I wanted to know whether it is required under law to give particulars of collateral security given by Director/ guarantor in his personal capacity, while filling up form 8? Please refer to the provisions of law or any notifications, if any, in this regard.
In our city Raipur, Bank officers and Managers insist on the said particulars to be filled in form 8.
23 April 2010
No. Not required. The charge is created on the assets of the company. It is not a declaration for the securities provided by he company for the loan. In any case, the balance sheet will have to reflect the security details.
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