Modification of Change in rate of interest arising out of variation of bank rate - Companies Law - Letter : No. 8/14(135)/65‑CL‑V,

Letter : No. 8/14(135)/65 ‑ CL ‑ V, dated 13 ‑ 9 ‑ 1965. Subject:- Modification of Change in rate of interest arising out of variation of bank rate Where under the relevant mortgage deed/agreement the term as to the rate of interest on a charge, etc., has been fixed at a specified percentage above the bank rate as notified by the Reserve Bank, a change in the rate of interest payable on the charge arising out of variation of the bank rate would not amount to a change in the term of the charge under section 135. Hence, in such a case, no return need to be filed under the said section in such case, the Registrar of Companies need not insist on the company filing Form No. 14 under section 135.