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Charge

Pvt ltd 366 views 2 replies

N Shah

proprietor

24 Points Joined July 2013

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...

Replies (2)

P C Agrawal

Registered independent director Past Ch

8229 Points Joined March 2007

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

Vandana J Doshi

Practising Company Secretary

12562 Points Joined May 2011

If there is only 1 charge id, then u just have the option of filing the form 8.....u've got 2 obtain a certificate from the bank regarding satisfaction of the TL and file form 8 for the same.....