Charge creation
This query is : Resolved
23 May 2014
Whether pledge of movable property (eg:- bank fixed deposit) is covered under the expression 'interest' used in section 2(16) of the Companies Act,2013.
23 May 2014
Sir, in my view, pledge does not fit itself in definition of charge u/s 2(16). Same being also excluded in ‘Type of charge’ in Form CHG-1. However, other modes such as hypothecation (of even car) is included now.
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