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CHAPTER VI

CHAPTER VI. REGISTRATION OF CHARGES (section 77- 87). DEFINITION :. “ CHARGE ” means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. [Section 2(16)]. DUTY TO REGISTER CHARGES .

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CHAPTER VI

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  1. CHAPTER VI REGISTRATION OF CHARGES (section 77- 87)

  2. DEFINITION : “CHARGE” means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. [Section 2(16)]

  3. DUTY TO REGISTER CHARGES • EVERY company creating charge( in INDIA/Outside) must register the CHARGE with ROC in 30 days of creation/modification. • on its property or assets • any of its undertakings • whether tangible or otherwise • situated in or outside India • signed by the company and the charge-holder together with the instruments, if any, creating such charge in such form. • Application for registration of creation, modification of charge (other than those related to debentures) - FORM No. CHG- 1

  4. TIME FRAME FOR REGISTRATION OF CHARGE

  5. SATISFACTION OF CHARGE : • COMPANY shall Register within 30 days from the date of payment or satisfaction of Charge. • NO notice is required to be sent, in case the intimation of Satisfaction to the Registrar is in the specified form and signed by Charge-holder. • If Satisfaction is not Registered with ROC in 30 Days – Application To Central Government For Extension Of Time (Form No. Chg – 8) • Particulars for satisfaction of charge thereof - FORM No. CHG - 4

  6. Intimation of appointment of receiver or manager (Section 84): (FORM No. CHG – 6)

  7. Punishment for contravention : • If any company contravenes – • company - punishable – Rs. 10 Lacs < FINE > Rs. 1 Lac • Every officer in default shall be punishable – Imprisonment for a term which may extend to 6 months OR with fine Rs.1 Lac < FINE > Rs. 25,000/- OR With Both

  8. Rectification by Central Government in register of charges (Sec.87): • In Following cases - CG may grant relief by Extending TIME limit or Rectifying Omission/Mis-statement after receiving application from Company – • Omission to file with the Registrar any charge/ modification • Omission to register any charge/Satisfaction of Charge within the time • Omission or mis-statement of any particular with respect to any such charge or modification • was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors or shareholders of the company

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