our company is a pvt. ltd. JV co. and a subsidiary of one foreign co. our BOD comprises 4 directors from foreign co and 3 from Indian co.
our pvt. co. has purchased some machinery in 2004 from this foreign holding co. hence the matter comes under Transfer pricing issue for which co. is liable to file return under Income tax Act but the co. did not file any return hence lots of penalties applicable from 2004 as pvt. co. incorporated in 2004.
now Foreigner Director saying to close this matter by paying all penalties bcoz there is no records of purchased machinerirs exists. so pls provide me a Indemnity Letter to be sent to those Foreign Director for Concluding this matter.
02 March 2009
Madam,if you are in need of a format of Indemnity Bond pl visit www.vakilno1.com. Get the format from there and suitably modify according to your requirement.
02 March 2009
As you know, only a model will be available in website and in books of conveyancing. So you have to redraft one from the model according to your needs.
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