Corporate and Allied Laws: CA;
SARFAESI ACT 2002 (Part 7) | Section 13 | Enforcement of Security Interest | Joint Financing | DRT;
It is the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 : - Basic Meaning
Section - 13 Enforcement of Security Interest ( It Already ask also in CA Final Nov 2011 .
- No Intervention of any court
- If borrower defaults, Account ,not performing
- If Borrower Defaults the period of 60 days
- Subsequent transfer would be valid .
- Expenses would be recovered from the borrower
- In case of joint Financing
- Appeal to DRT for unsatisfied dues
- Right against guarantor
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In my case bank has misused sarfaesi act for a remaining balance Rs 133000/_while my house has collapsed partially due to my source of income has stopped. however a legal case is already in the court for damages against my neighbor but bank did not consider all this. Interestingly my house insurance was arranged by the same bank but refused to settle my claim. Now my question how it is possible to impose a sarcfaesi act. for small amount while another court case is already going on. Now i do not know these banks are not touching big borrowers but forcing small people to pay
As you mentioned in previous lecture that in this process once the asset is transferred to the SR co. by the bank, the rights now on the obligor lies with the SR CO., so as per this lecture, who are you referring to as secured creditor? because you have been using "bank" repeatedly for secured creditor.... kindly clarify....
Thanks in advance...
very nice explanation sir
I have a query sir if u can solve: is the time period for communication of reasons for not accepting representation/ objection under Sec 13(3) 7 days or 15 days??
in my institute mat it's written 15 days while in your lecture it's 7 days??
Work out if you need to pay.
When you know your gain you need to work out if you need to report and pay Capital Gains Tax.
You may be able to work out how much tax to pay on your shares.
the same type, acquired in the same company on the same date sold at the same time.
sold other shares in the tax year sold other chargeable assets in the tax year, such as a property you let out claim any reliefs are a company, agent, trustee or personal representative.
Reporting a loss.
The rules are different if you need to report a loss.
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Rest of Europe etc.
Ratings from equity analysts covering the Danske Bank share and consensus earnings estimates.
Selling in special circumstances.
shares you bought at different times and prices in one company shares through an investment club shares after a company merger or takeover employee share scheme shares.
Jointly owned shares and investments.
If you sell shares or investments that you own jointly with other people, work out the gain for the portion that you own, instead of the whole value. There are different rules for investment clubs.
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