Procedure For Satisfaction of Charge

Procedure-For-Satisfaction-of-Charge



As per the provisions of  Section 82 of the Companies Act, 2013 A company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction in full of any charge registered under this Chapter within a period of thirty days from the date of such payment or satisfaction and the provisions of sub-section (1) of section 77 shall, as far as may be, apply to an intimation given under this section.


Procedure For Satisfaction of Charge

1. Ensure that:
(a) in respect of charges created and registered under Section -77 of the Companies Act, 2013, full payment of principal and interest has been made.
(b) No dues certificate has been obtained from charge holder.

2. Convene a Board Meeting to consider the letter of satisfaction of charge and pass the board resolution containing authorization to file Form CHG-4.

3. A Company shall give intimation in Form CHG-4 within 30 days of satisfaction of charge along with the following particulars and attachments:
Particulars:
(a) Corporate Identity No. or Foreign Company Registration No. or Global location No. of company
(b) Name, Address, Email-Id of Company
(c) Charge Creation Identification No. of Charge
(d) Particulars of charge holder
(e) Date of satisfaction of charge in full
Attachments:
(a) Letter of the charge holder stating that the amount has been satisfied
(b) Optional attachments.
4. Where the Registrar is satisfied and enters a memorandum of satisfaction of charge in full then certificate is obtained in Form CHG-5.
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