Registration Of Particulars Of Charges

Registration Of Particulars Of Charges

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For enabling a person who intends to deal with a company as a secured creditor, to know whether or not the company has encumbered all or any of its properties, the Companies Act, 1956 contains provisions making it obligatory on the part of companies to file with the Registrar of Companies, for registration in the register of charges, particulars of charges and mortgages. Particulars of charges can be inspected by any interested person by online inspection and payment of the prescribed inspection fee to know the state of indebtedness and the state of the encumbered properties of the company. Registration of charges and online inspection facility of particulars of charges is a deemed notice to public about the status of assets of companies and it provides a sort of protection to the lending institutions and banks.

The Companies Act also gives a list of registrable charges. Registration of particulars of charges identifies the properties and assets which are subject to a charge. It is a constructive notice to all such persons who have either been approached by a company or who propose to lend money to the company, and who would, before lending, wish to know whether the property being offered as security is already subject to a charge or is unencumbered.

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