Dear All,
A company availed a loan and provided collateral security as Property located oustide India, can company create a charge on the property located outside India.
Is there any restrictions etc.
Thanks in advance
Nagesh babu K L (Company Secretary) (51 Points)
16 March 2011Dear All,
A company availed a loan and provided collateral security as Property located oustide India, can company create a charge on the property located outside India.
Is there any restrictions etc.
Thanks in advance
nafisa
(ACS)
(189 Points)
Replied 16 March 2011
It depends on bank providing loan facility, Generaly bank do physical inspection of land,plant etc. or other security
so in ur case as property is situated outside India so there are possibilty that bank will not provide loan
hence charge cannot be created.
Nagesh babu K L
(Company Secretary)
(51 Points)
Replied 16 March 2011
Thanks for your reply, loan is approved, the question is do we need to create a charge with ROC.
nafisa
(ACS)
(189 Points)
Replied 16 March 2011
yes ofcourse charge is to be created within 30 days from date of approval nd can be extended for further 30 days,
CAclubindia
