Amended and updated notes on section 82 of Companies Act 2013. Detail discussion on provisions and rules related to company to report satisfaction of charge.
Chapter VI (Sections 77–87) of the Companies Act, 2013 (CA 2013) deals with the provisions related to registration of charges. Section 82 of CA 2013 provides for company to report satisfaction of charge.
Recently, we have discussed in detail section 81 (Register of charges to be kept by Registrar) of CA 2013. Today, we learn the provisions of section 82 of Companies Act 2013 read with the Companies (Registration of Charges) Rules, 2014.
Section 82 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 902(E) issued dated 27.03.2014. This notification shall come into force from 1st April, 2014 i.e. the commencement date of section 82 is 1-04-2014.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | VI |
| Chapter Name | Registration of Charges |
| Section No. | 82 |
| Section Name | Company to report satisfaction of charge |
| Monthly Updated Edition | Company Law PDF |
Section 82 of Companies Act 2013: Company to report satisfaction of charge
Section 82 shall come into force on 1st April, 2014 vide Notification No. S.O. 902(E) issued dated 27.03.2014.
(1) A company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction in full of any charge registered under this Chapter within a period of thirty days from the date of such payment or satisfaction.
Provided that the Registrar may, on an application by the company or the charge holder, allow such intimation of payment or satisfaction to be made within a period of three hundred days of such payment or satisfaction on payment of such additional fees as may be prescribed.
(2) The Registrar shall, on receipt of intimation under sub-section (1), cause a notice to be sent to the holder of the charge calling upon him to show cause within such time not exceeding fourteen days, as may be specified in such notice, as to why payment or satisfaction in full should not be recorded as intimated to the Registrar, and if no cause is shown, by such holder of the charge, the Registrar shall order that a memorandum of satisfaction shall be entered in the register of charges kept by him under section 81 and shall inform the company that he has done so:
Provided that the notice referred to in this sub-section shall not be required to be sent, in case the intimation to the Registrar in this regard is in the specified form and signed by the holder of charge.
(3) If any cause is shown, the Registrar shall record a note to that effect in the register of charges and shall inform the company.
(4) Nothing in this section shall be deemed to affect the powers of the Registrar to make an entry in the register of charges under section 83 or otherwise than on receipt of an intimation from the company.
Exception/ Modification/ Adaptation:
1) In sub-section (1) of section 82, the following proviso shall be inserted, namely: –
“Provided that in case of a Specified IFSC public company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred days of such creation on payment of such additional fees as may be prescribed.”. –Notification No. G.S.R. 08(E) dated 4th January, 2017.
2) In sub-section (1) of section 82, the following proviso shall be inserted, namely: –
“Provided that in case of a Specified IFSC private company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred days of such creation on payment of such additional fees as may be prescribed.”. –Notification No. G.S.R. 09(E) dated 4th January, 2017.