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Can one person be a partner in 2 companies ?

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2011 I have a company importing textile raw materials where I am a partner and pay CVD while I import. This firm is not registered with excise department. No cenvat is taken for any goods sold.

Now I want to start another partnership firm which will import some other garment accessories and I want to register this firm under excise so that I can pass on the cenvat facilities to my buyers locally.

Can I do in such a way and will there be a problem with excise department ?

with best regds

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 August 2011 yes, possible.

if the goods textile raw material applicable for duty, you get registered in excise department if your turnover across 1.5 crore.

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