Company Law
Revati Sathe
(Querist) 20 November 2009
This query is : Resolved
Query under Section 125 of the Companies Act, 1956
Two Agreement one Entry of Memorandum dated 26th March 2009 ( Creating charge on immovable property )and second Joint Deed of Hypothecation dated 28th March 2009 ( Creating charge on movable and immovable property ) is created by the Company for the same loan amount.
My queries
1. Whether the company has to file two different charges for securing the same amount. 2. Hypothecation deed is executed for both movable and immovable property , whether it is proper
Raj Kumar Makkad
(Expert) 20 November 2009
When first agreement dated 26th march 2009 is already in existence vide which charge over movable property has been created then the creation of second charge over the same property by way of hypothecation deed is not proper.
