Company to report satisfaction of charge

(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 thirty days from the date of such payment or satisfaction and the provisions of sub-section (1) of section 77 shall, as far as may be, apply to an intimation given under this section .

Proviso

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.

Proviso

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.

Proviso

Provided that the 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:

Proviso

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 an intimation from the company.

Company means a company incorporated under this Act or under any previous company law

Notes, amendments & references (6)

Refer rule 8 of the Companies (Registration of Charges) Rules,2014. To view the rule, Click Here

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

and the provisions of sub-section (1) of section 77 shall, as far as may be, apply to an intimation given under this section Omitted vide Companies (Amendment) Act, 2017 dated 03.01.2018 w.e.f., 05.07.2018. To view the notification, Click Here

Provided Inserted vide Exemption Notification to specified IFSC Public Companies, GSR 08 (E) dated 04.01.2017. To view the notification Click Here

Provided Inserted vide Exemption Notification to specified IFSC Private Companies, GSR 09 (E) dated 04.01.2017. To view the notification Click Here

Provided that Inserted vide Companies (Amendment) Act, 2017 dated 03.01.2018, w.e.f., 05.07.2018. To view the notification, Click Here