CHARGE CREATION -

[sachin sathyavrathan]

Dear sir,

If a company takes a loan from a bank and a group company provides its assets as security by creating a charge, then which company should file Form CHG-1?

•          The company that has taken the loan; or

•          The group company whose assets are charged as security for the loan?

Thanking You

CS Sachin Sathyavrathan, 

Practising Company Secretary

Membership No: A42942

Mob: 9567294412

[CS Rakesh Kumar]

As per the provisions of the Companies Act, 2013 "it shall be the duty of every company creating a charge within or outside India, on its property or assets or any of its undertakings, whether tangible or otherwise, and situated in or outside India, to register the particulars of the charge..."

Hence the group company whose property is charged, should file Form CHG-1 with the ROC

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Thanks & Best Regards

CS Rakesh Kumar

B. Com, MBA, FCS

Rakesh & Co.

(Company Secretaries)

ICSI Unique Code: S2017UP501100

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Office No.: CF-1221, 12^th Floor,

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[CS Raunak Gupta]

Both should file, in our opinion.

RAUNAK GUPTA & ASSOCIATES
Corporate Legal Firm

Call: 9910226715

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