How to trace out if the company has given corporate guarantee and personal guarantee in favour of its sister concern? If that company is not willing to show such corporate guarantee in the footnote of accounts
How to trace out if the company has given corporate guarantee and personal guarantee in favour of its sister concern? If that company is not willing to show such corporate guarantee in the footnote of accounts
A company cannot give corproate guarantee without
1. a board resolution suthorising such guarantee and
2. a board resolution authorisng the fixing of common seal on such guarantee agreement.
So the Board minutes should reveal all such guarantees given. These should be properly disclosed in the NOA
Karia Overseas
Ahmedabad
CA
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R P S K & Associates
Nashik
CA Inter
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CAclubindia
