continue. The GB term is for 5 years. what should be done now? Is there any penalty?
2. What to if we cant get the resignation of some of the member to reconstitute the GB?
3. Is it possible for the society to appoint members of a family business concern as the members of the society and the society support their business?
Thanks in advance
Jeevan
RAJESH CHOUDHARY
22 December 2011 at 09:56
Is it compulsory for every Holding company to incorpoarte the A/c's of its Subsidiary Co?
As Sec 212 of Companies Act 1956 does not prescribe incorpaoration of subsidiary books mandatory for every Holding co AND AS 21 provides only the procedure to how to incorporate.
Anonymous
22 December 2011 at 09:52
Dear Friends,
Please help to clear my doubt regarding a problem in Company Final Accounts :
An Asset, Viz., Building has a debit balance of Rs. 75,000 and also a credit balance of Rs. 5000. What does the credit balance signify ?
The rate of depreciation is given as 2%. On what amount should the depreciation be calculated and how shall we present the whole thing in the Balance Sheet ?
Thanks & regards.
Anonymous
21 December 2011 at 17:29
Hi guys....
If a Section 25 Company invests in share capital of another company and make it, its subsidiary, should the subsidiary too be a Section 25 company (during the pre acquision period)? If so, should the subsidiary too should have been carrying out the same objects as the holding company?
Kindly clarify this...
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Private comp
A Private Limited Company likes to buy back it shares, the company was paying out of its free reserves, the calculation of reserves shall be at the latest audited BS date or i want to prepare the balance sheet up to September/October.
And
If, we prepare the balance sheet up to September/October, it is compulsory to make Income tax provision up to September/October
If yes, after provision only we want to calculate the reserve.
Kindly any can confirm regarding
Thanks