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Charge registration

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This query is : Resolved

Neha Karekar (Querist)

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)

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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