Compounding

Originally posted by : Pooja.....
	In one of my company no form 17 is filed for satisfaction of charge in 2004. now i have to go for CLB petition, Can anybody suggest me the whole process of that?

Hi Pooja,

I suggest before filing petition with CLB, try to speak to your bankers to give a satisfaction of charge as of current day. If u get then u can file form 17 with ROC, no need to go to CLB, bcoz the law says 30 days from the date of satisfaction of charge. So though ur loan was over in 2004, if ur bankers can give as on current date no dues, and sign Form 17, no need to go to CLB. Normally Banks agree. Try convicing.

The Satisfaction charge letter from bank let not include date of closure of loan.

If they dont agree then go to CLB for condonation of delay.

regards

Santosh Shah