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Charge Creation

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(Querist)
21 January 2011 Dear Expert, one bank has sanctioned loan to Pvt Ltd Company for payment of Sales Tax Deferral amount. Security is Clean, Margin is Nil, Rate of Int is 11.50% p.a. and Personal Guarantee of all director is taken.
My query is whether Form 8 is required to file in such case?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 January 2011 Since loan is not against the property of the company no need to create charge.
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
21 January 2011 Agree. Since no security is provided there is no need for charge creation and consequently Form 8 need not be filed.
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udit sharma

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udit sharma (Expert)
21 January 2011 Agreed with the experts.
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