Projected b/s contain good p/r but actual contains high loss
This query is : Resolved
24 August 2016
IF AT THE TIME OF TAKING LOANS (SAY IN MARCH) COMPANY SHOWS PROJECTED BALANCESHEET CONTAINS HUGE PROFITS , BUT WHEN FILED AT ROC IT FILES AUDITED BALANCESHEET WHICH SHOWS BIG LOSSES,NOW BANK IS ASKING HOW CAN THEY TRUST ON PROJECTED BALANCESHEET , HOW IN A SHORT TIME SPAN GOOD FIGURES CONVERTS IN LOSSES . HERE THE INTENTION OF THE COMPANY IS TO DEFRAUD THE BANK AND TO GET THE LOAN THATS WHY THEY SHOWS WRONG FIGURES BUT ACTUALLY THEY SUFFERED LOSSES, NOW WHAT ACTION CAN BANK TAKE AGANST THEM AS THEY HAD ALREADY GAVE THEY LOAN FACILITY?
24 August 2016
They can take action for recovery of the amount besides sue for giving false information to obtain loan.
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