Responsibilities of directors towards lender banks
This query is : Resolved
VARSHA JAIN
(Querist)
23 August 2016
How lenders (banks) safeguard their interest consequent to change in the constitution of the borrower including change in management ownership.
whether it is necessary to inform lender banks if any director resign from the company?
If they do not inform , what are the action which can be taken by the banks against them? both civil and criminal.
whether it is necessary to inform lender banks if any director resign from the company?
If they do not inform , what are the action which can be taken by the banks against them? both civil and criminal.
Amol S Joglekar
(Expert)
24 August 2016
Banks make the directors personally liable, demand promissory note etc....
VARSHA JAIN
(Querist)
24 August 2016
DEAR SIR PLEASE SPECIFY WHETHER YOUR ANSWER IS FOR ONLY THOSE DIRECTORS WHO GAVE PERSONAL GUARANTEE TO THE BANKS FOR THE LOANS OR FOR ALL THE DIRECTORS?
Amol S Joglekar
(Expert)
24 August 2016
for those bankers who have taken DUE care in granting the loan......
VARSHA JAIN
(Querist)
24 August 2016
WHETHER IT IS NECESSARY FOR ALL THE DIRECTORS OF THE LENDEE COMPANY TO INFORM THE LENDER BANK AFTER RESIGNING ? OR IT IS ONLY THE RESPONSIBILTY OF DIRECTORS WHO GAVE PERSONAL GUARANTEE?
VARSHA JAIN
(Querist)
24 August 2016
PLEASE SPECIFY THE BOTH CIVIL AND CRIMINAL ACTIONS WHICH CAN BE TAKEN BY BANKS AGAINST THEM?
VARSHA JAIN
(Querist)
24 August 2016
PLEASE SPECIFY THE BOTH CIVIL AND CRIMINAL ACTIONS WHICH CAN BE TAKEN BY BANKS AGAINST THEM?
Amol S Joglekar
(Expert)
24 August 2016
Please go through the loan documents carefully.....
Banks do take PERSONAL guarantee of the directors....
If the personal guarantee of the directors is NOT obtained by the bank, then no need for the person/director signing the loan document out of POST rather than individual
Banks do take PERSONAL guarantee of the directors....
If the personal guarantee of the directors is NOT obtained by the bank, then no need for the person/director signing the loan document out of POST rather than individual
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
