Companies (Registration of Charges) Amendment Rules, 2019

Companies Registration of Charges Amendment Rules 2019 – MCA Notification. Registration on application of charge-holder and recovery of additional fee

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION

New Delhi, dated 30th April, 2019

G.S.R-(E)- In exercise of the powers conferred by section 77 read with 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, 2019.

(2) Save as otherwise provided, they shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Registration of Charges) Rules, 2014 (hereinafter referred to as the said rules), in rule 3, for sub- rules (2) and (3), the following sub-rules shall be substituted, namely:-

“(2) If the particulars of a charge are not filed in accordance with sub-rule (1), such creation or modification shall be filed in Form No. CHG-l or Form No. CHG9 within the period as specified in section 77 on payment of additional fee or advalorem fee as prescribed in the Companies (Registration Offices and Fees) Rules, 2014.

(3) Where the company fails to register the charge in accordance with sub-rule (1) and the registration is effected on the application of the charge-holder, such charge-holder shall be entitled to recover from the company the amount of any fees or additional fees or advalorem fees paid by him ‘to the Registrar for the purpose of registration of charge.”.

3. In the said rules, for rule 4, the following rules shall be substituted, namely:-

“4. Application to Registrar.- (1) For the purposes of the first proviso and clause (b) of the second proviso to sub-section (1) of section 77, the Registrar may, on being satisfied that the company had sufficient cause for not filing the particulars and instrument of charge, if any, within a period of thirty days of the date of creation of the charge including modification thereto, allow the registration of the same after thirty days but within the period as specified abcaus.in in the said provisos, on payment of fee, additional fee or advalorem fee, as may be applicable, as prescribed in the Companies (Registration Offices and Fees) Rules, 2014.

(2) The application under sub-rule (1) shall be made in Form No.CHG-l and Form No.CHG-9 supported by a declaration from the company signed by its company secretary or a director that such belated filing shall not adversely affect the rights of any other intervening creditors of the company.”.

4. In the said rules, for rule 12, the following rule shall be substituted, namely:-

“12. Rectification in register of charges on account of omission or misstatement of particulars in charge previously recorded and extension of time in filing of satisfaction of charge.- The Central Government may on an application filed in Form No. CHG-8 in accordance with section 87-

(a) direct rectification of the omission or misstatement of any particulars, in any filing, previously recorded with the Registrar with respect to any charge or modification thereof, or with respect to any memorandum of satisfaction or other entry made in pursuance of section 82 or section 83,

(b) direct extension of time for satisfaction of charge, if such filing is not made within a period of three hundred days from the date of such payment or satisfaction.” .

5. In the said rules, for Form Nos. CHG-l, CHG-8 and CHG-9, the following forms shall be substituted, with effect from 1st August, 2019 namely:-

FORM NO. CHG-1

Application for registration of creation, modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 

FORM NO. CHG-8

Application to Central Government for extension of time for filing particulars of registration of satisfaction of charge OR for abcaus.in rectification of omission or misstatement of any particular in respect of creation/ modification/ satisfaction of charge 

FORM NO. CHG-9

Application for registration of creation or modification of  charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures.

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

K.V.R.Murty, Joint Secretary

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

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