CS Executive · Company Law and Practice · Charges
Lotus Agro Ltd's register of charges must include which of the following under Section 85(1)?
The register must include all charges and floating charges affecting any property or assets of the company or any of its undertakings, giving the prescribed particulars for each. It is not limited to fixed charges, recent charges or charges in favour of banks.
- AOnly fixed charges on immovable property
- BAll charges and floating charges affecting any property or assets of the company or any of its undertakings, with the prescribed particularsCorrect
- COnly charges registered with the Registrar in the last financial year
- DOnly charges in favour of banks and financial institutions
Explanation
Section 85(1) requires the register to include all charges and floating charges affecting any property or assets of the company or any of its undertakings, with prescribed particulars in each case. The other options narrow the scope by type, period or lender, which the section does not do.
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