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Registration of Charges under Companies Act, 2013
A company that has created a charge on its property located in India or abroad must register the charge with the Registrar within 30 days of its creation or any changes to its terms, along with the details of the charge and a copy of the instrument that created the charge, signed by both the company and the charge- holder, in the form specified below.
1. CHG-1: – For other than Debentures.
2. CHG-9: – For Debentures.
3. CHG-7: – Register of Charge (only to be maintained by company for its members).
Extension for Registration of Creation or Modification of Charge under companies Act, 2013
- If a charge was created prior to the beginning of the Companies (Amendment) Ordinance, 2019, then an extension of 270 days shall be given after the expiration of the 30 days.
2. A 60-day extension for registration to the Registrar shall be granted for any charges created after the start of the Companies (Amendment) Ordinance 2019, from the expiration of the 30-day period.
3. After 60 days have passed, it is possible to register the charge within 6 months of the start date of the Companies (Amendment) Ordinance, 2019, with the payment of any additional fees that have been set out. Different fees may be applicable based on the type of company. In the first proviso of clause (b), the Registrar may, upon request, extend the registration period for up to another 60 days following payment of an ad-valorem fee.
Failure to register Charge by Company
The Charge holder can ask the Registrar to make or change a charge if the Company fails to register the charge within 30 days. The Registrar will then notify the Company of why they did not register the charge in a timely manner, and must register it within 14 days of the notice. The Charge holder is entitled to a refund of the fees they paid to the Registrar for the registration of the charge from the Company.
Certificate of Registration for Creation or Modification of Charges
- The registrar shall issue a certificate as stated in Form CHG-2 for any charges that are created.
- The registrar shall issue a certificate in accordance with Form CHG-3 for any changes to the charge.
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FAQS on ROC charge creation services
The company must keep the CHG-7 document at the registered office, and this document is available to inspect without charging any fees by members and creditors. In addition, the CHG-7 will also be kept on the MCA website.
The Companies (Amendment) Ordinance of 2019 became effective from November 2nd, 2018.