Respected Sir,
M/s Mohanlal & Sons was a registered partnership firm as per the partnership deed dated 1st June 1976. It was changed on 24th June 1999. From 01st April 2000, this partnership firm was converted into a private limited company in the name of Vikram Silk Mills Private Limited. The company was registered with ROC in Ahmedabad. All the assets and liability of the firm was taken over by the company. Partners in the firm became the directors of the company with a shareholding as per their respective shares in the firm.
During the course of business in a matter pertaining to the Central Excise Department M/s Mohanlal & Sons obtained a bank Guarantee No: 19/7 Dated 31/05/1984 for Rs 10.00 Lacs from the sagrampura branch which was fully secured by way of a fixed deposit of Rs 10.00 Lacs. No receipt iissued for this deposit.
Years elapsed in the matter related to Central Excise and a lot of time and paperwork went into the process. The undersigned as a partner of the former firm and as a Managing director of the company filed several RTI applications with the Central Excise Department and the Bank.
On 02-JUNE-2021, the Joint Commissioner / First Appellate Authority under RTI Act, 2005 CGST & Excise, Surat passed an order copy of which is attached hereto. The Deputy Commissioner informed the Bank by letter dated 09 JUNE 2021 of this order. A copy of this letter is also attached hereto.
As per this order, the Commissioner has asked the Bank Branch to release the bank guarantee No: 19/7 dated 31st MAY 1984 for Rs 10.00 Lacs.
Sir, the problem is the underlying Fixed deposit A/c was in the name of the Partnership Firm of Mohanlal & Sons, which has been converted to a private limited company in the name of Vikram Silk Mills Private Limited.
The branch manager of Sagrampura is adamant that the payment will be made in the name of the Firm Mohanlal & Sons though he knows that it has been converted into a private limited company in the name of Vikram Silk Mills Private Limited w.e.f. 01st April 2000.
In spite of the order from CGST and Excise commissioner and also knowing the fact very well that no FDR was issued to us yet, the branch manager of Sagrampura is adamant that Indemnity bond will have to be furnished.
To the best of my knowledge and belief the indemnity bond is required if a FDR is lost.
Whereas the firm is now a private limited company. Several directors of the company have resigned / removed; the Branch Manager is asking for KYC of all the partners of the firm.
The branch manager is delaying the matter for one reason or the other for the last three months. Firstly he had some medical issues in his family then he kept telling me that he is awaiting approval from the RM office.
Sir, I request your opinion regarding the name to which the payment should be made, the indemnity issue and speedy disposal of the matter in light of the explanations given hereinabove.
Thank you.
Yours faithfully,
For Vikram Silk Mills Private Limited
(formerly M/s Mohanlal & Sons)
Managing Director
