(This post elucidates the entire process of creation of charge or modification of charge and satisfaction of charge and the requirement of information in the form of a resolution passed in the Board meeting) According to Section 77 of the Companies Act, every company that creates a charge shall register the same with the Registrar…
Charge creation means the establishment of the lender’s right over specified assets of the borrower in order to recover principle and interest in default from the borrower. The charge can be created against the same assets by more than one lender. The lender in whose favour charge is first created is called the holder of…
Charge creation means the establishment of the lender’s right over specified assets of the borrower in order to recover principal and interest in default from the borrower. The charge can be created against the same assets by more than one lender. The lender in whose favour charge is first created is called the holder of…
Financing for water, sanitation, and health (WASH) infrastructure is known as WASH financing. USAID (United States Agency for International Development) in India aims to create healthier urban communities and improve livelihoods by increasing access to safe water, sanitation, and hygiene (WASH) services. USAID works directly with the Government of India on its three national flagship…
In general terms loans and debts are synonyms for liabilities. When you look at a balance sheet of a company, at the left side of the balance sheet (liability side) below the heads like share capital, reserves, etc. you may find a head ‘loans and debts’ where the company shows the money raised by it…
A company upon payment or satisfaction in full of any charge registered under Chapter VI of the Companies Act 2013 shall give intimation of satisfaction to the Registrar of Companies. The procedure for applying for the certificate of satisfaction of charges registered under the companies act is as under. Mandatory Attachment: Letter of the charge…
In general terms, loans and advances are synonyms for fund-based credit facilities. However, they are differentiated by the banks as loans and advances on the basis of the purpose of a facility, tenure and repayment system, and nature of prime security available to the credit facility, etc. The word ‘Loan’ refers to the sum paid…
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…
The Ministry of Electronics and Information Technology (MeitY) has made it possible to digitize mortgage and other property documents for several new types of loans, which will give a boost to the digitization of home loans. NESL provides a digital documentation execution service for banks that enables contracts to be made electronically. DDE is a…
Just as the name tells, Electronic Bank Guarantee (e-BG) is the Guarantee issued by the banks on behalf of their customers in digital form. The issuance of electronic bank guarantees completely eliminates papers in the process. The Guarantee issuing bank shall integrate its internal system with the Digital Document Execution (DDE) platform of NeSL (National…