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Form 8 - creation and modification of charge

Anshuman (Article Assistant) (87 Points)

29 May 2014

If i have Borrowed loan(say for Z Amount) against Charge A and then afterwards borrowed another Loan(Say For y Amount) on the same Charge( A) , then we file Form 8. Do we file this form for Modification of Charge or Creation of Charge.??

Thanks in Advance,

Regards,

Anshuman Prasad

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2 Replies

Anshuman (Article Assistant) (87 Points)
Replied 29 May 2014

Also, My next query is that

If i file Form 8 for creation of Charge, do i have to file another Form 8 for modification of existing charge??

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Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 29 May 2014

Hi,

First of all the forms (and their names) have been changed...now it is CHG 1....

Secondly, creation or modification depends upon many factors such as whether the amount has been borrowed from the original charge holders or from different ones.....if from original holders, then the same should be discussed with them whether a new charge will be required or the older one is to be modified....So aacordingly it depends on the requirements of teh charge holders...

Regards