Overdraft from Bank Secured by Immovable Property of Director

    Posted By : Sachin / Published on : 12-Feb-2021 08:04 AM / View : 35 / Comment : 0
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    Dear Members

    A Private Limited is availing Overdraft facility wherein the Immovable Property of a Director is mortgaged to the Bank. In such a scenario
    1) will the company have to file CHG-1 since there is a provision in the eform to file details of borrowing wherein security belonging to other persons OR is CHG-1 optional since assets of the company is not mortgaged

    2) In the balance sheet of the company, will such borrowing be shown as Secured or Unsecured, since the Company's assets are not encumbered in any way.

    Thanks
    Read more on : property director immovable secured bank overdraft



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