ROC Charge
This query is : Resolved
29 March 2010
Dear All
A company has availed a ccol- 50 lacs,PC-20 Lscs, and FSL-50 Lacs.The charge was created on the immovable property of the company in ROC for 120 Lacs[aggregate of all facilities]
Subsequently, under instructions from HO, the exposure of the company was reduced to 80 Lacs.Thats is done by reducing CCOL limits to 20 Lacs and a fresh OD account was granted for 10 lacs[all other facilities remains the same].Now the aggregate limit is Rs.100 Lacs.There is no change in the security.Now my question is should we make modifications in the ROC as regarding the new facility and reduced limits ie: OD of RS.20 Lacs,though the overall exposure is less than the amount which was originally refistered with ROC.There is no change in the security[securities are immovable property and hypothcation]
Please advise at the earliest
A company has availed a ccol- 50 lacs,PC-20 Lscs, and FSL-50 Lacs.The charge was created on the immovable property of the company in ROC for 120 Lacs[aggregate of all facilities]
Subsequently, under instructions from HO, the exposure of the company was reduced to 80 Lacs.Thats is done by reducing CCOL limits to 20 Lacs and a fresh OD account was granted for 10 lacs[all other facilities remains the same].Now the aggregate limit is Rs.100 Lacs.There is no change in the security.Now my question is should we make modifications in the ROC as regarding the new facility and reduced limits ie: OD of RS.20 Lacs,though the overall exposure is less than the amount which was originally refistered with ROC.There is no change in the security[securities are immovable property and hypothcation]
Please advise at the earliest
29 March 2010
well you should file form 8 for modification of charges as there is change in financial facilities availed and attach any supplement sanction letter/deed for reduced financial facility.
others views are also solicited.
Regards
others views are also solicited.
Regards
29 March 2010
Agreed. But for new OD facility ,granted on the security of assets, a new charge has to be created by filing e-form 8.
29 March 2010
Agreed. Form 8 need to be filed.
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