Form8 - mortgage and hypothecation deeds on different dates.

MCA 5472 views 2 replies

Shalini Petiwala Modi

Partner

25 Points Joined January 2010

Dear Friends,

A Company say ABC Ltd. has takena loan and against hypothecation of stocks and Mortgage of Immovable property. The Hypothecation agreement and mortgage deed are separate and have been executed on different dates, 16-01-2012 (hypothecation) and 09-02-2012 (mortgage deed).

For registeration of charge, I guess we need to file two separate form 8, one of hypothacation and other for mortgage. Form 8 has already been filed for hypothecation and charge has been registered for the company for the full amount of loan. Now for registerering mortgage do I need to file Form 8 showing modification og charge??? If yes, do I need to include the details of hypothecated assets as well in the second form??? And also, what shoul be mentioned in the following field of the form???

18. Particulars of the present modification

(Please ensure that correct particulars are entered as the same shall be displayed in the certificate of modification

of charge)

Please help urgently friends..!!!

Quick response will be highly appreciated

Replies (2)

prathiba

company secretary

259 Points Joined June 2008

Hope you have got charge ID for the hypothecation created on 16.01.2012. Now please create a modification for the Charge ID with details of mortgage dtd 09.02.2012, the amount for which charge has been created remaining the same. The details of modification to be elaborated in the the column provided .

Regards,

Prathiba

Ajay Pendse

Service

86 Points Joined July 2008

Madam,

But most of the banks prepare the Form 8 (Now form CHA1) but they prepare new form without modification hence, a new Charge ID is created and the charge value is doubled on the ROC Website.

I think the CS fraternity should take up this matter to the ROC as well as educate the bankers so that this practice is discontinued and only modification charge is filed!!