Presentation on Companies Act, 2013Full description
Companies Act 2013
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details about companiesFull description
Evidence act
Labour LawFull description
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Corporate Governance is the set of policies that are created for deciding a company's performance and direction. It is an overview of rules and regulations for the executives of an incorporated firm. They are the ones who agree to take responsibility
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Design of base plate as per IS800-2007. The spreadsheet is very helpful for fixed base plates.Full description
Land Laws
SUMMARY OF CHARGE AS PER COMPANIES ACT, 2013
Charge means an interest or lien created on the properly or assets of a comp company any or any of its its unde undert rtak akin ings gs or both both as secu securi rity ty and and incl includ udes es a
mortgage. Charge can be Fixed or Floating. Charge created on a specific assets is called Fixed charge. Charge Charge created not on a specific property but on a block of property whose
value keeps on fluctuating is called Floating charge. For eg – Stock in trade. tr ade. Conversion of Floating charge into Fixed charge is called crystallisation of
charge. Charge can be created on – i) Movable roperty ii ) !mmovable r roperty iii) iii) !nte !ntelle llect ctua uall rop roper erty ty"" whi which ch can can be be pres presen entt or fut futur ure e prop proper erty ty.. #hen a charge is being created in !ndia or $utside !ndia on the property% asset% undertaking of the company whether tangible or intangible situated in
!ndia or $utside !ndia then such charge is re&uired to be registered with 'oC For registration of charge the particulars of charge together with a copy of instrument" if any" need to be filed with 'oC in Form CHG – 1 (for 1 (for other than debentures) and Form CHG – 9 (for 9 (for debentures) within * days of creation or
modification of charge duly signed by company and charge holder. !f company fails to file Form C+, – - and Form C+, – within * days of creati creation on or modifi modificat cation ion then then RoC shall a right to provide condonation of dela delay y afte afterr * day days but but with within in ** ** day days from from the the date date of crea creati tion on or modi modifi fica catio tion n of char charge ge on pay payment ment of addi additi tion onal al fees fees and and on suff!"n# suff!"n#
!$us"% For availing or making application for condonation of delay with 'oC Form CHG – 10 along 10 along with a &"!'$r$#on need &"!'$r$#on need to be provided by the company that such delayed filing shall not adversely affect the rights of the creditors and
such declaration need to be signed by CS% /irector of the company. !f company fails to file Form C+, – - and Form C+, – within ** days of creation or modification then condonation of delay need to be provided by C"n#r$' Go("rnm"n#)CG*. Go("rnm"n#)CG*. For claiming condonation of delay from C, Form CHG – + is re&uired to be filed along with the suff!"n# !$us". !$us". 0he condonation order issued by the C, is re&uired to be filed with 'oC in Form INC – 2+ along with the specified fees.
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!f a company fails to register the charge within specified time" then the Charge holder (person in whose favour charge being created) shall also have
a right to file Form C+, – - and Form C+, – . $n receipt of the above application 'oC shall forward same to the company. 0he company may either register the charge itself or specify the reason why
charge has not been registered. !f the company fails to register the charge" then 'oC shall register the charge
within 1* days after giving notice to the company. $n filing of Form C+, – - and Form C+, – 'oC will allow such
registration and shall issue the following certificates2 i) Form CHG – 2 ( Certificate for registration of creation of charge) ii) Form CHG – 3 ( Certificate for registration of modification of charge) No#" T-" !"r#f!$#" ssu". / RoC s-$'' /" $ !on!'us(" "(."n!" #-$# $'' #-" r"ur"m"n# for #-" r"s#r$#on of !r"$#on mo.f!$#on of
!-$r" -$s /""n .u' !om4'".% 0he re&uirements for registration of charge shall also apply upon – i) Company ac&uiring property which is sub3ect to charge. ii) Modification of charge (Modification in terms of original charge registered). #hen company makes the entire repayment on any charge amount then such company need to inform 'oC about such satisfaction of charge by filing Form
CHG – 5 within * days of satisfaction of charge. !f Form C+, – 1 is not filed within * days of satisfaction of charge then
application for condonation of delay need to made to C,. $n receipt of Form C+, – 1 'oC shall issue a notice to the charge holder re&uiring the charge holder to submit their representation within -1 days as to
why such satisfaction of charge should not be registered. $n receipt of such notice if the charge holder2 i) Submit their representation within -1 days then 'oC will forward such ii)
representation to the company. !f fails to submit their representation within -1 days then 'oC will register satisfaction of charge. No#" If Form CHG – 5 -$(" /""n f'". 6#- RoC $'on 6#- $n $!7no6'"."m"n# $!!"4#$n!" ("n / #-" !-$r" -o'."r #-"n
$for"s$. !on.#on s-$'' no# $44'% $n filing of Form C+, – 1 once 'oC being satisfied" 'oC shall issue a Certificate of registration of satisfaction of charge in Form CHG – 8. !f any person appoint any receiver % manager to manage the charge property by virtue of an order or pursuant to the agreement then intimation of such 2
appointment need to be given to 'oC by filing Form CHG – within * days of appointment. Similarly for cessation of receiver Form C+, – 4 is re&uired to be filed with 'oC within * days of cessation. !f a charge is not being registered then following are conse&uences of non2
registration2 * Such charge will become void for creditor and li&uidator. * 0he borrower need to make payment immediately. 'egister of charge need to maintained by company in Form C+, – 5 and
shall also be maintained by 'oC in chronological order. 'egister of charge shall be available for inspection by any person on payment of prescribed fees.
