Charge Modification

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This discussion clarifies when a CHG-1 form needs to be filed with the Registrar of Companies (ROC) for charge modifications. Specifically, it addresses whether changing a hypothecation deed to a mortgage deed, without taking additional loans or altering the existing charge, constitutes a modification requiring a CHG-1 filing. The consensus is that any alteration to the charge's terms and conditions necessitates informing the ROC by filing a CHG-1 (modification).

shevya

shevya (Querist)

27 July 2020 there is requirement to file CHG-1 if we modify Hypothecation deed that secured asset has changed? however no additional loan has taken and that charge was already created. kindly tell that whether it shall be consider as modification of charge and CHG-1(modification) is required to file?

RAGINI AGRAWAL

RAGINI AGRAWAL (Expert)

27 July 2020 Yes if there is any modification in the terms and conditions of the charge, then it should be intimated to the ROC. So, CHG-1 (modification) should be filed to ROC.

shevya

shevya (Querist)

28 July 2020 here hypothecation deed changed to mortgage deed so also in this case we need to file CHG-1 (modification) for the same??

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