Max Payne (employed) (2569 Points)
29 June 2010Hi friends
One company took a loan from Centurion bank which was secured and Form 8 was filed with ROC in 2007.
Is it necessary to file modification of the charge since Centurion was taken over by HDFC?
I am thinking that there is no need to file....
Please give reason for ur answers...
Thanks in advance.
vivek
(CS)
(751 Points)
Replied 29 June 2010
As per section:-
135. Provisions of Part to apply to modification of charges—Whenever the terms or conditions, or the extent or operation, of any charge registered under this Part are or is modified, it shall be the duty of the company to send to the Registrar the particulars2 of such modification, and the provisions of this Part as to registration of a charge shall apply to such modification of the charge.
According to me there is no change in TnC as well as extent or operation, therefore there should not be any need of modification.
Others views solicited.
Regards,
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 29 June 2010
| Originally posted by : Lucifer | ||
 |
Hi friends One company took a loan from Centurion bank which was secured and Form 8 was filed with ROC in 2007. Is it necessary to file modification of the charge since Centurion was taken over by HDFC? I am thinking that there is no need to file.... Please give reason for ur answers... Thanks in advance. |
 |
There is change in Chargeholder... so it is compulsory to file form8 for charge modification.... even the bank will insist u for this.... there is no doubt on this matter..
Nitin Grover
(CS)
(1228 Points)
Replied 29 June 2010
Dear Friend
I am agree with vivek
No need to file Form 8. every time when u file Form 8 u need compulsory attachment and in this modification you have to take tension without any work. if bank think its neccessary bank will do it only
Regards
It is compulsory to register the Modification,
The reason behind this is very simple, Whenever you now Modify the Charge and/or Satisfy the Charge the Letter will be issue by the HDFC Bank and not the Centurion Bank..
At that time, How you will get signed your documents by the HDFC Bank????
Now, the Question came into mind, What documents should be attached for that purpose???
Copy of the Merger Order will be attached as the Compulsory attachment and Covering Letter to the ROC, why the Form 8 is filed to the ROC is to be attached in the Optional attachment..
---------------------------------------------------------------
Ankur Shah (Practicing Company Secretary)
Ahmedabad, Gujarat - 380015
Mobile: +91-90330 03922, 94276 33901
E-Mail: ankur @ csankur.com
Website: www.csankur.com
Blog: www.csankur.blogspot.com
It is compulsory to register the Modification,
The reason behind this is very simple, Whenever you now Modify the Charge and/or Satisfy the Charge the Letter will be issue by the HDFC Bank and not the Centurion Bank..
At that time, How you will get signed your documents by the HDFC Bank????
Now, the Question came into mind, What documents should be attached for that purpose???
Copy of the Merger Order will be attached as the Compulsory attachment and Covering Letter to the ROC, why the Form 8 is filed to the ROC is to be attached in the Optional attachment..
---------------------------------------------------------------
Ankur Shah (Practicing Company Secretary)
Ahmedabad, Gujarat - 380015
Mobile: +91-90330 03922, 94276 33901
E-Mail: ankur @ csankur.com
Website: www.csankur.com
Blog: www.csankur.blogspot.com
FYI: We are filling the Form 8, Just because it shows the Correct data in the Charge Index of the MCA and We don’t have any trouble at the time of Modification/Satisfaction..
Otherwise, It is not Modification as per the Companies Act, 1956, But Now MCA System is also the one kind of Practical law, that’s why It is compulsory to file the Form 8..
Max Payne
(employed)
(2569 Points)
Replied 30 June 2010
Hi sirs,
Thanks for the valuable information you have provided (as always)...
But Ankur Sir, wont it be sufficient to provide the copy of the order with the Form 17?
Regards
| Originally posted by : vivek | ||
|
|
As per section:- 135. Provisions of Part to apply to modification of charges—Whenever the terms or conditions, or the extent or operation, of any charge registered under this Part are or is modified, it shall be the duty of the company to send to the Registrar the particulars2 of such modification, and the provisions of this Part as to registration of a charge shall apply to such modification of the charge. According to me there is no change in TnC as well as extent or operation, therefore there should not be any need of modification. Others views solicited. Regards, |
|
It will be sufficient to provide the Copy of the order at the time of Filling of Form 17,
But main question is, Whether HDFC Bank will sign the E-Form or not?????
Because when you file the Form for satisfaction, It will pre-fill the data and show the Bank name as Centurion Bank and not HDFC Bank…
Bank managers are very rigid kind of personalities, they are not ready to sign the E-Form or any other documents easily..
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 30 June 2010
Practically, Ankur Sir said very rightly...
deepak
(c.a)
(21 Points)
Replied 25 October 2012
Dear Frns/sirs
Please make some suggestions to me in my case.
As i have a c.c. limit loan from State Bank of Indore also the term loan from the State bank of indore.
i have filed the charge of index to the Roc form 8 at that time.
But now the bank is merges with state bank of India after the date,
Also this year in the month of july my term loan account is closed.
now as in october I enhanced my limit of c.c. account.
now the problem is this my c.s suggest me to file the form 8 with roc for creation of charges
and the bank suggest me to do only the modification of charges,
what i could do.
thanking you
deepak
CAclubindia
