Modifications of charges

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CA Keyur Shah (Querist)
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27 March 2010 The private limited co. has taken a loan or Rs. 8 crores. And given a charge over assets.
Now, the company is not owner of some assets which are mortgage with the bank. so the co. has taken release of charges related to sold assets.
Is there any compliance to be done with ROC regarding this??
The loan remains to continue with remaining assets.
Whether i have to file Form no. 8 to ROC.

Rahul Gupta

Rahul Gupta (Expert)
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27 March 2010 For assets sold out, Cancellation of charges to be filed in form No 17.
In respect of new assets which are included under mortgage, create a charge for them by filing form 8.

CA Keyur Shah

CA Keyur Shah (Querist)
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27 March 2010 Thanx for reply.
Form no. 17 is for satisfactions of charges.in this case there is no satisfaction of charges because loan remain to continue with remaining assets. so i think so form no 17 is not to be filed.

Correct me if i am wrong.

Rahul Gupta

Rahul Gupta (Expert)
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27 March 2010 Yes u r right. Instead u can file form No. 8 indictaing the modification for exclusion of the assets sold.

CA Keyur Shah

CA Keyur Shah (Querist)
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27 March 2010 thanxs