As per the Companies act, ROC charge creation to be done within 30 days. what to do if the time limit lapes..
whether circular no 13 of 2007 is still applicable.
Pls suggest.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 31 May 2010
Dear Bhupendra,
Circular is not applicable now.
Time-limit for filing of e-Form 8 & 10
E-Form 8 with complete requirement must be filed within a period of 30 days from the date of creation u/s 125 on online basis with the RoC.
Additional period of 30 days
The concerned RoC may allow filing requisite particulars within a period of thirty days next following the expiry of initial thirty days after the date of creation or modification of charge subject to payment of such additional fee not exceeding ten times the amount of fee specified in Schedule X of the Companies Act. However, it is expected that only one time additional filing fee shall be charged by the computer as penalty.
Consequences and penalties of non-filing/registration of particulars of charge with Registrar
It is a duty of company to file the particular of charges with the Registrar within the stipulated time for registration of particulars of charges. However, the interested parties to the charge may also file these particulars with the Registrar within the stipulated time.
In case of non-filing and registration of these particulars the following consequences shall arise:—
(a) all the charges covered under section 125(4) shall become void unless registered by the Registrar and when a charge becomes void under section 125, the money secured thereby shall immediately become payable by the company;
(b) the charge will be void as against the liquidator (in the event of the company being wound up) and against the creditors, if any, so far as the company is concerned, the charge will be good and it can be enforced so long as the company does not go into liquidation;
(c) the security becomes void but non-registration does not affect any contract or obligation of the company as to repayment of the money secured by the charge;
(d) the company, and every officer of the company or other person who is in default, shall be punishable with fine which may extend to Rs. 5,000 for every day during which the default continues [section 142(1)]. A further fine of Rs. 10,000 may also be imposed on the company and every officer of the company who is in default of any other requirements of the Act concerning registration of a charge created by company. [Section 142(2)]
Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 31 May 2010
Where company fail to file form 8 within 30 + 30 days
Powers of the Company Law Board/Central Government to condone delay
Under section 141 the Central Government has been vested with power to condone delay and grant extension of time for filing the particulars of charges or for the registration of the charge or for giving of intimation of payment or satisfaction, if such delay was due to inadvertence or to some other sufficient cause.
Inadvertence would cover the cases of negligence and carelessness, when it is not actuated by any fraudulent or improper motive. Delay in filing the particulars of a charge created due to inaction could not be condoned.
The Central Government also has the power to order rectification of the Register of charges in respect of any omission or mis-statement in the register.
Vidisha Gupta
(Company Secretary)
(91 Points)
Replied 14 August 2013
Sir,
if company have taken CC for less then a period of say 30 days then also it is require to ragister. I have seen in many cases company having cc for less then 30 days do not ragister please explain the circumstances
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