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REGISTRATION OF CHARGES - Proposed Amendments in the Companies Act 2013

News and Press Release - Dated:- 2-2-2016 - Duty to Register Charges, etc. 6.1 Section 77 of the Act mandates registration of charges with the Registrar. During the process of public consultation, it was pointed out that unlike the Companies Act, 1956, a specific list of charges to be so registered had not been included in the new Act or the Rules. Thus, in the absence of a specific list of charges to be registered, and the wide definition of the word charge , pledges and liens were also require .....

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registration of charges, creating operational difficulties. 6.2 In this regard, the Committee felt that there was no need for the definition of the term charge to be changed, since relevant judicial precedents specified that charges included pledges. However, Section 77(3) may provide for prescriptive powers to allow certain liens or securities or pledges to be exempted from filing. This would address the practical problems in case of transactions by NBFCs engaged in financing of assets, and for .....

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