IS charge creation is complusory

Dear sir, we are a pvt ltd co., and taken a vehicle loan from our bank . By overlook/mistake we couldnot register charge on it and now we have clear the loan . our banker also knows for for non registation of charge and as the loan is cleared they have not any objection. The loan was taken in last april 09 and cleared in this may 10 .
Please guide us what step to be taken now....is there is penalty for non registation of charge .