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.
Shubha Agrawal (company secretary) (57 Points)
23 November 2012
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.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 24 November 2012
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.
CAclubindia
