Roc compliance
This query is : Resolved
Jethmal Singhvi
(Querist)
06 January 2016
Sir,
I want to know about ROC compliance when A private company purchased fixed assets and finance same from banks and Financial Institutions.
I want to know about ROC compliance when A private company purchased fixed assets and finance same from banks and Financial Institutions.
CS Divesh Goyal
(Expert)
09 January 2016
Then you have to file CHG-1 for creation of charge in favour of Bank and financial institution with in 30 days of enterance into agreement.
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Jethmal Singhvi
(Querist)
12 January 2016
Thank you sir,
Further What are the Panelties for non complaince i.e. filing after the said period of 30 days ?
Further What are the Panelties for non complaince i.e. filing after the said period of 30 days ?
22 July 2025
When a private company creates a charge on its fixed assets in favor of a bank or financial institution, it must file Form CHG-1 with the ROC within 30 days from the date of creation of the charge.
Penalties for late filing of CHG-1:
If the company fails to file the charge creation form within 30 days, it can file the form with additional fees.
Additional fees (penalty) are Rs. 1,000 per day of delay from the 31st day till the date of filing, subject to a maximum limit.
The maximum penalty can be up to Rs. 1,00,000 (Rs. 100,000) for delayed filing.
Failure to file the charge may also result in the charge not being enforceable against third parties, affecting the security interest of the bank/financial institution.
Penalties for late filing of CHG-1:
If the company fails to file the charge creation form within 30 days, it can file the form with additional fees.
Additional fees (penalty) are Rs. 1,000 per day of delay from the 31st day till the date of filing, subject to a maximum limit.
The maximum penalty can be up to Rs. 1,00,000 (Rs. 100,000) for delayed filing.
Failure to file the charge may also result in the charge not being enforceable against third parties, affecting the security interest of the bank/financial institution.
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