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Charge Matter

This query is : Resolved 
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(Querist)
22 April 2010 Dear Experts,

I wanted to know whether it is required under law to give particulars of collateral security given by Director/ guarantor in his personal capacity, while filling up form 8? Please refer to the provisions of law or any notifications, if any, in this regard.

In our city Raipur, Bank officers and Managers insist on the said particulars to be filled in form 8.
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Rasesh

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Rasesh (Expert)
23 April 2010 No. Not required. The charge is created on the assets of the company. It is not a declaration for the securities provided by he company for the loan. In any case, the balance sheet will have to reflect the security details.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
23 April 2010 AGREE WITH RASESHJI,

NOT required under law to give particulars of collateral security given by Director/ guarantor in his personal capacity
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