Modification of charge or not ?

Dear friends,

A Private Limited company has a Term Loan from a bank, which is secured by a Personal Guarantee of the Directors. If one of the Directors resigns, in his place another person is appointed as Director and this incoming Director consents to take up the Personal Guarantee so foregone by the relieving Director. All formalities with the Bank are finished.

Now my Question is ... Does this interchange of Personal Guarantee constitute a Modification of Charge ? Should Form 8 be filed with the MCA for this purpose ....

Thanks ........