Charge Creation
This query is : Resolved
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?
My query is whether Form 8 is required to file in such case?
21 January 2011
Since loan is not against the property of the company no need to create charge.
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.
Message likes :
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udit sharma
(Expert)
21 January 2011
Agreed with the experts.
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