Actions taken by bank against auditors and company
This query is : Resolved
VARSHA JAIN
(Querist)
24 August 2016
IF AT THE TIME OF TAKING LOAN COMPANY SHOWS AUDITED BALANCESHEET WHICH WAS SAME AS FILED IN ROC. BUT LATER ON BANK SOME HOW MANAGE TO GET DIFFERENT BALANCESHEET FOR THE SAME PERIOD WHICH WAS ALSO SIGNED BY SAME CA, WHAT ACTIONS BANK CAN TAKE AND AGAINST WHOM?
Amol S Joglekar
(Expert)
24 August 2016
Bank can work on the balance sheet submitted to it and compare the same with any other .....
VARSHA JAIN
(Querist)
24 August 2016
BANK HAS THE SAME BALANCESHEET WHICH ALSO FILED IN ROC , BUT THE OTHER BALANCESHEET WHICH WAS ALSO SIGNED BY THE SAME AUDITOR BUT NOT FILED IN ROC BUT ACCORDING TO BANK IS THE REAL BALANCESHEET.CAN BANK TAKE ANY ACTION ON COMPANY ON THE BASIS OF OTHER BALANCESHEET NOT FILED IN ROC BUT SIGNED OR THEY CAN ONLY WORK ON BALANCESHEET FILED AT ROC?
VARSHA JAIN
(Querist)
24 August 2016
BANK HAS THE SAME BALANCESHEET WHICH ALSO FILED IN ROC , BUT THE OTHER BALANCESHEET WHICH WAS ALSO SIGNED BY THE SAME AUDITOR BUT NOT FILED IN ROC BUT ACCORDING TO BANK IS THE REAL BALANCESHEET.CAN BANK TAKE ANY ACTION ON COMPANY ON THE BASIS OF OTHER BALANCESHEET NOT FILED IN ROC BUT SIGNED OR THEY CAN ONLY WORK ON BALANCESHEET FILED AT ROC?
VARSHA JAIN
(Querist)
24 August 2016
BANK HAS THE SAME BALANCESHEET WHICH ALSO FILED IN ROC , BUT THE OTHER BALANCESHEET WHICH WAS ALSO SIGNED BY THE SAME AUDITOR BUT NOT FILED IN ROC BUT ACCORDING TO BANK IS THE REAL BALANCESHEET.CAN BANK TAKE ANY ACTION ON COMPANY ON THE BASIS OF OTHER BALANCESHEET NOT FILED IN ROC BUT SIGNED OR THEY CAN ONLY WORK ON BALANCESHEET FILED AT ROC?
Amol S Joglekar
(Expert)
24 August 2016
Bank can work with the one filed with it. If it has any other copy of the same, it may ask for the explanation, if any, from the CA.
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VARSHA JAIN
(Querist)
24 August 2016
BANK HAS ALREADY GAVE LOAN ON THE BASIS OF ROC FILED BALANCESHEET AND LATER ON AFTER GIVING LOAN THEY GOT THE OTHER B/S , NOW CAN THEY TAKE ANY ACTION ON THE BASIS OF THAT OTHER SIGNED BALANCESHEET NOT FILED AT ROC AGAINST THE COMPANY?
Amol S Joglekar
(Expert)
24 August 2016
Bank may do that.....
but what is the issue?....please note bank is more interested in their ASSET rather than punishing anybody or complaining against anybody....
but what is the issue?....please note bank is more interested in their ASSET rather than punishing anybody or complaining against anybody....
CA Ayush Agarwal
(Expert)
24 August 2016
Bank can't take any such action..they can ask for explanation only or issue notice if it has well prodded with evidence
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VARSHA JAIN
(Querist)
26 August 2016
Respected sir,
Is there any precautionary measure that bank can incorporate in their agreement before giving loan to avoid such type of situation in future as above?
So that in future companies think twice before trying to make banks fool and must provide the real balancesheet.
Thanks for all your valuable suggestions.....
Is there any precautionary measure that bank can incorporate in their agreement before giving loan to avoid such type of situation in future as above?
So that in future companies think twice before trying to make banks fool and must provide the real balancesheet.
Thanks for all your valuable suggestions.....
Amol S Joglekar
(Expert)
26 August 2016
Banks do take proper care and caution... The legal department of banks is strong enough to handle such a peanut cases...
First and foremost, banks go for SECURED advances....Security is with sufficient margin....ok?
So dont get unnecessarily ANXIOUS......and panic..... Such cases are dealt with sec 420 of IPC.....cheating and fraud
First and foremost, banks go for SECURED advances....Security is with sufficient margin....ok?
So dont get unnecessarily ANXIOUS......and panic..... Such cases are dealt with sec 420 of IPC.....cheating and fraud
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