Charge on immoveable property.
This query is : Resolved
15 December 2011
Dear Expert,
Is it necessary that for registration of charge property should be in the name of company? If the property is in the name of director of the company, in that case also registration of charge is required or not?
Please reply ASAP alongwith relevant provisions etc.
Thanks in advance.
Is it necessary that for registration of charge property should be in the name of company? If the property is in the name of director of the company, in that case also registration of charge is required or not?
Please reply ASAP alongwith relevant provisions etc.
Thanks in advance.
Guest
Guest
(Expert)
15 December 2011
Hi Puneet Ji,
It is very much required to register charge even if loan is taken on the property of director since company has taken loan or
borrowed funds.
Regards, Neha
It is very much required to register charge even if loan is taken on the property of director since company has taken loan or
borrowed funds.
Regards, Neha
15 December 2011
Thanks for your prompt reply.
please support the same with relevant provision, notification , case law etc.
please support the same with relevant provision, notification , case law etc.
16 December 2011
If the underlying property is in the name of a Director, the company need not create charge on it,in view of the wording in section 125(1) which I quote " so far as any security on the company's property".
Guest
Guest
(Expert)
16 December 2011
Mr. Warrier,
I have handled a case in which loan was taken in one company secured on the property of director, then ROC and bank asked us to file form 8 for the same.
As a general practice I feel charge should be filed.
Regards, Neha
I have handled a case in which loan was taken in one company secured on the property of director, then ROC and bank asked us to file form 8 for the same.
As a general practice I feel charge should be filed.
Regards, Neha
16 December 2011
Mumbai High court's view in the case of Maharashtra State Financial Corporation V Masvi and Co P Ltd reported in 76 company cases 168 is section 125 can apply only to the extent the deed creates a charge on the assets of the company.
Neha Ji didn't you cite the case before the ROC and Bank Officials.
Neha Ji didn't you cite the case before the ROC and Bank Officials.
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Guest
Guest
(Expert)
16 December 2011
No, I did not.
Since bank forced us to file we just filed.
Well thanks for the information and case law.
Will exercise due care in future.
Since bank forced us to file we just filed.
Well thanks for the information and case law.
Will exercise due care in future.
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