EES 2010

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Mahabaleshwara Rao (Querist)
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29 August 2010 OUR COMPANY IS HAVING AN OVERDRAFT ACCOUNT OURSTANDING AMOUNT OF RS. 10 LACS. WHICH IS SECURED BY PERSONAL GUARANTEE OF THE DIRECTORS. AS THE COMPANY IS NOT WORKING, THERE IS NO STOCK IS HELD.

THE DIRECTORS ARE TAKING OVER THE OD OUTSTANDING. CAN WE TRANSFER THE SAME TO DIRECTORS CURRENT ACCOUNT AND CLOSE THE COMPANY UNDER EES 2010

PLEASE CLARIFY
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 August 2010 The bank also should recordically accept the proposed arrangement meaning thereby that the account in the name of company should be closed leaving a zero balance. In the affidavit accompaning the EES,2010 application, in the coloum regarding bank accounts, appropriate disclosure also should be made. In the absence of the above two conditions, among others,the company cannot opt EES,2010.

Mahabaleshwara Rao

Mahabaleshwara Rao (Querist)
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29 August 2010 Thank you Sir,

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