Bhaskaran Chackrapani Warrier's Expert Profile

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Graduate of Kerala University.

Fellow member of ICAI.

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manish choudhary says : corporate law
I showed the AGM date of a public company as 30/09/2012 instead of within 29/09/2012 and filed all the annual forms with ROC with the same AGM date,i.e., 30/09/2012. And now the company received the show cause notice from ROC regarding the same. So how the matter can be resolved..

chandervesh arora says : Creation of Charges - ROC
Dear Mr. Warrier, I have seen one of your post on Creation of charges - ROC for the loan taken by the Company on the collateral security of Director`s land. I am the Director of my Company and I have pledge my property to Bank to get a loan to purchase the Machinery and to avail the OCC facility. After purchasing the machinery Bank and me did not create the charge in ROC within 60 days and problem got noticed in Bank Audit then Bank forced to create the Charge after 195 days. We filed a petition in CLB and with the penalty they passed the order to file ROC charge. Now my question is - Can we avoid this penalty? Do we really need to create charges in ROC, as the property is in Director`s name? Bank`s clarification on this is - Loan in on the Plant & Machinery in the name of Company? Same as for OCC account- OCC is on Stock, so we need to create charges on that also. Land of the Director is the Secondary collateral Security. I have taken a Commercial Vehicle also financed by bank on my Company name and now i have paid off that loan also to the Bank? I have used that loan only for 6 months. Do I need to create charge on Vehicle also as loan has already been paid off? Now I have closed my OCC account also and I have used it only for 6 months and now can i get rid off creation of charge as loan does not exist any more. But Bank is forcing me to First creation of charge on OCC then satisfaction charge in ROC. I have seen your comment of Mumbai High court ruling on Maharastra State Financial Corp. Vs. Masvi & Co. And discussed it with the Bank and they said – this is applicable where the loan taken by the Company is the personal loan given on the property of the director. Does personal loan exist for the company also? What I believe all the loan taken by the company is all for commercial purpose only. Can you please help me on this ? I would really appreciate your kind support. Cheers! Chandervesh

sachin says : WCT_in Karnataka
we had subcontracted local vendor for civil work in Karnataka SEZ, Now We are going to Bill to Public Ltd Co. billing description are as below. Our query in this regards are as following 1. we unable to keep track record of Material to be used in WCT can we use composition tax if yes then what rate should we charge to OMPL 5% or 5.5% 2. Can we get set off in composition scheme 3. What is the Regular Tax Rate in Karnataka for WCT (CIVIL, Installation of Plant & Machinery, ERECTION & Commissioning ) 4. If Public Ltd (principal Contractor)Company undertake to pay Tax we will get exemption but what about our subcontractor they will also get exemption or we have to bear tax

SHILPA MAHAJAN says : Interest to Partners
Sir, Please answer my query.. Its urgent. Partnership deed provides intt to partners@ 12%, but intt actually claimed in ITR is 10%. What are its implications? Can ITO disallow the intt on the view that the same is not in accordance with the partnership deed.?