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Charge related

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2013 Sir,

Please tell me whether Company is required to create a charge under Companies Act, 1956 in case of Overdraft granted by the Bank against Fixed Deposit? Please tell me its urgent.
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Ajay Mishra

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Ajay Mishra (Expert)
14 June 2013 Hi

Where a loan from the bank is raised by pledging fixed deposit receipts, the registration of charge is not necessary. [Sree Menakshi Mills Ltd. v Registrar of Companies (1966) 36 Comp Cas 961 (Mad)].
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