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Charge

nafisa (ACS) (189 Points)

03 February 2015

Dear Professional Colleague,

we have already created ROC charge for Rs. 210 lakhs. Now additional Rs.22lakh to be created on same property with same bank but different interest rate.

My Question is whether a new charge to be created or it will be considered as modification of charge.

Thanks in Advance

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2 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 03 February 2015

You can modify the charge stating that:

a) amount secured by the charge stands increased from Rs.___ to Rs.____.

b) Rate of interest stands changed from ____% to _____%.

nafisa (ACS) (189 Points)
Replied 03 February 2015

Dear Professional Colleague,

Actually interest rate for Rs. 210 lakh is 11% and additional Rs.22lakh interest rate is 13% then also charge can be modified with different interest rate?

Thanks in Advance