Charge Creation On Assets

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Akhil Agrawal (Querist)
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22 August 2010 Can Sum1 suggest me when is the Charge required to be created on the F.A of the company & whether it is required for both Pvt & Pub co. Also the type of charges that are to created & whats the procedure for registeration of charge in ROC. I need all.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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22 August 2010 127. Registration of charges on properties acquired subject to charge.

(1) Where a company acquires any property which is subject to a charge of any such kind as would, if it had been created by the company after the acquisition of the property, have been required to be registered under this Part, the company shall cause the prescribed particulars of the charge, together with a copy (certified in the prescribed manner to be a correct copy) of the instrument, if any, by which the charge was created or is evidenced, to be delivered to the Registrar for registration in the manner required by this Act within thirty days after the date on which the acquisition is completed:

Provided that, if she property is situate, and the charge was created, outside India, thirty days after the date on which a copy of the instrument could, in due course of post and if despatched with due diligence, have been received in India shall be substituted for thirty days after the completion of the acquisition as the time within which the particulars and the copy of the instrument are to be delivered to the Registrar.

(2) If default is made in complying with sub-section (1), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to five thousand rupees.

Time limit - 30 days from the date of agreement of laon.

Form - Form 8

Akhil Agrawal

Akhil Agrawal (Querist)
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22 August 2010 thanks for the reply but can u explain in a bit more easy language as i couldnt understand subsection 1. Also a pvt co. takes a Car on loan. Is any charge required

Aditya Maheshwari

Aditya Maheshwari (Expert)
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22 August 2010 Charge registration on assets purchased which are subject to charge in to created by filing form no. 8 with the ROC within 30 days of the date of the loan.

It is compulsory for all companies including private companies.

For car purchased on hypothecation basis is also subject to charge and hence the above mentioned form 8 should be filed with ROC for that also.

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