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Charge Creation/ Modification

All the companies need to file particulars for registration of charges created or modified within the specified period to concerned Registrar of Companies. Every charge that is created by the company is required to be filed in Form CHG-1

Steps to form a Charge Creation/ Modification

Conduct a
board meeting
Execute
necessary documents
Filing
of forms
Updation of
master data

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Procedure

Modification of Charge

Provisions of Modification of charge are completely same as provisions of Creation of Charge. After filling form for Modification of Charge registrar will issue certificate for modification of charge in form CHG-3.
Any modification in the terms or conditions or the extent or operation of any charge registered under that section also required registration.

The section 77 of companies act states that it is the duty of every company creating a charge on its property or assets or any of its undertakings, to register the particulars of the charge in a prescribed format. Such charges have to be reported to the Registrar within thirty days of its creation.
As per Companies Act, 2013, non-registration of a charge makes the company and officers of the company liable for fines and punishment.
Pledge is not required to be filed for Registration:

Documents

  • Sanction Letter
  • Hypothecation Deed or Mortgage deed
  • Bank Manager details along with Bank details
  • DSC of any one director
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