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company has purchased car for business purpose with bank finance. Is it necessary to file Form CHG 1 creating charge on Car under Companies Act, 2013

Charges

Posted By: Kamdhenu ispat limited 9 year(s) ago

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pratham

Section 79 of the Companies Act provides that Section 77 which requires charges to be registered with ROC shall also be applicable where a company aquire any property subject to a charge. so in case as you mentioned ,there is need to file form CHG 1.

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Bhavin Chandarana

if payment is made from company's account or finance is done in company's name then it is required to file Form CHG-1.

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