Tag Archives: The Companies (Registration of Charges) Rules 2014

PERIOD FOR REGISTRATION OF CHARGES


The Registration of Charges is always one of the most used but controversial and practically ignored chapters of the Indian company law. I personally never understood the utility of such registration except for a limited public notice in an era of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). Recent amendment in the law governing the registration of charge makes it more complicated and less user-friendly. Let us try to understand the amended law.

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YEAR’S SECOND AMENDMENT IN REGISTRATION OFFICES AND FEES RULES


The Ministry of Corporate Affairs placed here on its website a draft of the Companies (Registration Offices and Fees) Second Amendment Rules, 2015. These amendment Rules will come into force from the date of its publication in Official Gazette.

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YEAR’S SECOND AMENDMENT IN DIVIDEND RULES


The Ministry of Corporate Affairs placed here on its website a draft of the Companies (Declaration and Payment of dividend) Second Amendment Rules, 2015. These amendment Rules will come into force from the date of its publication in Official Gazette.

These amendment rules proposed to omit Rule 3(5) of the Companies (Declaration and Payment of dividend) Rules, 2014.

The Deleted Rule 3(5) read as under,

“No company shall declare dividend unless carried over previous losses and depreciation not provided in previous year are set off against profit of the company of the current year the loss or depreciation, whichever is less, in previous years is set off against the profit of the company for the year for which dividend is declared or paid.”

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AMENDMENT IN CHARGES RULES


The Ministry of Corporate Affairs placed here on its website a draft of the Companies (Registration of Charges) Amendment Rules, 2015. These amendment Rules will come into force from the date of its publication in Official Gazette.

These amendment rules proposed to amend Rule 3(4)(a) of the Companies (Registration of Charges) Rules, 2014. This amendment in the Rules is in alignment with the Companies (Amendment) Act, 2015 relevant part of which came into effect from 29th May 2015. Purpose of these amendments in the Rules is to provide law in event of company exercise its option not to have a common seal. After this amendment the Rule 3(4) shall read as under:

A copy of every instrument evidencing any creation or modification of charge and required to be filed with the Registrar in pursuance of Section 77, 78 or 79 shall be verified as follows-

(a) where the instrument or deed relates solely to the property situated outside India, the copy shall be verified by a certificate issued either under the seal of the company under the seal, if any, of the company, or under the hand of any director or company secretary of the company or an authorised officer of the charge holder or under the hand of some person other than the company who is interested in the mortgage or charge;

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REGISTRATION OF CHARGES RULES


In an earlier post we have discussed Chapter VI of the Companies Act 2014, which deals with registration of charges. The Companies (Registration of Charges) Rules 2014 discusses procedural aspect.

For registration of charge as provided in subsection (1) of Section 77, Section 78 and Section 79, the particulars of the charge together with a copy of the instrument, if any, creating or modifying the charge in Form CHG – 1 (for other than Debentures) or Form CHG – 9 (for debentures), as the case may be, duly signed by the company and the charge holder and filed with the Registrar within a period of thirty days of the date of creation or modification of charge along with the fee. [Rule 3(1) of the Companies (Registration of Charges) Rules 2014]

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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
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CHG – 6


Notice of appointment or cessation of receiver or manager
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