If a charge created by the company falls within any of the classes as specified in section 125 (4), its particulars shall be filed with the Registrar of Companies Act, 1956 within 30 days of creation of charge. If particulars of charge could not be filed within 30 days, the ROC has power to extend the said period by 30 more days subject to payment of additional filing fee by the Company.
If for any reason charge ( creation or modification ) could not be filed with ROC within 60 days ( 30 days under law + 30 days with additional fee under ROC power ) and in case of satisfaction 30 days, then the Company have to take the condonation of delay in filing such particulars with Company Law Board.
PENALTY FOR CONTRAVENTION (Section 142)
If default is made in filing of any charge created by the company or of the payment or satisfaction of a debt in respect of which a charge has been registered or of the issues of debentures of a series, requiring registration then, unless the registration has been effected on the application of some other person, the company, and every officer of the company or other person who is in default shall be punishable with fine which may extend to 5000/- for every day during which the default continues.
In case of default in compliance of any of the other requirements of this act, the company, and every officer of the company who is in default, shall, without prejudice to any other liability, be punishable with fine which may extend to 10000/-.
If the form is filed after 30 days but inside 60 days the, Two times of normal filing fee will be have to be paid.
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