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Modification of Charge

MODIFICATION OF CHARGE

Modify charge with easier compliances and best online assistance. Experience our fastest and reliable registration at best challenging affordable rates with fastest processing.

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    MODIFICATION OF CHARGE

    Charge is a right created by the company as a ‘borrower’, keeping its assets / properties as security against loan taken in the favour of Bank or Financial Institution which has lends money to the company. Modification of charge means changes in the terms and conditions or operation of any charge already registered with the Registrar of the Companies. Registration of charge shall apply on the modification of charge.

    HOW WE WORK

    Fill the Form and make payment.

    1. Fill the Form and make payment.

    After payment our experts will connect to you regarding documents and process.

    2. After payment our experts will connect to you regarding documents and process.

    Drafting and filing of e-forms by the experts of LEGALDISHA.

    3. Drafting and filing of e-forms by the experts of LEGALDISHA.

    Delivery of acknowledgement and receipt to you.

    4. Delivery of acknowledgement and receipt to you.

    CONGRATULATIONS YOU GOT YOUR CHARGE MODIFIED!!!

    DOCUMENTS REQUIRED

    Instrument modifying Charge
    Instrument modifying Charge

    Instrument of modification of charge.

    List of joint charge holders.
    List of joint charge holders.

    Particulars of all joint charge holders, if consortium finance is taken by company.

    Instrument evidencing charge creation
    Instrument evidencing charge creation

    instrument evidencing modification of charge and acquisition of property (if any acquired).

    TIME LIMIT FOR REGISTRATION OF CHARGE
    • The charge modified by the company should be registered within 30 days of creation with the registrar.
    • When Charge modified before the commencement of Companies (Amendment) Act, 2019)-The Registrar can extend time for not more than 300 days from the date of creation/modification of charge.
    • When Charge modified after the commencement of Companies (Amendment) Act, 2019)-The Registrar can extend time for not more than 60 days from the date of creation/modification of charge.

    PROCESS FOR MODIFICATION AND REGISTRATION OF CHARGE

    1
    MEETING FOR APPROVAL

    Board meeting of the company should be conducted to pass resolution for:

    • Considering decision for modifying charge.
    • Authorising person for registration of charge.
    2
    E-FORM FILING

    Filing of form MGT-14 with the Registrar within the period of 30 days of passing resolution along with the copy of special resolution (SR).

    3
    EXECUTION OF DOCUMENTS

    Execution of documents for availing loan and instruments evidencing modification of charge by the company.

    4
    APPLICATION FILING

    Application for registration of charge in form CHG-1 /CHG-9 with the ROC within 30 days of modification of charge.

    5
    CHARGE CERTIFICATE

    Where a charge is successfully registered by registrar, Certificate of Registration of charge in form CHG-2 will be issued to the company and charge holder.

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    Frequently Asked Questions

    What is the need of creation of charge?

    Every company requires funds for its operation of business which can be raised by issuing equity or debt instruments or by advancing loan from Bank or FI. In case company opts for raising funds through loan then it approach to bank/FI for the same. Thus, for the purpose of providing security for loans taken by the company it needs to create charge on its assets or properties.

    What is the time limit of modification of charge?

    • The charge modified by the company should be registered within 30 days of creation with the registrar.
    • When Charge modified before the commencement of Companies (Amendment) Act, 2019)-The Registrar can extend time for not more than 300 days from the date of creation/modification of charge. 
    • When Charge modified after the commencement of Companies (Amendment) Act, 2019)-The Registrar can extend time for not more than 60 days from the date of creation/modification of charge. 

    Which charges are required to be registered?

    Following charges are required to be registered:-

    • Charge created on the property or assets or any other undertaking of the company.
    • Charge created within or outside India.
    • Charge either created on tangible or intangible property.
    • Charge created on the property or assets either situated in or outside India.

    What are the minimum requirements for charge registration?

    Minimum requirements for charge registration are:-

    • There must be two parties, creator of charge and charge holder.
    • The borrower has the intension of offer its properties as security against loan.
    • The subject matter of charge that is assets or properties.

    Who is eligible to make charge registration application?

    Charge registration application can be made by:

    • Creator of charge which means company.
    • If company fails to make an application, the Charge holder.
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