Section - 137 - Companies Act, 1956

Section - 137 - Entry in register of charges of appointment of receiver or manager

Entry in register of charges of appointment of receiver or manager.

137. (1) If any person obtains an order for the appointment of a receiver of, or of a person to manage, the property of a company, or if any person appoints such receiver or person under any powers contained in any instrument, he shall, within

[thirty] days from the date of the passing of the order or of the making of the appointment under the said powers, give notice

of the fact to the Registrar; and the Registrar shall, on payment of the prescribed fee, enter the fact in the register of charges.

(2) Where any person so appointed under the powers contained in any instrument cease to act as such, he shall, on so ceasing, give to the Registrar notice

to that effect; and the Registrar shall enter the notice in the register of charges.

(3) If any person makes default in complying with the requirements of sub-section (1) or (2), he shall be punishable with fine which may extend to

[five hundred] rupees for every day during which the default continues.