Charge registration for car loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2011
IS IT MANDATORY TO REGISTER A CHARGE WITH ROC FOR CAR LOAN TAKEN BY A PVT. LTD. COMPANY
17 October 2011
Hypothecation of vehicle ,by way of endorsement in the RC book,is also a pledge of the vehicle.Hence charge creation is not mandatory in view of the exception contained in section 125(4)(e) of the companies Act,1956.
CA Neha Jain
(Expert)
17 October 2011
By plain reading of the section for charges it can be concluded that the registration of charge on vehicle should be created.
But, in practical cases, I have never seen any company creating the charge nor any enquiry from MCA in this respect.
But, in practical cases, I have never seen any company creating the charge nor any enquiry from MCA in this respect.
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