Query to All Professional Friend
My query is
ABC Ltd has borrowed some funds from one of the Bankers for which they are going to create charge with ROC. ABC is the subsidiary Company of XYZ Ltd. XYZ has given a Corporate Gaurantee to the Bankers on behalf of ABC Ltd.
The Bankers are insisting that the Corporate Guarantee given by XYZ Ltd also needs to be filed by way of a charge with ROC.
I feel that Corporate Guarantee given by XYZ Ltd is not required to be filed with ROC as no charge is created and no amount is borrowed by XYZ Ltd from the bankers.
Secondly if the charge on CG is created then it will reflect in the index of Charges on ROC portal
Waiting for comments/replies urgently
CAclubindia
