X Ltd. is the builders & Developers collects advances from customers against the flats booked by customers.
Now X Ltd decided to pay simple interest on advances received from customers.

for example Mr.A makes advance payment of Rs. 10 lakh with X Ltd on 1st Oct 2010 in project of X Ltd.then demand raised by X Ltd of Rs. 1 lakh on 15th Oct 2010.Then on 15th Oct X Ltd. will pay to Mr.A Interest for 14 days on 10 lakh.

What are the implications of the transaction under Comapnies Act & Income TAx Act i.e is there any restriction on such transaction?

Hi....

We are in the process of filing form 8 for modification of charge.

Suppose,

1. Our Company has availed a Term Loan of Rs. 120 Crores from Punjab National Bank and created first pari passu charge on movable fixed assets by deed of hypothecation dated 30.06.2009.

2. Now, we have executed a Joint Deed of Hypothecation dated 25.10.2010 for creating second pari passu charge on movable fixed assets in favour of the Working Capital Lenders and for creating second pari passu charge on Current Assets in favour of the Term Lenders.

3. We are in the process of filing Form 8 for modification of charge created in favour of PNB as mentioned in point 1 above. the details of the modification will be like the Term Loan of Rs. 120 Crores is now further secured by way of second pari passu charge on the Current Assets of the Borrower.

4. If we notice the statement mentioned in bold fonts after Point 4 in Form 8, it is mentioned that in case of modification, the particulars should be mentioned as they stand adter the modification.

5. Now, my query is that in Point 6 of the Form 8 for modification whether we should select only the Book debts or both Book debts and movable property(not being pledge)?????

6. In my opinion, both the options should be selected because after the modification, the Term Loan of PNB will be secured by first pari passu charge on movable fixed assets and second pasi passu charge on the Current Assets but my cs is of the opinion that only book debts should be selected......kindly help in this matter as this is very much urgent!!!!!

Views of eminent experts are welcome please ........

Best Regards

Udit S. Sharma

Dear Expert

Please throw light on entire provisions of Directors remuneration.

If a wholetime managing director is appointed in a private company, then what all provisions should I go through?

Regards
Priya Sharma

Hi....

As per section 313 of the Companies Act, 1956 the board of Directors if authorised by the AOA or by a resolution passed by the members in the General Meeting can appoint a person as an Alternate Director to a Director who will not be available in the State where the Board Meetings are ordianrily held for a period of not less than 3 months.

Now, my question is which place is to be considered as the state where the Board Meetings are ordianrily held?

Now, suppose in case of A Ltd.,Whose registered office is situated in the state of Gujarat - 2 BM are held in the state of Maharashtra and 2 BM are held in the state of Rajasthan - in this case whicc will be the state we can say is the state where the BM are ordinarily held????? kindly clarify......

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