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Showing posts from May, 2019

Everything- Latest Provisions Charge Creation / Modification - Series 454

New Norms- Charge Creation/ Modification Companies Act, 2013 &          Company (Amendment) Ordinance, 2018 Creation/ modification of charge are one of crucial activity for Loan from Bank/ financial institutions etc.   When Companies Act, 2013 introduced at that time Charge satisfaction form required to be submitted with ROC within 30 days of satisfaction otherwise Company have to file application of compounding with Regional Director. However, by Companies Amendment Act, 2017 this limit of 30 days increased up to 300 days as balanced with Creation/ modification of Charge. However, Companies (Amendment) Ordinance, 2018 have changed the period for Creation/ Modification of Charge with tighter time based norms; Section Involved:       Section 77                Duty to Register Charge i.         BEFORE ORDINANCE : As per Section 77 of Companies Act, 2013, Company have to create charge with the Registrar within 30 days of cre