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REGISTRATION OF CHARGES

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Marks: 10

Q.   1

Who cannot inspect the register of charges and instrument of charges, during business hours, without paying any fees: 

Q.   2

On receipt of intimation of satisfaction of charge, the registrar issues a notice to the holder calling a show cause within such time not exceeding ___ _ days as to why payment or satisfaction in full should not be regarded as intimated to the Registrar: 

Q.   3

Purvi Pvt. Ltd. is maintaining a register of charges along with all other necessary books and registers. The entry for every creation, modification and satisfaction of charges is being done properly. The company is also preserving every instrument related to such charges. From the following for how long the instrument of charges shall be maintained/preserved by the company— 

Q.   4

The instrument creating a charge or modification thereon shall be preserved for a period of ______ years from the date of satisfaction of charge by the company. 

Q.   5

An interest or lien created on the property or assets of a company or any of its undertakings or both as security is known as: 

Q.   6

The registrar shall keep a register of charges which shall be open to inspection by ____________ on payment of fee:

 

Q.   7

With a view to augment its production, Surya Techno-Products Limited availed a loan of Rs 50.00 lacs from Shrilaxmi First Bank Limited for purchase of a new machinery by offering its factory worth Rs 2.25 crores as security. However, the company did not initiate any steps to get the charge on factory registered in favour of lending banker within the specified time. As soon as the charge-holder bank came to know about the non-registration of charge with the ROC, it applied to the Registrar for registration of charge along with the instrument creating the charge and paid the requisite fees when demanded. Advise the bank whether it can recover the fees so paid for registration of charge from Surya Techno-Products.

Q.   8

A charge was created by Cygnus Softwares Limited on its office premises to secure a term loan of Rs. 1.00 crore availed from Next Gen Commercial Bank Limited through an instrument of charge executed by both the parties on 16th February, 2019. Inadvertently, the company could not get the charge registered with the concerned Registrar of Companies (ROC) within the first statutory period permitted by law and the default was made known to it by the lending banker with a stern warning to take immediate steps for rectification. Advise the company regarding the latest date within which it must register the charge with the ROC so that it is not required to pay a specific type of fees for charge registration. 

Q.   9

Cyplish Games and Toys Limited was sanctioned a term loan of Rs 60.00 lacs by Zawnn Industrial Bank Limited on 21st November, 2018. As a security, the company offered its office premises situated at Bandra, Mumbai and an instrument of charge was executed. However, the company failed to get the charge registered with the concerned Registrar within the first as well as second statutory period available as per law. This was adversely commented by the internal auditors of the bank and therefore, after a strict advisory received from Shahji, the senior manager of the bank, the company was prompted to take steps for registration of charge. Name the specific type of fees which the company is now required to pay for registration of charge.

Q.   10

Raj Limited purchased a property from ABC Limited which was mortgaged to DEF Bank against a loan of ` 50 lakh. Raj Limited settled the dues to DEF Bank and the same was registered with the sub-registrar. However, neither the ABC Limited nor DEF Bank has filed particulars of satisfaction of charge with the Registrar of Companies. In this particular case what will Raj Limited do to file particulars of satisfaction of charge with the Registrar of Companies? 

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