We are a manufacturing firm from Mumbai. I would like to know urgently the validity of SME registration if it is done after Bank Guarantee is issued under SME act.
Thanks.
Deepak Vanjare (MD) 27 July 2011
We are a manufacturing firm from Mumbai. I would like to know urgently the validity of SME registration if it is done after Bank Guarantee is issued under SME act.
Thanks.
jayant (legal) 27 July 2011
what is mean by SME? Give longform.
Deepak Vanjare (MD) 27 July 2011
MSMED Act
https://dcmsme.gov.in/publications/msmed_actx.html
jayant (legal) 27 July 2011
What is your date of commencement of business as per per your memorandum of Association?
Wheher your business is above Rs. 1 Cr and below Rs.10Cr.?
Deepak Vanjare (MD) 27 July 2011
It's a proprietory concern from 1984. Bank Guarantee was obtained from bank in Jan 2011 under CGTMSE & unit got registered subsequently in Feb 2011. Is the cover under CGTMSE thus valid for Bank guarantee? Business is less than 1 cr.
jayant (legal) 27 July 2011
After detail going through the rules and regulation, in your case as per the Micro,Small and Medium Enterprises Development Act,2006, if you take bank guarantee first and then registered in such condition it is cover under CGTMSE and bank guarantee is valid. You didnot to worry for validation of bank guarantee. As the concern authroity allow your registration. The best defence for you in Court of Law if the dispute arraise is that, Your delay condonation application is allowed by the concern authority as per Law of Limitation and as you get valid registartion due to that the bank guarantee will automatically become valid.
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