Disclosure requirements
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2015
Alpha ltd has taken loan from SBI bank of RS 10lacs and its bankers canara bank gave guarantee to SBI on its behalf.Alpha ltd has mortaged its assets to canara bank. Alpha ltd disclosed this loan asunsecured loan in its balance sheet on grounds that no security has been given to lender sbi bank. Is disclosure sufficient? Please help me to comment
27 October 2015
Seems the disclosure is insufficient, since the loan is secured by the guarantee of Canara bank to whom the assets of the company is mortgaged.
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