Form CHG-1 is to be filed by every company to intimate the Registrar of Companies regarding creation/modification of charge
Form CHG-1 is to be filed within 30 days of creation of charge as mentioned on the instrument of charge.
Although Registrar may, on an application by the company, allow such registration to be made
1. in case of charges created before the commencement of the Companies (Amendment) Ordinance, 2018, within a period of three hundred days of such creation; or
2. In case of charges created on or after the commencement of the Companies (Amendment) Ordinance, 2018, within a period of sixty days of such creation, on payment of additional fees.
1. Charge ID (only in case of modification of charge)
2. Nature, description and brief particulars of the instrument(s) creating or modifying the charge
3. Whether charge is created or modified within India or outside
4. Type of charge (more than one option can be selected)
5. Details of charge holder(s)
6. Amount secured by the charge as per instrument of charge
7. Brief particulars of the principal terms and conditions and extent and operation of the charge
8. Short particulars of the property or asset(s) charged
Following are the attachments to be attached in the respective form
1. Fill all the details in the form mentioned above along with the attachments
2. Get the form digitally signed from Directors and thereafter attach DSC of the Charge Holder as declaration, and Practicing professional for verification.
3. File form CHG-1 to Registrar of Companies.
4. Thereafter the registrar will issue a certificate of registration of such charge in Form No.CHG-2 (Creation) and From No. CHG-3 (modification), as the case may be.
|Share Capital Less than 1,00,000||Rupees 200|
|1,00,000 to 4,99,999||Rupees 300|
|5,00,000 to 24,99,999||Rupees 400|
|25,00,000 to 99,99,999||Rupees 500|
|1,00,00,000 or more||Rupees 600|
|Indian company not having share capital||Rupees 200|
|Foreign company||Rupees 6000|
|Period of delays||Fee applicable|
|Up to 30 days||2 times of normal fees|
|More than 30 days and up to 60 days||4 times of normal fees|
|More than 60 days and up to 90 days||6 times of normal fees|
|More than 90 days and up to 180 days||10 times of normal fees|
|More than 180 days||12 times of normal fees|
CONSEQUENCES OF NON FILING
The charge not registered u/s 77, shall not be taken into account by the liquidator appointed under this Act or the Insolvency and Bankruptcy Code, 2016, as the case may be or any other creditor at the time of winding up of company. However, when the company is a going concern, it shall be liable under instrument creating charge, even though the charge is not registered. Therefore it is important from the point of view of the person in whose favour charge is created.
POINTS TO BE REMEMBERED
1. Form CHG-1 is to be digitally signed by a director or manger or CEO or CFO or Company Secretary or Any authorised representative. Also declaration is to be given by the person in whose favour the charge is created by way of digital signatures. Thereafter, form is to be certified by the practicing professional (PCA/ PCS/ PCMA).
2. Where a company fails to register the charge within the period of thirty days, then the person in whose favor the charge is created may apply to the Registrar for registration of the charge along with the instrument created for the charge.
3. When charge is paid in full then company shall give intimation to the Registrar in CHG-4, regarding payment or satisfaction in full of any registered charge. And thereafter the registrar will issue certificate of satisfaction of charge in CHG-5.
4. For registration of charge in case of debentures (including rectification) Form CHG-9 will be filed instead of CHG-1.
April 25th is almost here, and we need to file E-form ACTIVE (Active Company Tagging Identities and Verification) INC-22A. Penalties for non compliance are high and courts are sceptical about claims of ignorance of the law. We, at prudent Adviso, file ROC forms.
Read my article on the same| E-form ACTIVE (Active Company Tagging Identities and Verification) INC-22A
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