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Charge petition

Aniket Shelar (Student CS) (56 Points)

16 December 2014

Company has taken loan from Bank but company fails to file form CHG-1 within specified limit. Now said Form is under Condonation (Petition). Form CHG-1 is filed with ROC. Now Company has taken another loan (Modification of aforesaid facility). My question is that Can Company file Modification Form if the earlier form is under petition.

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3 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 17 December 2014

In the form for modification of charge we have to mention charge ID which is to be modified. Hence it cannot be filed unless original charge is registered and charge ID is created.

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Aniket Shelar (Student CS) (56 Points)
Replied 17 December 2014

Form under petition is modification Form. So Charge ID is already created. Now Company make 2nd Modification and first Modification is under petition. So Company can file 2nd modification form if 1st modification form under petition.

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 17 December 2014

In that case second modification can be filed.