Query: One of our company which is a holding company is availing bank finance against immovable property held by subsidiary company as showing in subsidiary balance sheet. Now the bank wants to create ROC charge on assets held by subsidiary company.
Please advise that if there is any problem on this charge as per companies act2013?
Answer: Charge is required to be created on both Holding Company & Subsidiary Company and separate Loan Agreements are required to be entered into by the Bank one with Holding Company regarding the loan so taken and other Agreement with the Subsidiary Company as the assets of subsidiary company are mortgaged with the Bank as Guarantee. So, Loan Agreement is required to be entered between Bank & holding company and separate Guarantee Agreement is required to be entered between & Subsidiary company.
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