MCA amends The Companies (Registration of Charges) Amendment Rules, 2018

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1 . Rule 8- Satisfaction of Charge

Rule 8(1) shall beSUBSTITUTED,namely.

A Company or charge holder shall within a period of 300 days from the date of payment or satisfaction in full or any charge registered under Chapter VI, give intimation of the same to the Registrar in Form No. CHG-4 along with the Fee.

2.Rule 12 – Condonation of Delay and Rectification of Register of Charges.

Rule 12(1) Where the instrument creating or modifying a charge is not filed within a period of three hundred days from the date of its creation (including acquisition of a property subject to a charge) or modification and where the satisfaction of the charge is not filed withinthirty days(Substituted by) Three Hundred Days from the date on which such payment of satisfaction, the Registrar shall not register the same unless the delay is condoned by the Central Government.

• Food for Thought.

A Company satisfied its Charge on 01.01.2018, have to file CHG-4 within 30 days i.e.(31^stJan, 2018) However, Company has not filed the same. Whether such CHG-4 shall fall under amended rules.
Refer official Notification
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)l

Government of India

MINISTRY OF CORPORATE AFFAIRS

Notification

New Delhi, Sth July, 2018

G.S.R. ……(E).-In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration of Charges) Rules, 2014, namely:-
1. (1) These rules may be called the Companies (Registration of Charges) Amendment Rules, 2018.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Companies (Registration of Charges) Rules, 2014,
(i) in rule 3, in sub-rule (1), for the words “and filed”, the words “shall be filed” shall be substituted;
(ii) for sub-rule (1) of rule 8, the following shall be substituted namely;-
“8. “(1) A company or charge holder shall within a period of three hundred days from the date of the payment or satisfaction in full of any charge registered under Chapter VI, give intimation of the same to the Registrar in Form No.CHG-4 along with the fee.” _;
(iii) in rule 12, in sub-rule (1), for the words “within thirty days” the words’within a period of three hundred days” shall be substituted.

[F.No. 01/10/2013 CL-V]

K.V.R.Murty, joint Secretary.

Note: The principal notification rules were published in the Gazette of India, Part II, Section 3, Sub-section (i),vide number G.S.R. 248(E), dated the 31stMarch, 2014 and subsequently amended vide the following notifications:-

To Official Notification Download Click Here

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