What are the provision of Companies Act in respect of registration and satisfaction of charges?

(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 ...

What are the provision of charges?

Charge created on specific & identifiable assets. Eg: – Charge on building, plant & machinery, etc. If company want to deal with charged assets than it is only possible with the permission of charge holder.

What is Section 77 of Companies Act 2013?

SECTION 77. DUTY TO REGISTER CHARGES, ETC. Provided also that any subsequent registration of a charge shall not prejudice any right acquired in respect of any property before the charge is actually registered.

Which section of the Companies Act 2013 deals with the effect of registration?

Effect of Registration of a Company

According to Section 9 of the Companies Act, 2013, these are the effects of registration of a company: From the date of incorporation, the subscribers to the Memorandum and all subsequent members of the company are a body corporate.

What are the various provisions under the Companies Act 2013?

Section 82 and 83 Satisfaction of Charges - Registration of Charges - CA Intermediate Corporate

What is Section 34 of Companies Act, 2013?

Section 34 of Companies Act, 2013 – Criminal Liability for Mis-Statements in Prospectus.

What is Section 185 of Companies Act, 2013?

Under Section 185 of the Companies Act, 2013, the company cannot provide loans directly or indirectly, including any loans represented by credit cards: To any of its directors. To any other person, the director is interested in. Provide security in respect of loans taken by the director or any such person.

What is charge satisfaction?

Satisfaction of Charge is payment of charge in full. A company shall give intimation to the Registrar, of the payment or satisfaction in full of any charge registered, within a period of thirty days from the date of such payment or satisfaction.

What is not a mandatory provision under Clause 49?

Key Non-mandatory provisions include the following: Constitution of Remuneration Committee. Training of Board members. Peer evaluation of Board members.

What are the statutory provision for registration of charges?

The registration of charges is given in Section 77(1), Section 78 and Section 79 of the Companies Act. The particulars of a charge together with a copy of the instrument creating or modifying the charge must be filed with the Registrar of Companies.

What is a registration of charge on a company?

A charge, or mortgage, refers to the rights a company gives to a lender in return for a loan. The rights are often in the form of security given over a company asset or group of assets.

What are the types of charges under company law?

In Companies Act 2013, Charge is defined under Section 2(16) and are dealt under Sections 77 to 87. There are two types of charges, i.e., Fixed Charge and Floating Charge, which is explained in this article.

What is registration of charge with ROC?

The Companies Act, 2013 requires all companies to file the requisite particulars with the ROC for all security created over the assets of the company. The process of creating a security over assets of the company is referred to as registration of charges or creation of charges.

What provisions affected mortgage charges?

Section 100 of the TPA, 1882 defines charge as, “Where immovable property of one person is by an act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions ...

Is charge required to be attested and registered?

A mortgage deed must be registered and attested by two witness, while a charge need not be made in writing, and if reduced to writing, it need not be attested or registered.

What is Memorandum of satisfaction of charge?

A document stating that a mortgage or charge on property has been repaid. It has to be signed by all the parties concerned and a copy sent to the Registrar of Companies, if the mortgage or charge was made by a company.

What will be the date of satisfaction of charge?

within 30 days of creation of Charge. However, when a Company fails to register the Charge within 30 days it can still register Charge till further 30 days by paying additional fees.

What is the difference between Section 185 and 186 of Companies Act, 2013?

Section 185:- This primarily deals with the subject of person to whom company cannot give loan. Section 186:- This section enlists the exceptions and specifies the limits up to which a company can give loan.

What are the provisions of Companies Act regarding allotment of shares?

According to Section 69(1) of the Companies Act, no allotment can be made by the company until the minimum Subscription has been received. In accordance with Section 69(3), the amount payable on each share should not be less than 5 per cent of the Nominal Value of the shares.

Is Section 186 of Companies Act, 2013 applicable to private company?

The Central Govt. has exempted the applicability of section 186(1) to the Specified IFSC Public and Private company.

What is Section 447 of Companies Act?

Penal Consequences: “If an application has been made by the company with a fraudulent intent to evade the liabilities of the company or to defraud its creditors or other persons then the person in charge of the management of the company shall be liable for action under Section 447.”

What is section 9 of Companies Act?

From the date of incorporation mentioned in the certificate of incorporation, such subscribers to the memorandum and all other persons, as may, from time to time, become members of the company, shall be a body corporate by the name contained in the memorandum, capable of exercising all the functions of an incorporated ...

What is Section 67 of Companies Act, 2013?

Section 67(1) of the 2013 Act provides that no company limited by shares or by guarantee and having a share capital shall have the power to buy its own shares unless the consequent reduction of share capital is effected under the provisions of the 2013 Act.