Satisfaction of charge

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pratik (Querist)
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07 December 2015 Are we suppose to pass board resolution for satisfaction of charge, where charge is created by bank on debtors of the company for bill discounting facility.the company has never used this facility and therefore decided to close this od facility.
please help, and if so then kindly help me out with draft boardc resolution for satisfaction of charge.

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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07 December 2015 No need to pass the resolution in satisfaction of charge. You are required to file CHG - 4 within 30 days of charge satisfaction.

pratik

pratik (Querist)
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07 December 2015 Thank you jainam
but while filling chg 4 at the end we have to mention board resolution no. and date..
then without board reaolution what to write there...???

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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07 December 2015 Ok. Yes you are right. My mistake. Just pass simple resolution mentioning that company is closing its OD facility and the compliance is to be completed by the xyz person.

Drop your email id I will mail you format of resolution by tomorrow noon.

pratik

pratik (Querist)
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07 December 2015 My email id is
pratik2031@gmail.com
and also tell me is it necessary to pass resolution of that date on which i have received no due certificate of bank.is it fine if i pass resolution of earlier date.from when is 30 days calculated,where there is no actual payment of money .just cloaure of facility.because i gave a letter about 45 days before to bank for the closure.shall i pass the resolution of that date.any how i received NDC on 17th november.
Thank you in advance

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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07 December 2015 30 days should be counted from the 17th November as you have received NDC from Bank. It is actual satisfaction of charge.

You can pass the resolution before the NDC date as first board has decided to close OD facility and after that you received NDC.

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CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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08 December 2015 Pratik I have send you an email regarding format of board resolution for satisfaction of charge.

pratik

pratik (Querist)
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08 December 2015 yeah i received it

Thank You....!!!!

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