Yash Shah (ACA) (31 Points)
31 May 2013Dear all,
Point number 16 in Form 8 (registration of charges) is reproduced as under:
16. (a) Whether any of the property or interest therein under reference is not registered in the name of the company
(b) If yes, in whose name it is registered
Can some one please clarify the purpose and applicability of this clause?
Sarvesh
(Company Secretary)
(179 Points)
Replied 07 June 2013
Dear Yash,
The purpose of giving this clause is to know that whether the property that on which charge has been created was registered in the name of the company or not. And the same clause will become applicable when the property under charge was not registered in the name of the Company.
Sarvesh
(Company Secretary)
(179 Points)
Replied 07 June 2013
Dear Yash,
The purpose of giving this point is to know that whether the property that on which charge has been created was registered in the name of the company or not. And the same clause will become applicable when the property under charge was not registered in the name of the Company.
Yash Shah
(ACA)
(31 Points)
Replied 11 June 2013
Dear Sir,
The point conveyed by your good self is understood. But my doubt is that does this point refer to a situation wherein:-
1. Property in name of individual is mortgaged for loan given to a company. (This is not envisaged at all in Sections pertaining to registration of charges as charge is to be created only for property in name of a company).
OR
2. Say a leasehold property is given as security by the company. Or a property belonging to the company which has been leased out by the company. In both these cases a portion of the total interest in property is not in the name of the company but in the name of the lessor (where co. is the lesse) and in the name of lesse (whr company is the lessor) respectively.
Request your good self to please spare a few more minutes to clarify. Thanks and Regards.
Sarvesh
(Company Secretary)
(179 Points)
Replied 12 June 2013
Dear Yash
As per my understanding, the pointwise reply to your queries is as follows:
1. In such case the said point becomes applicable because the property was not owned by the Company since it was registered in the name of an individual.
2. In your second case, when a leasehold property is involved:
a). Where Company is a lessee-In such case the interest (right to use such property) was created in favour of lessee through a registered lease deed and the point will not apply since the interest of the lessee was registered here through lease deed.
b). Where Company is a lessor-In such case also the point will not apply since the property was registered in the name of Company and only the interest was transferred.
However you should also wait for the observation of other learned members, in this regard.
Thanks
CAclubindia
