After delay in filing of registration of the charge: Condonation route

Condonation of delay by Registrar of Companies: If a company is unable to file the registration   of charge within a period of thirty days of the date of creation of the charge/modification of charge, it may prepare an application in the form CHG-10 supported by a declaration from the company signed by the company secretary…

Banks can register a charge on their own if the borrower company fails to register

Yes, lender bank or Financial Institution (FI) can also file application form for registration of charge with the Registrar of Companies. However, it is the responsibility of the company to register the each charge against its assets. If the borrower company fails to file form for registration of charge with ROC, the lender bank or…

Mode of charge registration under companies act

(This post elucidates entire process of creation of charge or modification of charge and satisfaction of charge and the requirement of information in the form of resolution passed in Board meeting) At the outset, the borrowing company should conduct a Board meeting to discuss and decide about entire amount of credit facility sanctioned from a…

Padho Pardesh : 100% Interest subsidy to students of minority communities

Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for a 100% interest subsidy on education loans. This assistance is available to students who have secured admission to foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil, and Ph.D. level) and whose overall family income is…

Classification of priority sector advances: Overdraft in PMJDY accounts

The overdraft extended by banks up to Rupees Five thousand in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts will be eligible for classification under priority sector advances. RBI circular dated 25.02.2015 notifies that  the overdraft under PMJDY can be classified as priority sector advances (‘others’ category) as also weaker sections, provided the borrowers household annual income…