Hi Friends ,
I have a small query , If a Company X ltd (public co ) is purchasing say 20 cars for its employees on loan , the vehicles would be hypothecated to the bank and will also be the assets of the company , which would mean that the loan is secured by hypothecation of compay assets . In such a scenario will the comapny have to file the charge details in form 8 with ROC .
Thanks in advance for all your help.
yes company has to file charge detail in form no. 8 or 13
Mr. Vikash the form no. 13 for charge create for debenture issue not for hypothication.
As far as I know no charge is created on vehicles. Wait for others views.
Dear Friend
Yes File Form 8 with in 30 days with specified Fee's then in next 30 days with late fee's.
After 60 days if u filled then u have to take order from CLB u/s 141.
So file it ASAP
Regards
yes charge creation is must even if bank does not insist coz its companies liability. i have created similar charge when the comapny has purchased 40 cars .
Form 8 has to be filed as there is a hypothecation of companies assets, and the same shall be done within 30 days of the creation of charge. Once the charge is created the same has to be updated in Statutory Register of the company.
Regards
CS Jithesh
Form 8 has to be filed as there is a hypothecation of companies assets, and the same shall be done within 30 days of the creation of charge. Once the charge is created the same has to be updated in Statutory Register of the company.
Regards
CS Jithesh
Sorry I have mentioned twice :)
CAclubindia
