Plz rply ASAP.
This query is : Resolved
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.
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.
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.
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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