hello friends,
Pvt ltd company has taken secured car term loan from bank. But form 8 has not been filled till date. Whether this point should be mentioned in compliance certificate or not.
plz reply its urgent.
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Compliance certificate
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This is not a voilation of the section 125 of the Act, because for vehicle loan hypothecation is created and hypothecatin is a type of pleage and pleage is outside the purview of section 125.
Therefore, secured loan may be disclosed in the report but nothing to report about the creation of charge.
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