07 September 2010
Which Comapanies are required to register a charge by filing form? Are only foreign Companies are required to register a charge in view of Section 600 of the Companies Act 1956? Clarification required.
07 September 2010
Charge creation covered under sections 124 and 125 is applicable to foreign companies as well in addition to Indian private and public limitesd company's.
All companies registered under Companies Act, 1956 are required to file form-8 for creation of change on its property as desired by section 125.
As and when any charge is created on company’s assets, which falls in the list of compulsorily registerable charges, the same is required to be registered with ROC through filing of form 8 within 30 days of creation.
For the list of compulsorily registerable charges kindly refer section 125(4).
07 September 2010
Sec. 125(4) of the Companies Act provides that the chrges of the types covered by the section are mandatorily required to be registered with ROC.The following are the charges are covered :
(i) A chrge for the purpose of securing the Debentures (ii) A charge on uncalled share capital (iii) A charge on the immovable property wherever situated and includes mortgage by deposit of title deeds. (iv)A charge on book debts (v) A charge not being a pledge on the movable property (vi) A floating charge on the undertaking or any property of the company (vii) A charge on a ship or any share in a ship (viii) A charge on a goodwill, patent or on a license under a patent or on a trademark or on a copyright or license under a copyright.
Furthr a charge is to be filed within 30 days with ROC by fileing e - form 8 from the date of the execution of documents.
If charge is not filed within 30 days , application is to be made to ROC for extention of time.
After 60 days , the charge can be filed after obtaining order from CLB whcih requires petitio to be made to CLB.
The provisions of creation and satisfaction of charge are sever as the deadlines are to be complied strictly.
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