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Satisfaction of Charge

khushboo (CS) (234 Points)

12 August 2010

A pvt company has taken loan from bank in 1996 and created charge.

Loan amount has been repaid in year 2000 but letter of satisfaction is not obtained at that time and still charge is showing Outstanding on MCA Portal

Now bank manager deny to issue the same even not in back date.

Is there any alternative way to satisfy that charge ????

Thanx in advance

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13 Replies

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 12 August 2010

you have to attach the letter of bank with form 17 for satisfaction of charge. try to convince bank manager and get it. If you get it back dated then go for compounding of such charge.

khushboo (CS) (234 Points)
Replied 12 August 2010

Bank Manager is not ready to issue that at any cost....

sheetal chechani (CS) (64 Points)
Replied 12 August 2010

According to section 135 of the companies act 1956 after stisfying the charge u hsve to file form 17 within 30 days form the date when the bank issued NOC..................

in your case u r too late as if yr bank manager becomes ready to issue NOC from the new date then its ok...................but as u mention he is not ,,,,,,,,,,,,,,,,,,,,,,,,,

so i think u have to file Petition to CLB through PCS

FOR FILING CLB PETITION FOLLOWING Documents require :-

1. MOA & AOA of ye company

2. Form 8 and Form 17 and its receipt

3. Letter from ROC for delay of form

4. 2 Stamp Paper of Rs.10

5. Court fee stamp of Rs.20

6. DD of Rs.200/- in favour of Accounts offficer department of Company Affairs , Payable at New Delhi

7. Board Resolution authorising Filing of Form .

Other documents is prepare by PCS

khushboo (CS) (234 Points)
Replied 12 August 2010

Dear Sheetal

CLB petition is required to file after filing of FORM 17_ SATISFACTION OF CHARGE

which required NOC from bank.

AND I HAVE ALREADY SAID THAT BANK MANAGER IS NOT READY TO ISSUE NOC

CAN ANY ONE SUGGEST SOME OTHER WAY TO SOLVE THAT QUERY ????

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17848 Points)
Replied 12 August 2010

Dear Khushboo,

I have faced the same situation.

Please ask the Bank Manager to give, as on the date a Certificate, mentioning that in the said account there is no dues. Does not mention any thing about the charge.

The Bank Manger would not have any problem in issuing such certificate as on the date.

Attach this certifiate with form 17.

ROC will put it in PUCL. File form 67 and give details of the amount of Charge and date of satisfaction as the date of that NOC.

The charge would be satisfied. And you would not have any need to go for the lengthy procedure of Comounding.

3 Like

(Guest)

Originally posted by : sheetal chechani
	According to section 135 of the companies act 1956 after stisfying the charge u hsve to file form 17 within 30 days form the date when the bank issued NOC.................. in your case u r too late as if yr bank manager becomes ready to issue NOC from the new date then its ok...................but as u mention he is not ,,,,,,,,,,,,,,,,,,,,,,,,, so i think u have to file Petition to CLB through PCS FOR FILING CLB PETITION FOLLOWING Documents require :- 1. MOA & AOA of ye company 2. Form 8 and Form 17 and its receipt 3. Letter from ROC for delay of form 4. 2 Stamp Paper of Rs.10 5. Court fee stamp of Rs.20 6. DD of Rs.200/- in favour of Accounts offficer department of Company Affairs , Payable at New Delhi 7. Board Resolution authorising Filing of Form . Other documents is prepare by PCS

Neha Gupta (PCS) (377 Points)
Replied 13 August 2010

Here u have to file a Pitition for Compounding offence even after filing of From 17 with ROC.

Mayank Aggarwal (Article) (29 Points)
Replied 13 August 2010

Recently I had dealt the same case, u have to just ask from bank the balance certificate as on date, when it will give to that than just ask him to sign Form 17 digutally as the charge is satisfied. This the bank will do easily on a request.

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)
Replied 13 August 2010

Originally posted by : CS Ankur Srivastava
	Dear Khushboo, I have faced the same situation. Please ask the Bank Manager to give, as on the date a Certificate, mentioning that in the said account there is no dues. Does not mention any thing about the charge. The Bank Manger would not have any problem in issuing such certificate as on the date. Attach this certifiate with form 17. ROC will put it in PUCL. File form 67 and give details of the amount of Charge and date of satisfaction as the date of that NOC. The charge would be satisfied. And you would not have any need to go for the lengthy procedure of Comounding.

CS Janak (Business) (116 Points)
Replied 09 September 2010

Do CLB petition for the same and decribe that charge was very old and the bank has no record it is adviseble if bank give certificate for the no records and prayer should be made that the CLB issues order that no charge is exist on date and has been fully satisfied and also give direction to ROC to register the same.

Hetal darji (Company Secretary) (21 Points)
Replied 13 December 2011

I completely agree with Ankur and Kalpesh..currently m facing the same situation where charge is satisfied long back however no intimation is being made ROC,

...could u pls elaborate as to which dat should be mentioned ( i.e Date of Satisfaction of charge in full) in the Form 17 as No dues Certificate from Bank is as on current date..

Thnx a ton...in advance..

Tejal (CS) (123 Points)
Replied 11 December 2012

Dear All,

Please tell me which date i should consider.. date of satisfaction of charges or date of No Due Certificate for calcualtion of 30days for filing form 17.