Non-Registration of charges

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HARDEEP (Querist)
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30 May 2011 Our company purchased a car costing Rs. 41 lakhs for its directors and got the delivery of car on 30.03.2011. The car has been financed from ICICI Bank.
Now today I found at the MCA portal that the charges has not yet been registered.
What are the consequences and how much will be the penality/fine in general practice? What should we do now? Please suggest me the best options.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 May 2011 In the case of vehicles, creation of charge is not statutorily compulsory but would be made with out prejudice if the lender insists for registering the charge. This is because hypothecation of the vehicle to ICICI is endorsed in the RC book of the vehicle and hypothecation is also a kind of pledge ,which is exempt from creation of charge by virtue of section 125 (4)(e) of the Companies Act,1956.

HARDEEP

HARDEEP (Querist)
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03 June 2011 Thanks a Lot....

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