reg. Formalities of charge modification

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CA. Savitha vijayan (Querist)
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29 October 2009 Sir,

A company wants to discharge its loan with one bank and open a new loan with another bank... whats th formalities that has to be complied in this regard with ROC??? Please do clarify....
Thanks in Advance!!!!

Ankur Garg

Ankur Garg (Expert)
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29 October 2009 As per my understanding you have to file 2 ROC forms.

First you have to file form-17 for satisfaction of charge of your previous loan amount. Attach discharge letter received from first bank with form 17.

After approval of form-17 you have to file form-8 for creation of new charge with in 30 days of creation.

Revert for any problem.

Regards

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CA. Savitha vijayan

CA. Savitha vijayan (Querist)
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29 October 2009 thanks for the reply....