Tipsy
14 July 2009 at 17:55
The Income Tax Registered and Income Tax Payer Partnership Firm M/s. Inox Services has Three Partnes viz. (1) Late Shri. Jashwant V. Parekh (2) Smt. Surekha.J. Parekh and (3) J..M.Parekh ( H.U.F ). Neither any Sons Nor any Daughter were partner in the same firm. The Managing Partner of the Firm was Late Shri. Jashwant V. Parekh
After his death, The Company viz. M/s. Inox Services is in DORMANT condition i.e. The Company has NO INCOME, but there are expenses of Accountant for Finalising of the Accounts ( whatsoever ) and filing of the Income Tax Return on year to year basis.
As I am not agreeing to that expenses DUE TO NO INCOME, therefore, I would like to close the Firm by dissolving the same and surrender the PAN Card issued to the firm.
My Accountant Mr. Sagar after finalizing the Balance Sheet for the F.Y. 2008-2009,
If you have any suggestions , Please guide
juzar
14 July 2009 at 09:13
respected sir,
My Father and mother have died with out any will, how do i inherit my fathers share from demat account
Swami Sadashiva Brahmendra Sar
13 July 2009 at 22:38
Dear friends!
A client has engaged me as his counsel in a writ petition. as part payment of fee, he has given me a cheque issued by an other person whom I do not know at all. I guess that my client appears to be clever and may be defrauding. what should I do if the cheque is dishonoured?
Chetan
13 July 2009 at 21:08
(Case is of MAharashtra State)
The widow have inherited the Agricultural Field after the death of her husband, having 2 minor girls. The Revenue Dept mutated their names in revenue record of tht field.
Now she wants to sell the said property, whether she can sell ?
if yes pls. provide necessary infor.....
ASHWANI GAGNEJA
13 July 2009 at 19:12
DEAR SIRS
WE HAVE FILED A RECOVERY SUITE AGAINST A PRIVATE LTD. CO. IN TIS HAZARI COURT. OUR FIRM WAS REGISTERED WITH REGISTRAR OF FIRMS IN MAY 1994. EITHER BY OUR OWN OR BY SUB REGISTRAR'S MISTAKE, THE NAME WAS MENTIONED IN THE REGISTRATION AS AVS INDUSTRIES INSTEAD OF AVS SILVERPLATE. IF, WE GET THE AMENDMENT FROM REGISTRAR'S OFFICE NOW, PLEASE LET US KNOW WHETHER THE AMENDMEND BE EFFECTIVE FROM THE DATE OF REGISTRATION OR THE CURRENT DATE BEFORE COURT OF LAW.
CAN YOU PLEASE ADVISE ME OF ANY RUILING BY ANY HIGH OR SUPREME COURT.
ALSO, PLEASE SUGGEST US A COMETANT LAYWER ON THIS MATTER. LOOKING FORWARD TO YOUR EARLY REPLY.
THANKS & BEST REGARDS
ASHWANI GAGNEJA
Nehal
13 July 2009 at 17:04
In case a Company buys back its Foreign Currency Convertible bonds at a discount to its face value, what is the accounting treatment, i.e. whether it is a capital gain or an income to be credited to P&L Account? If anyone has the accounts of any such transaction of a company, please provide that also or any such refrence material on nsnehalshah@gmail.com.
SRIPRAKASH BHATTACHARYA
12 July 2009 at 22:50
I SHALL BE OBLIGED IF THE LEGAL LUMINARIES MAKE IT CLEAR THAT IF IS WRITTEN AS "MEETING HAS TO BE HELD WITHIN 12 MONTHS FROM THE LAST PRECIDING MEETING (MEETING WAS HELD ON 13.07.2008)". DOES IT MEAN 12 CALENDAR MONTHS i.e. NEXT AUGUST 2009 OR 365 DAYS FROM 13.07.2009 i.e. WITHIN 12.07.2009.
REQUEST FOR DETAIL LOGICAL CLARIFICATIOS.
Sriprakash Bhattacharya
bhattacharyasriprakash@gmail.com
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Company Law
1.Two public ltd companies were formed. 2.The date of certificate of incorporation are 24-01-2008 & 08-05-2008 respectively.
3.The certificate of commencement of business has not been taken till today.
4.Subscribers to MOA & AOA are 6 individuals and 1 is listed public ltd company (say A Ltd). A Ltd subscribed for 49,994 shares out of 50,000 shares and rest of the individuals subscribed for 1 share each.
5.Till today neither from A Ltd nor from 6 individuals, money on account of share capital is received by these companies.
6.Further, while finalizing the annual accounts of A ltd, the above companies were not shown/disclosed as subsidiaries and there accounts were also not incorporated in the annual report eventhough there were no transactions/activites done since commencement certificate is not obtained.
So following queries are raised-
1.Does A Ltd really becomes the holding company eventhough it has not purchased share capital of these companies.
2.Now A Ltd does not want to be the subscribers to MOA & AOA simply because they do not want these companies to be its subsidiaries. So now what is the remedy?
3.Although share capital is not received, can A Ltd transfer the shares in others name & get rid of the status of holding company (if at all it becomes holding company)
4.What is the consequences, for not showing these two companies as subsidiaries in the annual report of A Ltd as on 31-03-09.
5.What are the compliances to be made for these two companies from the date of incorporation with respect to accounts, audit, AGM, board meeting etc.
6.Today also, they have not received share capital so then what accounts to be finalized and how to take AGM and what needs to be put up in AGM.
7.Further no commencement certificate is obtained. Can it receive share capital now.
Thanks in advance