Priyanka (A) (22 Points)
31 January 2009hi
i want to ask whether charge registration is required in respect of cars of company if car is hypothecated with banks???
Please provide the rule/section to be referred to about the same as different views are emerging for the same doubt
Thanks.
Deepak Maharishi
(CS)
(514 Points)
Replied 20 May 2010
Dear Priyanka,
I tell you two very general categories for which charge is not required to be registered:
1. Fixed deposit of the comapny with the Bank on which the comany raises loan
2. Charge created by way of pledge
In your particular case, I believe it is falling under the category of Charge, not being pledge, on any movable property of the company.....and hence requires registration.
Regards
Deepak Maharishi
CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
(5155 Points)
Replied 25 May 2010
See madam, the replies given by the experts. So, i think there is requirement to file form 8 in respect of car loan and hence charge is to be registered.
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