Dear Experts,

We as a banker were required to create security on following terms:

"First charge by way of hypothecation on plant and machinary ranking pari passu with other term loan lenders.

We had executed Deed of Hypothecation with the borrower however at the time of executing the said deed, pari passu letter from the other term loan lenders were not obtained for ceding of charge in our bank favour. Pending the stated pari passu letter from the other term loan lenders we filled the form 8 with ROC for charge registration and attached deed of hypothecation in form 8 as executed by the borrower in our banks favour. We correctly mentioned the nature and extent of charge as described above however did not attach pari passu letter with the form 8 as the same was not avavilable with us at that time. Interestingly ROC did not raise any objection on the same and registered the charge. Later on after one year of charge registration other term loan lenders issued letter ceding first pari passu charge in our banks favour. Now the question is:
1. Whether the charge registered earlier without attaching pari passu letter while filling form 8 is a valid one and in case of default committed by borrower the same would be enforceable in the court of law.
or
2. we should again file form 8 (Perhaps modification of charge) attaching pari passu letter as received from the other banker. However this would require CLB approval for condonation of delay beyond 30 days.

Please clarify.

Hi

Please let me know what is the due dates for filling of "C" forms to the department.

Cheers,

Lokesh.A.S

one party raised an invoice in march 2008 and charged service tax @12.36 . and recognised as sale and amount shown in recievable, but not clint ie. debter want to revise that invoice with the 10.2% service tax.
How is it possible? IS there any way to sort out?

We have a consortium banking and recently we introduced SBI as a member in consortium. We are availing only fund based and non fund based facilities and at present there is no term loan.
While entering into interse agreement the advocate of SBI raised one issue that the list of all the assets be declared. The logic behind this is that in case company's account gets NPA and if any asset is not in the list then the directors can say that since the asset is not in the list, it is a personal asset and can not be auctioned. But the advocate of lead banker says there is no such requirement of asset list and only clause to be provided in the interse is "Present and future assets of the company"

So what is the correct legal status. for want of clarification our agreement is held up

Dear Sirs,
I Deducted TDS on Security Service for Watchman charges @ 2.266 under 194C it correct or not

In case of a Pvt. Ltd. Company with only 2 Directors, What are the implications if one of the Director Dies! And What is the procedue to be followed in such cases? Is there any time limit to appoint new Director ?

please sent

hello sir,

i have appeared for CA-PCC Nov-09 attempt
please tell me how to study....
i am completed my all tutions....
but i am not stating my study properly...
i used following books for study
Acocunt - modules & my tution material for problems & theory
Audit - padhuka prakashan, compilation
Law - padhuka prakashan, compilation
cost & FM - tution material, padhuka prakashan, compilation
Taxation - only Bharat prakashans written by gupta ahuja

so please tell me this books are sufficient for studies...
or can i complete my study in remaining 5 months...if yes then please tell me the way of proper study like time table please....

Can anyone help in knowing how the exemption u/s 10(10CC) is being calculated by giving a live example.
Thanks in advance

What is use of Form "D" "E" and "F"?