Maintaining a Register of Charges
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Initial Setup or Ongoing Maintenance
Ongoing compliance requirement
Filing and Maintenance Requirements
Section 85 read with Rule 10 of the Registration of Charges Rules provides that every company has to keep a register of charges in Form CHG-7 at its registered office and make entries forthwith. The entries are to be authenticated by a director, secretary or other person authorized by Board. Register of charges to be preserved permanently and instrument creating/ modifying charge to be preserved for 8 years.
The company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both.
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