Dear Members,
I'm in process of sole proprietorship (X) takeover.
My query is sole proprietorship creating some secured loans in the bank in their sole proprietor's name.
After takeover, the secured loans are transfer to Private Ltd Co...whether i have to file Form 8(Creation of Charges) with ROC?
Learned members kindly give your views....
Thanks & Regards
Ramesh Thangavel
Yes you need to register the Charge with the ROC as proprietor not being an independent Identity is the same as an Individual itself.
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