Originally posted by : shubham |
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hi mohit..... i m a CA final student...
i ve read ur query and willing to give u a suitable answer..... however the answers to ur queries are very large and detailed... so i ll be restricting as much as possible.... otherwise the answer can run into atleast 10 pages....
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Mohit... i ve tried to explain in best possible manner i could... however the question tht u asked wasnt meant to be answered in such a way due to its complexities....
regards
shubham |
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There was no need to write that disclaimer. I really appreciate your answer & the effort you put in helping me in this matter. I really wanna say thanks for the same from inside. It's a true fact that the relatives & friends would never put such an effort in helping their known person as you had put in this matter. Effort means first analyzing the problem of an unknown person & again typing the same on keyboard. It's really great for me to realize that there are still people in this world who love to help others without any benefits.
Regarding my case,
My uncle had a degree of masters in bragging & it's impossible for anyone to uncover the actual truth but I had never thought that he will play such sort of games.
Looking at your & other people's suggestion, I am sure that something is going wrong & I am not going to invest a single penny in his company. I had a feeling that he is not able to pay the bombastic EMI of 4.75 lakhs per month & need some fool people like me to invest in his infeasible idea. He is not even asking for the loan but had simply offered me to invest as he is my uncle & was thinking for my benefits in long run.
Anyway, the loan from SBI is confirmed as I had personally investigated it from the bank, the loan amount is 2.54 Crores under one of the SME Plan of SBI & the same was sanctioned in May, 2010 for a period of 7 years @ 14% interest rate which translates into 4.75 lakhs of EMI per month. 7 years is the upper limit for such type of loans.
Again, this type of loan don't require you to show the existing properties & requires atleast 10 years of practice, your degree & should be above 40 years of age & my uncle & other directors were above 50 during 2010. It's a plan from government of India to help persons of this PROFESSION ONLY to establish companies in their area ONLY as the service provided by them will be useful to the citizens.
I am sorry that I am not able to give the exact details regarding the business & other details of companies due to my privacy reasons.
In general language, he had established a modern looking infratructure in a small town constructed on a 1 acre (45,000 sq-ft.) of land, far away from town limits. So, don't expect the price to be too high for the land. Again, I believe that this land was inherited by either of the directors. So, the same could be free also.
Construction was started only after the loan was passed i.e. after May, 2010 & within 1 year, the same was constructed & started within 1.5 years of time & was formally inagurated by a state Minister during Feb. 2012. Company was registered during Feb. 2008.
So, my questions are:-
1. Is the whole infrastructure created with the help of loan amount only as the maximum possible investment is just 25 lakhs as the infrastructure would definitely costs around 1 crore as the design is great that it can challenge modern companies doing business in similar area in metros.
2. Please elaborate a little about the authorized capital. This amount should be kept in the company's account or the same is needed during the initial investment? Reading certain articles in different blogs, I feel that this is the authorized capital is in air & one can quote anything while forming a company
3. SBI had given loan on which basis, on Authorized capital or on Paid Capital??
If possible, can you give me a link or the name of a book from where I can read more about this authorized capital to clear my doubts
The most important question,
As this is family matter, it is hard to say no in a direct manner. I was thinking to consult a professional CA in my city in order to prove it directly the reason for denying the investment in his company.
But, I don't have any idea regarding how I can find one as CAs are mostly present in the companies. We can connect with the lawyers by visiting any civil courts, there are thousands of them. But, where to look for a private CAs & what is the fee for the same? If the same is above 10K, I will find some other means to decline his offer.