Charge registration

This query is : Resolved

Neha Karekar (Querist)
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24 January 2012 A Bank has not registered a ROC charge in the name of the Company when it was created as the property was in the name of the Director. Subsequently, there was a modification also. Now there is further modification & the amount has been increased substantially. The Bank now wants to register the charge (also the same can be indicated in Form 8 by showing the name of the property owner). Can it now create a charge instead of modification on the basis of the supplementary deed of hypothecation document which states the date of creation & 1st modification as well as current (2nd) modification details.. Kindly advise..

Neha

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 January 2012 If the property is still in the name of the Director, company can't create a charge on it because company is not the owner of the property.

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