Sir,
I was running a Partnership concern with my Mom and Dad as Partners.In June 2012,i changed my constitution to PRIVATE LIMITED CONCERN with a new name and my parents and 2 Sons are the Directors now.So it is totally 4 of us who are Directors.We have transferred all Assets and Liabilities via Business Transfer Agreement vide Section 47 (xiii).
Now when we required further Loan Assistance from SIDBI (Small Industries Development Bank of India),they have denied to provide Loan since they say that my property is still in the name of the Partnership Concern.It is mandatory that a Sale Deed needs to be executed to the New Company for the current guideline value for which there will be heavy Stamp Duty of minimum 8-9 %.
My question here is how to tranfer the asset in the new Name as per Register office records without wasting much time and money?
Regards,
Ankush.
CAclubindia
