N Shah (proprietor) (24 Points)
23 July 2013I HAVE A QUERY REGARDING CHARGE MANAGEMENT -
FACTS - I HAD CREATED A CHARGE FOR PVT. LTD. CO. IN 2009 AND SUBSEQUENTLY MODIFIED THE SAME IN 2011... NOW THE CHARGE CONSISTED OF TWO PARTS - TERM LOAN AND CASH CREDIT... MY TERM LOAN IS SATISFIED BUT CC IS PENDING...
QUERY - DO I HAVE TO INFORM ROC ABOUT SATISFACTION OF TERM LOAN VIDE FORM 17 (AS I HAVE RECEIVED LETTER FROM BANK) OR DO I HAVE TO FILE FORM 8 FOR MODIFICATION OF CHARGE...
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 23 July 2013
You have two options:
1) Continue the charge as it is and file Form 17 only when the charge is satisfied in full (including C/C limit); or
2) File Form 8 for modification of charge now stating that the amount secured by the charge stands reduced from Rs.___ to Rs.____.
Thanks
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 23 July 2013
CAclubindia
