Sunny (CA Business) (401 Points)
02 October 2014Company XYZ Pvt. Ltd has taken a CC/OD Limit from Bank against Fixed Deposit.
Now this Fixed Deposit is in the name of Director's relative (who is neither the director nor the shareholder of the company)
Whether Creation of Charge is to be registered?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 14 November 2014
No charge has been created on company's property and hence question of registration of charge does not arise.
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