ROC Charge

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nishad (Querist)
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29 March 2010 Dear All

A company has availed a ccol- 50 lacs,PC-20 Lscs, and FSL-50 Lacs.The charge was created on the immovable property of the company in ROC for 120 Lacs[aggregate of all facilities]
Subsequently, under instructions from HO, the exposure of the company was reduced to 80 Lacs.Thats is done by reducing CCOL limits to 20 Lacs and a fresh OD account was granted for 10 lacs[all other facilities remains the same].Now the aggregate limit is Rs.100 Lacs.There is no change in the security.Now my question is should we make modifications in the ROC as regarding the new facility and reduced limits ie: OD of RS.20 Lacs,though the overall exposure is less than the amount which was originally refistered with ROC.There is no change in the security[securities are immovable property and hypothcation]

Please advise at the earliest

CS Vandana Kacholia

CS Vandana Kacholia (Expert)
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29 March 2010 well you should file form 8 for modification of charges as there is change in financial facilities availed and attach any supplement sanction letter/deed for reduced financial facility.

others views are also solicited.

Regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 March 2010 Agreed. But for new OD facility ,granted on the security of assets, a new charge has to be created by filing e-form 8.

Rahul Gupta

Rahul Gupta (Expert)
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29 March 2010 Agreed. Form 8 need to be filed.

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