Whether Form 8 has to be filed for creating a charge on Director's property while securing a loan in favour of Company ?
5 Replies
Smriti Dhawan
(Company Secretary )
(347 Points)
Replied 02 December 2011
Form 8 is not required to be filed if charge is created on Directors's property.
According to Section 125(1) of Companies Act, 1956, Company is require to file Form 8, if Charge is created on its property.
Smriti Dhawan
(Company Secretary )
(347 Points)
Replied 02 December 2011
Form 8 is not required to be filed if charge is created on Directors's property.
According to Section 125(1) of Companies Act, 1956, Company is require to file Form 8, if Charge is created on its property.
Charu Srivastava
(Company Secretary)
(4210 Points)
Replied 02 December 2011
section 125 of the Companies Act, 1956 applies to the following charges:—
(a) a charge for the purpose of securing any issue of debentures;
(b) a charge on uncalled share capital of the company;
(c) a charge on any immovable property, wherever situate, or any interest therein;
(d) a charge on any book debts of the company;
(e) a charge, not being a pledge, on any movable property of the company;
(f) a floating charge on the undertaking or any property of the company including stock-in-trade;
(g) a charge on calls made but not paid;
(h) a charge on a ship or any share in a ship;
(i) a charge on goodwill, on a patent or a licence under a patent, on a trade mark, or on a copyright or a licence under a copyright.
As per above provision Charge on directors Property is not covered.hence Form 8 is not required to be filed as said by Smriti.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 02 December 2011
Agree with the learned members view.... Form 8 is not required to be filed.
Harish
(CS)
(92 Points)
Replied 16 February 2012
Dear Learned members
It is written in Section 125 that a charge on any immovable property, wherever situate, or any interest therein is to be registered.Where is it written that the immovable property should be in the name of the company only and not presonal.
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