Creation of Charge for Car Hypothecation

[Gobind Garg]

Dear Friends

 

One of the my Client has purchased a Car on Hire Purchase basis financed by a Bank. In this regard my query is -

 

Should Charge be created in favour of the Bank by Filing Form 8 with the ROC as Banker is demanding creation of Charge?

 

With regards

CA. GOBIND GARG
M/s. G. GARG & CO.
Chartered Accountants
14/2, Old China Bazar Street,
1st Floor, Room No. 39,
Kolkata - 700 001 (W.B.)
M : 93310 06719 Ph. : 033 2210 3169  Fax : 033 2210 9323
Email ID : gga...@yahoo.com, gga...@rediffmail.com

[RISHAB JALAN]

Dear Mr. Garg,

Refer to the chapter on charges as per the Companies Bill 2013. It says in case of vehicle loan you are required to file charge if the financer demands for the same and even if you are not filing the form yourself the banker has the right to approach ROC for creation of charge and the ROC will in turn send you a communication in this regard. If you do not revert within 14 days or revert with reason insufficient for non creation of charge they will create the charge on the vehicle.

So you are required to create the charge.

CA Rishab Jalan

+919830211470

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[DHAMODHARAN KARTHIKEYAN]

yes, as the banker is demanding,
otherwise not reqd.

[Alok bag]

Dear Mr Garg,
Please be informed that creation of charge is required in case of corporate borrower only.

With thanks & best wishes,
CA A K Bag

On Fri, 24 Jan 2014 11:15:03 +0530 wrote

> Dear Friends

One of the my Client has purchased a Car on Hire Purchase basis financed by a Bank. In this regard my query is -

Should Charge be created in favour of the Bank by Filing Form 8 with the ROC as Banker is demanding creation of Charge?

With regardsCA. GOBIND GARG
>M/s. G. GARG & CO.Chartered Accountants14/2, Old China Bazar Street,

>1st Floor, Room No. 39,

>Kolkata - 700 001 (W.B.)M : 93310 06719 Ph. : 033 2210 3169 Fax : 033 2210 9323Email ID : gga...@yahoo.com, gga...@rediffmail.com

>
>



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>
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>

>
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To unsubscribe from this group, send email to:forum4ca+u...@googlegroups.com
>
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Know More >

[Kalidas Ramaswami]

Yes.charge has to be created as per Section 125 on all moveable properties which are hypothecated to the lender.
regards
kalidas
 

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Date: Wed, 22 Jan 2014 16:11:29 +0800
From: gga...@yahoo.com
Subject: [CA RUNGTA PD] Creation of Charge for Car Hypothecation
To: foru...@googlegroups.com

[Basant Goel]

Dear sirs,    For car hypothecation their are no separate security offered to banker neither co-leteral nor primary other than car which is property if banks till repayment to bank in full. Thats why NOC is require from bank to remove hypothecation on the document to title I.e RC BOOK . This is my opinion .  Regards, Ca. Basant Goel , Raipur (C.G.) 09303901947

[manoj kumar agarwal]

Dear Friends ,

This depend on terms and conditions of the Banks or Institutions financing the car . Normally they don't ask for Form 8 for a Car financing but if it is fleet of Car , then Bank may ask for Form 8 since the amount become huge .

Ca Manoj K Agarwal

Deluxe Centre

157C , Lenin Sarani

Room No 303A

Kolkata 700 013

9331035320 

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Date: Sat, 25 Jan 2014 15:04:48 +0530
Subject: Re: [CA RUNGTA PD] Creation of Charge for Car Hypothecation
From: ca.b...@gmail.com
To: foru...@googlegroups.com

[Hari Prasad Jhunjhunwala]

Charge is to be created , otherwise ROC may/ will  penalise for non compliance.Creation of Charge is legal liability of Company, whether Banks / institution requires or not is subsidiary matter in case of a Company. ROC has issued show cause notice to one of my Company andf I am going for filing comp[ounding application.

 

Yours

Manoj Kumar Jhunjhunwala 

9831304844