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(Querist)
26 October 2009 Company A has a liability to pay VAT to company B and in the mean while company C acquires 100%of shareholdings of company A. now who shall company B approach to claim the VAT and please let me know the section which specifies the same. please respond ASAP.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
26 October 2009
When the company is absorbing 100% shares of a company, company A should have cleared all its liabilities if they have not done on their own then it is the responsibility of B to clear the debts. You can write a letter (registered letter) to c to settle the payament. If they are not doing so you can sue then in the court of law.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
27 October 2009 VAT is a part of the purchase/sale invoice in other words B is a creditor of A The scheme of merger/amalgamation takes care of current assets/liabilities whats the confusion?
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