Registration of Charges
This query is : Resolved
CA Ysil Karunai
(Querist)
19 January 2010
consider the below example:
A Ltd having Fixed Deposit in a Bank worth Rs. 10,00,000/- and Shown under Current Assets in the Balance sheet.
Subsequently, A Ltd taken a loan of Rs. 2,00,000/- against this security of Deposit and the banker has created a lien.
Query:
1. whether loan taken against this deposit should be registered with ROC u/s 125?
2. if yes, what is the procedure? and what is the consquences of non-registration of charges?
A Ltd having Fixed Deposit in a Bank worth Rs. 10,00,000/- and Shown under Current Assets in the Balance sheet.
Subsequently, A Ltd taken a loan of Rs. 2,00,000/- against this security of Deposit and the banker has created a lien.
Query:
1. whether loan taken against this deposit should be registered with ROC u/s 125?
2. if yes, what is the procedure? and what is the consquences of non-registration of charges?
Ankur Garg
(Expert)
19 January 2010
According to me loan against FDR is not covered by the list given u/s 125(4). So no need to file form-8 for charge regn.
However views of other experts solicited.
Regards
However views of other experts solicited.
Regards
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