Amended and updated notes on section 83 of Companies Act 2013. Detail discussion on provisions and rules related to power of Registrar to make entries of satisfaction and release in absence of intimation from company.
Chapter VI (Sections 77–87) of the Companies Act, 2013 (CA 2013) deals with the provisions related to registration of charges. Section 83 of CA 2013 provides for power of Registrar to make entries of satisfaction and release in absence of intimation from company.
Recently, we have discussed in detail section 82 (Company to report satisfaction of charge) of CA 2013. Today, we learn the provisions of section 83 of Companies Act 2013 read with the Companies (Registration of Charges) Rules, 2014.
Section 83 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 83 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. | 83 |
| Section Name | Power of Registrar to make entries of satisfaction and release in absence of intimation from company |
| Monthly Updated Edition | Company Law PDF |
Section 83 of Companies Act 2013: Power of Registrar to make entries of satisfaction and release in absence of intimation from company
Section 83 shall come into force on 1st April, 2014 vide Notification No. S.O. 902(E) issued dated 27.03.2014.
(1) The Registrar may, on evidence being given to his satisfaction with respect to any registered charge, —
- (a) that the debt for which the charge was given has been paid or satisfied in whole or in part; or
- (b) that part of the property or undertaking charged has been released from the charge or has ceased to form part of the company’s property or undertaking, enter in the register of charges a memorandum of satisfaction in whole or in part, or of the fact that part of the property or undertaking has been released from the charge or has ceased to form part of the company’s property or undertaking, as the case may be, notwithstanding the fact that no intimation has been received by him from the company.
(2) The Registrar shall inform the affected parties within thirty days of making the entry in the register of charges kept under sub-section (1) of section 81.