12 February 2010
if a company raised fund through secured debenture ,but the company doesn'nt register the same with ROC , there is any fraud from companies part ,if yes what are the liabilities clinches on the company ? advise me in accordance with companies Act ...
12 February 2010
In case a registrable charge is not registered within the prescribed time,it becomes void against the liquidator and any creditor of the company as per section 125(1) of the Companies Act,1956. Another effect of non-registration of a charge is that the money secured therby becomes immediately payable as per section 125(3) of the act. Besides, the company and every officer may be subjected to a penalty upto Rs.5,000/- for every day during which the default continues vide section 142(1) of the act.
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