Change of co name -charge on property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2012 when abc co is change its name with new name xyz co.but the same business is existing.there is no change of directorship.

but following point is relevant while taking the decision.
1.cash credit account is operated in bank with the old name that is abc co.also having term loan account with the same co.
2.abc co has approached the bank to make note on bank record as new co name xyz co.
3.Bank has changed the term loan account from old co name to new co name.
4.New co i.e.xyz co also operating the current account with the same bank.

issue:---

issue is that land building is still on the name of the old co name & same morgage with the bank against the term loan.

now new co has found the buyer who can payoff the liabililties of installment & then that property will be with the buyer .
bank will ready to issue noc to new buyer of the property.

Query:-
in this case 1 st, is above transaction will be legal & geneue from the both side of the party as well as from the point of bank.

2 nd bank wants the payment,new co wants to discharg the liability towards the bank, in this case is it advisable to new buyer to purchase the property which is registered on the name of the abc co.

3. if it is geneue what steps to be kept mind from the point of company law,income tax & lawfulk transaction?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

22 March 2012 There is nothing illegal. Tell me what is the old company? It is simply change of name and nothing has changed. So sale the property in the old name if no revenue records are changed. Put a clause in the sale deed that the old name of the company was....... and has been changed to...... mention the date of change and execute the transaction. If required attach a copy of alternation of name and certificate issued by the ROC for change in the name

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