My query is that a company has modified charge against its moveable and immoveable property number of times and but never modified the original charge registered with ROC.
Now the company wants to register fresh charge with ROC in respect of same without giving any reference to original one. Is it possible? If yes what will be the consequences of leaving original charges as it is and instead of modifying the same we get registered fresh charge?
please give reference of relevant provisions and notification.
16 December 2011
Puneet, it is a violation of section 135 of the Act, it is the duty of the company to send to the Registrar the particulars of such modification.
Company cannot create the fresh charge on the same property, either the first is satisfied first and then this charge will be termed as second charge, or the present charge will be modified.
CAclubindia
