Urgent pls - directors and mortgage of property
This query is : Resolved
27 September 2011
Expansion Ltd. has been sanctioned a loan of Rs 5 crores by Yes Bank Ltd., against the security of
the mortgage of its factory building as well as the guarantee of its two directors. As per the loan
sanction letter, the two directors who are giving guarantee have to mortgage their individual flats
to back up the guarantee. Yes Bank Ltd., insists that the all the three mortgage documents (one
of the factory building, and of the individual flats ) have to be registered with the ROC.
Advise
the mortgage of its factory building as well as the guarantee of its two directors. As per the loan
sanction letter, the two directors who are giving guarantee have to mortgage their individual flats
to back up the guarantee. Yes Bank Ltd., insists that the all the three mortgage documents (one
of the factory building, and of the individual flats ) have to be registered with the ROC.
Advise
27 September 2011
Charge has to be created only on the property of the company. Since the flats are in the individual name of the directors, company can't create charge on such properties.
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27 September 2011
Sir can you please quote the section if possible
27 September 2011
Preamble of section 125 is more than enough.
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27 September 2011
see and read section 141 of cos. Act 1956
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