Transfer of EMI and Loan account from one company to other

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Sonal Kulshreshtha (Querist)
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10 November 2009 The asset in one company is financed with bank and now we want to change its EMI account with our other company. The Chair person of both companies is the same. Is it necessary to transfer the asset also to that company? or only the Loan account will be changed. Further Board Resolution will be needed from both the companies? What other formalities need to be done?

Sathyaram

Sathyaram (Expert)
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10 November 2009 Hi,

The asset in the company which is financed with the bank are subject to close the account and have to file FORM - 17 as satisfaction of charge. For the Transfree company it has to charged as newly opened account.

Steps to be followed;-

1. Board Resolution has to prepared for both companies.

2. Form - 17 has to filed ROC.

3. FORM - 2 for transfer of shares

4. FORM - 8 Creation of charge