Dear All,
A Private Company purchased CAR on Loan through ICICI Bank on security of the same CAR.
Is that, such transaction be termed as Charge??
and is that to be filed with ROC?
TIA
5 Replies
sesha
(accounts executive)
(1101 Points)
Replied 03 April 2015
A charge for the purpose of securing any issue of debentures [Section 125(4)(a)]
· A charge on uncalled share capital of the company [Section 125(4)(b)]
· A charge on any immovable property, whether situate or any interest therein; [Section 125(4)(c )]
· A charge on any book debts of the company; [Section 125(4)(d)]
· A charge, not being a pledge, on any movable property of the company ; [Section 125(4)(e)]
· A floating charge on the undertaking or any property of the company including stock in trade; [Section 125(4)(f)]
· A charge on calls made but not paid ; [Section 125(4)(g)]
· A charge on a ship or any share in a ship; [Section 125(4) (h)]
· A charge on goodwill, on a patent or a licence under a patent, on a trade mark or on a copyright or a licence under a copyright; [Section 125(4)(i)]
Roopesh Gangisetty
(Article trainee)
(176 Points)
Replied 03 April 2015
Can you explain in respective of CA 2013
sesha
(accounts executive)
(1101 Points)
Replied 03 April 2015
Charge under the Companies Act, 2013 means an interest or lien created on the property and assets of the company or any of its undertakings or both as security and includes mortgage.
REGISTRATION OF CHARGES (SECTION 77):
Every company creating a charge shall register the particulars of charge signed by the company and its charge – holder together with the instruments creating such charge with the Registrar within thirty days of its creation.
- Any charge created
- within or outside India
- on property or assets
- of company or any of its undertaking
- Whether tangible or otherwise
- Situated in or outside India
- Shall be registered.
The Registrar may allow registration of charge within three hundred days of creation of charge on payment of additional fee.
If company fail to register the charge even within this period of three hundred days, it may seek extension of time in accordance with Section 87. We will discuss this section in our next post.
Any subsequent of charge shall not prejudice any right acquired in respect of any property before the charge is actually registered.
Vivek Venkataram
(Just cleared CS(441/800) now C.A Final Attempt in May 2015)
(772 Points)
Replied 03 April 2015
Agreed with sesha.
It is a charge and must be mandatorily registered with ROC
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 05 April 2015
Charge on vehicles has to be registered under new Act. Refer an article on the subject:
https://www.caalley.com/art/art14_0607.H T M L
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