Rbi - bank guarantee issue

This query is : Resolved

Karthik Srinivasan (Querist)
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27 January 2016 Dear Sir,

Company A is parent company and having a WOS "B" company.(situated outside India)
Company "A" acted as a guarantor for the loan taken by "B" and provided bank guarantee to their bankers.
The loan period over and the amount become over due.
Company "B" had paid half the outstanding dues to their bankers against loan taken.
Before remitting the balance amount, the bankers of "A" company transferred the balance amount to "B" bankers without intimating to "A".
When "A" inquired their bankers, they informed that they had taken RBI approval for the transfer of funds and then only transferred.
The bankers are not willing to share the RBI permission received by them.

Question:
1. Can bank act like this and debit the account of customer without prior intimation?
2. The loan is payable by "B" company. How "A" company can pass the entries in their book.
3. "A" bankers issued swift copy, where in clause 72 it is mentioned "BNF TWDS GUARANTEE PAYMENT// LOAN A/c...........

Please advice if we can take action against "A" bank.

regards
Karthik S

C.A. HIREN

C.A. HIREN (Expert)
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28 January 2016 Dear Karhik,
Same problem happened. It can solved only on mutual understanding between your banker and you. As far as BG has been issued, ur banke is bound to do the same.

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