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CHAPTER VI - PowerPoint PPT Presentation

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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



(section 77- 87)


“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
  • 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
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
punishment for contravention
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


with fine Rs.1 Lac < FINE > Rs. 25,000/-


With Both

rectification by central government in register of charges sec 87
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