Lien on Fixed deposit
This query is : Resolved
26 November 2022
Dear sir,
We used to purchase Bank Guarantee, Letter of credit from financial institution or bank depositing 100 % margin as deposit during duration of Bank Guarantee or Letter of credit.
Bank will create lien on fixed deposits.
I need advice from expert team,
1. whether creating lien on Fixed deposit is termed as
encumbursence of asset of company.
2.whether bank is under obligation create charge @ roc/MCA
We used to purchase Bank Guarantee, Letter of credit from financial institution or bank depositing 100 % margin as deposit during duration of Bank Guarantee or Letter of credit.
Bank will create lien on fixed deposits.
I need advice from expert team,
1. whether creating lien on Fixed deposit is termed as
encumbursence of asset of company.
2.whether bank is under obligation create charge @ roc/MCA
26 November 2022
1 yes, it's encumbrance of the asset of the company.
2 Deposit of a fixed deposit receipt with the Bank by way of security for a loan amount to pledge of movable property. There is required to create charge on pledge under Companies Act, 2013. Conclusion, So it need to be registered.
2 Deposit of a fixed deposit receipt with the Bank by way of security for a loan amount to pledge of movable property. There is required to create charge on pledge under Companies Act, 2013. Conclusion, So it need to be registered.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
