(1) A company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction in full of any charge registered under this Chapter within a period of 30 days from the date of such payment or satisfaction.
Comment: Registrar may, on an application by the company or the charge holder, allow such intimation of payment or satisfaction to be made within a period of three hundred days of such payment or satisfaction on payment of such additional fees as may be prescribed.
(2) The Registrar shall, on receipt of intimation under sub-section (1), cause a notice to be sent to the holder of the charge calling upon him to show cause within such time not exceeding fourteen days, as may be specified in such notice, as to why payment or satisfaction in full should not be recorded as intimated to the Registrar, and if no cause is shown, by such holder of the charge, the Registrar shall order that a memorandum of satisfaction shall be entered in the register of charges kept by him under section 81 and shall inform the company that he has done so:
Provided that the notice referred to in this sub-section shall not be required to be sent, in case the intimation to the Registrar in this regard is in the specified form and signed by the holder of charge.
(3) If any cause is shown, the Registrar shall record a note to that effect in the register of charges and shall inform the company.
(4) Nothing in this section shall be deemed to affect the powers of the Registrar to make an entry in the register of charges under section 83 or otherwise than on receipt of intimation from the company.
In case of Specified IFSC Public Company – In Sub-section (1) of Section 82 the following proviso shall be inserted, namely:-
“Provided that in case of a Specified IFSC public company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred days of such creation on payment of such additional fees as may be prescribed.” – Notification Date 4th January, 2017.
In case of Specified IFSC Private Company – In sub-section (1) of Section 82, the following proviso shall be inserted, namely:-
“Provided that in case of a Specified IFSC private company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred days of such creation on payment of such additional fees as may be prescribed.” – Notification Date 4th January, 2017.
If charge is satisfied even before or after 02.11.2018 in such case following shall be period for filing of e-form CHG-4 for satisfaction of charge with ROC.
Table Stating facts in relation to satisfaction of charge;
|1||Satisfaction of Charge with
|Within 30 days of Satisfaction||0+30 = 30 Days||Normal Fees|
|2||If fails to file within 30 days||Within a period of 300 days of such Satisfaction||30+270 = 300 Days||Normal Fees + Additional Fees|
|3||If fails to file within 300
|Filing of form with RD for satisfaction of Charge||30+270+∞∞= ∞∞||Normal Fees +Additional Fees +
Disclaimer: The Article is based on the Relevant Provisions and as per the information existing at the time of the preparation. In no event I shall be liable for any direct and indirect result from this Article. This is only a knowledge sharing initiative.
The Author – CS Deepak Seth (Associate Partner at Helpinghands Professionals LLP) and can be reached at email@example.com or 9910248911.