I HAVE A QUERY REGARDING CHARGE MANAGEMENT -
FACTS - I HAD CREATED A CHARGE FOR PVT. LTD. CO. IN 2009 AND SUBSEQUENTLY MODIFIED THE SAME IN 2011... NOW THE CHARGE CONSISTED OF TWO PARTS - TERM LOAN AND CASH CREDIT... MY TERM LOAN IS SATISFIED BUT CC IS PENDING...
QUERY - DO I HAVE TO INFORM ROC ABOUT SATISFACTION OF TERM LOAN VIDE FORM 17 (AS I HAVE RECEIVED LETTER FROM BANK) OR DO I HAVE TO FILE FORM 8 FOR MODIFICATION OF CHARGE...
You have two options:
1) Continue the charge as it is and file Form 17 only when the charge is satisfied in full (including C/C limit); or
2) File Form 8 for modification of charge now stating that the amount secured by the charge stands reduced from Rs.___ to Rs.____.
Thanks
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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