resolution required for purchase of car on loan
This query is : Resolved
09 October 2010
Hello
All Experts and Freinds
I am an accountant in pvt ltd co. The Co has taken a car for its director on lease with the bank for 5 years. My Querry is as folows:
Whether the Co has to pass the resolution in the Board Meeting? If yes then Kindly send the proforma of the resolution.
Whether the Co has to furnish the details to ROC, if yes then advise the period upto what date the co has to do so.
It is Urgent. Kindly advise.
thanks and regards
sanjay
All Experts and Freinds
I am an accountant in pvt ltd co. The Co has taken a car for its director on lease with the bank for 5 years. My Querry is as folows:
Whether the Co has to pass the resolution in the Board Meeting? If yes then Kindly send the proforma of the resolution.
Whether the Co has to furnish the details to ROC, if yes then advise the period upto what date the co has to do so.
It is Urgent. Kindly advise.
thanks and regards
sanjay
09 October 2010
Yes, Board resolution is required. Generally the fincing companies are having their own performa of resolution. But in case of Banks, you may pass the following resolution
"RESOLVED THAT consent of the Board be and is hereby accorded to purchase a car as per performa invoice placed before the Board.
FURTHER RESOLVED THAT the company may avail finance from ABC Bank to purchase the car not exceedind Rs.??? and Shri ???, director be and is hereby authorised on beahlf of the Board to execute the necessary documents as may be required to get the finance to purchase the car and common seal of the Company be affixed in presence of Shri???, who will sign the same in token thereof (as per AOA of the Company).
There is no need to file form 8 in ROC for such finance.
"RESOLVED THAT consent of the Board be and is hereby accorded to purchase a car as per performa invoice placed before the Board.
FURTHER RESOLVED THAT the company may avail finance from ABC Bank to purchase the car not exceedind Rs.??? and Shri ???, director be and is hereby authorised on beahlf of the Board to execute the necessary documents as may be required to get the finance to purchase the car and common seal of the Company be affixed in presence of Shri???, who will sign the same in token thereof (as per AOA of the Company).
There is no need to file form 8 in ROC for such finance.
Message likes :
4 times
29 December 2014
for any query please ask eminent expert will assist in this matter.
regards.
regards.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ITR 4 and Bank transactions
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
