07 July 2010
In my old Query I forget to ask one more thing which is:- which company have to register the charge at ROC, the company who is taking the loan or the company whose assets are on mortgage?
07 July 2010
Section 125(3) provides the charges on which the reg. of charges hasto be created are :1.a charge for the purpose of securing any issue of debentures.2.a charge on the uncalled share capital of the company 3.a charge on any immovable property 4.a charge on any book debts of the company.5.a charge not being a pledge on any movable property of the company.6. a floating charge on the undertaking or any property of the co.7.a charge on calls made bur not paid.8.a charge on a ship or any share in a ship.9.a charge on goodwill/patent/licence.
07 July 2010
"company who is taking the loan or the company whose assets are on mortgage?"
Company will take loan against mortgage so company taking the loan and company whose assets are on mortgage are same. Company taking the loan against mortgage is required to regiter the charges with ROC in form 8.
Charges requiring registration : A company must file within 30 days of creation of a charge with the Registrar complete details of the charge together with the instrument of charge or its verified copy in respect of certain charges. Otherwise the charge will be void. This does not mean that the creditors cannot recover their dues. It merely means that the benefit of the charged security will not be available to them. The following charges are compulsorily registrable u/s 125(4):-
1.
A charge for the purpose of securing any issue of any debentures 2.
A floating charge 3.
A charge on uncalled share capital 4.
Charge on calls made but not paid 5.
A charge on any immovable property 6.
A charge on ship 7.
A charge on book debts of the company 8.
A charge on goodwill or on patent or on license under the patent or on trademark or copyright or on the license under the copyright 9.
A charge other than a pledge on any movable property of the company.
One more thing if company A is providing its assets in favour of company B which is borrowing company then such transaction must be supported by a board resolution of company A.
CAclubindia
