CA.Varalakshmi.M (Manager-Finance) (482 Points)
13 December 2012Hello friends,
X company wants to take a loan on mortgage of a property .
Property is registered in the name of the third party no where related to company.
Can Company takes loan on mortgage of a property related to third party?
Does Bank reject loan to comp on mortgage of third party's property?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 13 December 2012
According to me bank should reject such kind of loan application where there is no connection established between the borrower and property in question.
sudhir munjal
(Student)
(53 Points)
Replied 13 December 2012
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 13 December 2012
Hello all,
Thanks for your replies.
another query.
Director holds a property.Company mortgaged that property and obtained a loan.
during that mortagage period ,can that property be transferred to company (Sale) by that director?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 13 December 2012
According to me director can transfer his property to the company subject to the terms and conditions of the loan agreement. Approval of bank should also be taken in this regard.
Further director will be considered in this transaction so he should disclose his interest in the board meeting, which approves such purchase, u/s 299. Also check the compliance of section 300 and 301 in this regard.
Tx
CAclubindia
